Gautam Adani, chairman of India's Adani Group, endured a roller-coaster ride up and down the wealth rankings last year, but he is back as Asia's richest man two days after India's Supreme Court said there was no need for a new probe into Hindenburg Research's explosive allegations against the tycoon's conglomerate.
Adani's net worth rose by $7.7 billion in one day to $97.6 billion, taking back the title of Asia's richest man from Reliance Group Chairman Mukesh Ambani. Ambani lags slightly behind with a net worth of $97 billion.
This caps off an eventful year for the Adani Group. Despite denying Hindenburg's accusations of corporate fraud, Adani Group lost more than $150 billion in market value last year and has spent months courting investors, lenders, paying down debt and assuaging regulators' concerns.
The court's stay has boosted Adani's fortune by $13.3 billion, the world's largest increase so far this year. Previously, Adani experienced one of the world's largest wealth losses in 2023.
Adani's conglomerate has pledged to invest $100 billion over the next decade to achieve a green transformation across all its operations. He also resumed his rapid diversification of his empire into areas such as data centers, artificial intelligence, urban development, airports and media.