Gautam Adani has retaken the tag of richest person in Asia after a surge in stock price of the listed companies in his apples-to-airport conglomerate helped him overtake Reliance Industries head Mukesh Ambani.
Adani with a net worth of $111 billion is now ranked as the 11th richest in the world, ahead of Ambani whose $109 billion wealth placed him at No. 12, according to the Bloomberg Billionaires Index.
Shares of all Adani Group companies surged on Friday by up to 14 per cent after US brokerage Jefferies put a bullish view on the group that is back to an expansion spree with a planned $90 billion capital expenditure over the next decade.
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