Asia has a new richest person as India’s Mukesh Ambani unseated at top of billionaires’ list

Gautam Adani overtakes Mukesh Ambani, according to Hurun India Rich List

Gautam Adani and his family are now worth Rs11,600bn (£104.4bn), making him the richest person in Asia, according to the Hurun India Rich List.

Mr Adani’s wealth has surged by 95 per cent, going from Rs4,740bn (£42.66bn) to Rs116,000bn, recovering well from the Hindenburg Report.

Reliance Industries chairman and managing director Mukesh Ambani, who was Asia’s richest man and recently threw an extravagant wedding for his youngest son, saw his overall wealth increase by 25 per cent to Rs10,140bn (£91.26bn).

The Hindenburg report, titled “Adani Group: How the World’s 3rd Richest Man is Pulling the Largest Con in Corporate History” was published on 25 January last year, and accused them of fraud and other malfeasance. The Adani group denied the report, calling it “malicious”, “baseless” and full of “selective misinformation.”

Gautam Adani pushed Mukesh Ambani to the second place on the Hurun India Rich List (AFP via Getty Images)

“Rising like a phoenix after the Hindenburg allegations, Gautam Adani, 62, & family have secured the top spot in this year’s rankings, with a 95 per cent increase in wealth compared to last year, bringing their total to Rs11,600 bn (approximately £104.4bn),” read the report.

“As a self-made entrepreneur, Adani has recorded the highest wealth growth within the top 10 over the past five years, adding Rs10,216 bn, despite the challenges following the report.”

In 2023’s report, Mr Adani’s wealth declined by 57 per cent to Rs47,400bn, and Mr Ambani was way ahead with a fortune of Rs80,800bn (£72.72bn).

In the 2014 edition of the Hurun India Rich List, Mr Adani’s fortune was estimated at Rs440bn (£3.96bn), placing him at the tenth position among India’s richest.

In third place on the list are HCL’s Shiv Nadar and family, with a wealth of Rs31,400bn (£28.26bn), followed by the Serum Institute’s Cyrus S Poonawalla, with a fortune worth Rs28,900bn (£26.08bn).

Also making it to the list for the first time is Bollywood superstar Shah Rukh Khan, recording an estimated wealth of Rs73bn (£657m). A majority of his wealth comes from being the owner of the Kolkata Knight Riders, the reigning champion of the annual cricket league Indian Premier League (IPL). His production company Red Chillies Entertainment also aids in his wealth, with a revenue of Rs3bn (£27m) and a net profit of Rs850m (£7.65m) in 2023.

Khan also boasts several massive brand endorsements, from Indian fashion e-commerce company Myntra, and online grocery brand BigBasket, to Pepsi.

Bollywood actor Shah Rukh Khan (right) with his wife Gauri Khan; Khan has made it to the list for the first time, with an estimated wealth of £657 m (AFP via Getty Images)

Several others from Bollywood followed Khan on the list, from Kolkata Knight Riders co-owner Juhi Chawla, actors Hrithik Roshan and Amitabh Bachchan, and director Karan Johar.

The report also showed that India’s billionaire count crossed 300 for the first time to hit 334, a 29 per cent increase from last year, therefore creating a new billionaire every five days over the past year.

“India is emerging as Asia’s wealth creation engine! While China saw a 25 per cent decline in its number of billionaires, India experienced a 29 per cent increase, reaching a record 334 billionaires,” said Anas Rahman Junaid, Founder and Chief Researcher at Hurun India.

“For the first time, the Hurun India Rich List features 1,539 entrants, showcasing a diverse range of wealth creators – from family-run businesses and startup founders to private equity investors, angel investors, next-generation leaders, film stars, and more.”

The cumulative wealth of the entire list’s members exceeds Rs1,590,000bn (£1.431 trillion), exceeding the combined GDP of Saudi Arabia and Switzerland.