The Indian mogul Gautam Adani has rejoined the exclusive $100 billion club after nearly a year, since the Hindenburg bombshell. His net worth surged by $2.7 billion, reaching $100.7 billion, according to the Bloomberg Billionaires Index.
The shares of his flagship company, Adani Enterprises Ltd, have been on the rise for eight consecutive days following a robust earnings report last week, which revealed a staggering 130 per cent increase in profit.
He’s now the 12th-richest person in the world, just one spot behind his compatriot, Mukesh Ambani, according to the Bloomberg Billionaires Index. While Ambani’s fortune hit a record high earlier this month, Adani’s is still about $50 billion below its 2022 peak.
It took Gautam Adani one year to return to the elite club of people with fortunes above $100 billion. His conglomerate endured a turbulent period, losing more than $150 billion in market value. However, through concerted efforts to regain investor confidence, repaying debt, and addressing regulatory concerns, Adani has managed to stage a remarkable recovery.
In a big victory for the company, the Supreme Court in January backed markets regulator SEBI’s clean chit to the Adani Group and ruled out a need for further probe. This move hinted at a possible resolution to regulatory concerns, which, in turn, boosted the shares of Adani Enterprises.
Despite experiencing the largest wealth loss in 2023, Gautam Adani has rebounded impressively in 2024, regaining $16.4 billion this year, marking one of the most major jumps among the world’s super-rich as tracked by Bloomberg.
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