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<ul class="summary-list"><li>Gautam Adani plans to hand over the company to his sons and nephews by the early 2030s.</li><li>The Adani Group is a major player in multiple sectors in India, including infrastructure and energy.</li></ul>One of Asia's richest men said the next generation is ready to take over his sprawling company — but it won't happen for at least eight years.Gautam Adani, 62 years old, announced his intention to retire at 70 from the Adani Group, <a target="_blank" href="https://www.bloomberg.com/features/2024-adani-succession/?srnd=homepage-asia">Bloomberg</a> reported on Monday.Founded in 1988, the Adani Group has substantial interests in energy, logistics, and infrastructure and aims to make India "a significant player in sustainable energy, and self-reliant in defence and security," according to a <a target="_blank" href="https://www.adani.com/About-us/One-Vision-One-Team/Gautam-Adani">profile</a> on the company website.According to the Bloomberg Billionaires Index, Adani Enterprises, the group's main company, reported revenue of $11.6 billion in 2024, and Adani himself owns a 75% stake.Adani's retirement paves the way for his sons and nephews to take over the sprawling family conglomerate by the early 2030s. The transition will occur gradually, and Adani's successors will run the company collectively, he told Bloomberg.Most Asian family business leaders are not keen on retirement, leading to what family business professor Marleen Dieleman called "King Charles syndrome," where the next generation takes over past its prime. Gautam Adani stepping aside early is a positive sign, said Dieleman, who works at IMD Business School in Switzerland."It is good to see this level of planning and preparation," Dieleman told Business Insider.Karan Adani, Gautam's elder son, will oversee cement, ports, and logistics, while Jeet Adani, the younger son, will handle airports, digital ventures, and defense. Nephews Pranav and Sagar will manage consumer businesses, communications, energy, and finance. Adani has not yet announced a successor for chairman, Bloomberg reported.While Adani's public announcement of the transition sets a positive precedent for other family-run companies, the move would ideally come with safeguards against conflicts that might arise from having four leaders steering the company."This can be done by agreeing on the larger aspirational aspects of the family legacy rather than on the question of who gets what and what is fair," Dieleman told BI.Placing non-family experts in key positions is also crucial in bolstering the transition process. A company the size of the Adani Group requires several stages of leadership, "which comes from a mix of non-family and family professionals," said Dieleman.The leadership transition comes amid significant controversies for the company. In January 2023, the Adani Group was <a target="_blank" href="https://www.businessinsider.com/hindenburg-research-adani-group-explained-stock-crash-short-seller-profits-2024-7">accused</a> by Hindenburg Research, an activist short-seller investment firm, of financial misconduct, leading to a substantial decline in the company's market value. Additionally, the company was also investigated by the US Department of Justice for potential bribery involving Adani entities, which the company had denied, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-18/adani-says-report-on-bribery-probe-by-us-prosecutors-is-false">Bloomberg</a> reported in March. No charges have been filed.Adani's <a target="_blank" href="https://www.businessinsider.com/who-is-gautam-adani-indian-industrialist-billionaire-wealth-elon-musk-2022-12">wealth</a> surged in 2022 and made him the third richest person in the world at the start of 2023. However, following the allegations from Hindenburg Research, his fortune declined by more than a quarter. Adani currently sits at the 12th spot for richest person in the world, behind the richest man in Asia, <a target="_blank" href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">Mukesh Ambani</a>, according to the Bloomberg Billionaires Index.The Adani Group did not respond to requests for comment.

Asia's second-richest man finally has a plan to hand over his company — but it's going to take a while

Top 10 richest people in Asia in 2024

Rihanna performed for the son of India's richest man. Here are 8 times celebrities played pricey private concerts.

India’s richest man cuts down on his generosity in 2023

<ul class="summary-list"><li>Short-seller Hindenburg Research made accusations against the head of India's market regulator.</li><li>It said that the regulator had links to offshore funds also used by the Adani Group.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/hindenburg-research-adani-group-explained-stock-crash-short-seller-profits-2024-7">Gautam Adani</a>, one of the world's richest men and founder of Adani Group, has suffered yet another setback.This week, fresh accusations by activist short-seller <a target="_blank" href="https://markets.businessinsider.com/news/stocks/axos-financial-stock-price-selloff-hindenburg-research-short-seller-trump-2024-6">Hindenburg Research</a> led to a heavy share sell-off at Adani's group of companies, wiping off around $2.4 billion in their total market value, according to <a target="_blank" class="" href="https://www.reuters.com/markets/asia/indias-adani-shares-drop-after-hindenburg-allegations-sebi-chairs-past-2024-08-12/#:~:text=%242.43%20billion%2C%20or%201%25%2C,of%20more%20than%20%2413%20billion.">Reuters</a>.It came after New York-based Hindenburg accused the head of India's capital markets regulator of having links to an offshore fund structure also used by the Adani Group.Hindenburg, whose business model is based on betting against a company's stock price, has a history of accusing Adani Group of misconduct.It isn't the first time it has tanked Adani Group's market value. The Adani Group's stock value fell by around $150 billion in 2023 after Hindenburg Research first leveled accusations at it in January.In a report titled "How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History," Hindenburg alleged that the company used tax havens improperly and was involved in stock manipulation and fraud "over decades."This led to an investigation into the sprawling multibillion-dollar empire headed by the Supreme Court of India in collaboration with the Securities and Exchange Board of India (SEBI).Citing whistleblower documents, Hindenburg's latest report claims that the head of the SEBI, Madhabi Puri Buch, has a conflict of interest in the Adani investigation due to stakes she and her husband held in offshore entities that Hindenburg said were used to artificially inflate shares of companies owned by the Adani Group.The couple released a statement saying that they "strongly deny the baseless allegations and insinuations made in the report."In a separate statement, the regulator said allegations made by Hindenburg Research against the Adani Group had been investigated, according to <a target="_blank" class="" href="https://www.reuters.com/markets/asia/indias-adani-shares-drop-after-hindenburg-allegations-sebi-chairs-past-2024-08-12/#:~:text=%242.43%20billion%2C%20or%201%25%2C,of%20more%20than%20%2413%20billion.">Reuters</a>.The Adani Group categorically denied all accusations, with a <a target="_blank" class="" href="https://www.adani.com/en/Newsroom/Media-Release/Hindenburg-Report-Red-Herring">statement on its website</a> calling the report "malicious, mischievous and manipulative selections of publicly available information."The statement also accused Hindenburg of arriving at "pre-determined conclusions for personal profiteering with wanton disregard for facts and the law."Adani's <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/who-is-gautam-adani-indian-industrialist-billionaire-wealth-elon-musk-2022-12">wealth</a> surged in 2022, making him the third richest person in the world at the start of 2023. However, following the allegations from Hindenburg Research, he fell to 22nd place on the Bloomberg Billionaires Index.The Index estimates his net worth to be $104 billion, which currently places him as the 12th richest person in the world, behind Mukesh Ambani, the richest man in Asia.The latest accusations come at a difficult time for Adani. His company is trying to expand internationally. Last week, <a target="_blank" class="" href="https://www.businessinsider.com/india-billionaire-karan-adani-plans-challenge-china-dominance-seaports-2024-8">Business Insider</a> reported that Karan Adani, Gautam Adani's son, wants to loosen China's grip on seaports and transform India into a major trading hub.Hindenburg Research, Adani Group, SEBI, and Madhabi Puri Buch did not immediately respond to BI's request for comment.

Value of company run by one of the world's richest people slides after new allegations by a New York short-seller

<ul class="summary-list"><li>Activist short-seller Hindenburg Research wiped out $153 billion in market value from Adani Group.</li><li>It recently disclosed that it made just $4 million for its efforts.</li></ul>Nate Anderson, the chief mind behind activist short-seller Hindenburg Research, has had an eventful past 18 months.In January 2023, he accused the Indian conglomerate owned by Gautam Adani — one of the world's richest people — of fraud, subsequently wiping out $153 billion in market value from its associated companies. This led Indian regulators to his doorstep and forced him into defensive mode. A war of words has persisted ever since.A year and a half later, the battle continues. And based on new information released by Hindenburg, one might wonder whether it was all worth it.The firm — which describes itself as specializing in "<a target="_blank" href="https://hindenburgresearch.com/about-us/">forensic financial research</a>" — recently disclosed that it's <a target="_blank" href="https://hindenburgresearch.com/adani-update-sebi/">made just $4 million</a> from its considerable efforts. Compared to the nine figures of market value it helped erase, and the $80 billion wiped from Adani's personal fortune, that's a drop in the bucket.Detailed below is the considerable back-and-forth that's taken place since Hindenburg's initial shot across the bow of Adani Group. The tale that follows highlights the lengths a global conglomerate — and the regulatory body with a vested interest in keeping it afloat — will go to defend itself. It also shows the resolute nature of Anderson as he continues fighting back.<h2 id="7df22065-9960-4dfb-a5ba-2a5dced6dda0">The initial report</h2>Hindenburg accused Indian business magnate Gautam Adani in 2023 of pulling off the "largest con in corporate history." It was the result of a two-year-long investigation, which found a number of financial and accounting irregularities in Adani's empire, the firm said in its <a target="_blank" href="https://hindenburgresearch.com/adani/">106-page report.</a>"Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades," the report said. "We believe the Adani Group has been able to operate a large, flagrant fraud in broad daylight in large part because investors, journalists, citizens and even politicians have been afraid to speak out for fear of reprisal," it later added.Hindenburg identified at least 38 shell companies closely related to Adani Group, which it said appeared to engage in stock manipulation and money laundering. It cited "numerous examples"of those companies funneling money through private companies owned by Adani, before cash was set to Adani's listed public companies.The short-seller's investigation also found Adani's private and public companies to have "numerous" undisclosed transactions with other parties, the researchers found, which violates regulatory laws in India.The "labyrinthian network of shells appears to serve several functions, including shuffling losses into private entities to boost reported earnings, and surreptitiously moving money to prop up entities in the group," Hindenburg said.Adani Group was also affiliated with a number of funds that displayed "flagrant irregularities," the research firm said, such as being offshore entities, having concealed ownership information, and having portfolios being "almost exclusively" invested in Adani's firms.One such fund, Elara, controlled another fund that was around 99% concentrated in Adani shares. That suggested to the researchers it was "obvious Adani controls the shares," the report said.Hindenburg attached a list of 88 questions for Adani to answer, which included inquiries into the billionaire's close contacts, Adani Group executives, and investigations into the company by regulators."If Gautam Adani embraces transparency, as he claims, they should be easy questions to answer," the report said.<h2 id="87ef9631-a695-4bbc-86a3-c6c5152527e7">The response</h2>Nursing deep stock losses, Adani Group hit back with its own <a target="_blank" href="https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023.pdf">413-page response</a>, calling Hindenburg's original report "nothing but a lie.""We are shocked and deeply disturbed to read the report published by the 'Madoffs of Manhattan,'" the reply said, referring to Hindenburg. "The document is a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive," it added.The firm disclosed information on its accounting practices and professional relationships, while disputing many of the claims in the Hindenburg report.Transactions that were identified as suspicious by Hindenburg's team were in compliance with local laws and accounting standards, it said. Offshore companies and funds mentioned in Hindenburg's report were merely public shareholders in Adani-listed companies, the retort added."A listed entity does not have control over who buys/sells/owns the publicly traded shares or how much volume is traded, or the source of funds for such public shareholders nor it is required to have such information for its public shareholders under the laws of India. Hence we cannot comment on trading pattern or behavior of public shareholders," Adani's report said.The firm also criticized Hindenburg for its financial stake in releasing the report, calling the firm an "unethical short seller" and guilty of a "flagrant breach of applicable securities and foreign exchange laws.""This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors," it said.Hindenburg issued a reply to Adani on the same day, denying any wrongdoing from its original report. They argued that Adani Group's reply failed to answer most of their questions. The conglomerate also didn't dispute the existence of certain "suspect" transactions, nor did it explain "their obvious irregularities," researchers added."We also believe that fraud is fraud, even when it's perpetrated by one of the wealthiest individuals in the world," Hindenburg Research said in its reply.Adani Group eventually <a target="_blank" href="https://www.ft.com/content/d0d318ce-b223-4026-8e7a-69bbd55d36f7">lawyered up</a> and readied for a fight, though the damage had already been done. In less than a week, Adani, known as the world's third richest man, saw his personal wealth plummet by $52 billion.<h2 id="5d579a08-65ec-42f4-bed2-9a0ffa2f2dd5">Conflict over Hindenburg's short-selling arrangement</h2>Indian regulators have raised specific questions about the structure of Hindenburg's short bet on Adani Group. The Securities and Exchange Board of India — the country's version of the SEC — sent a notice to Hindenberg in June 2024, raising questions about the nature of the report and the firm's relationship with Kingdon Capital Management, a New York hedge-fund involved in building a short position against Adani Group.Hindenburg's initial report was described to be "misleading" and have contained "inaccurate statements.""These misrepresentations built a convenient narrative through selective disclosures, reckless statements, and catchy headlines, in order to mislead readers of the report and cause panic in Adani Group stocks, thereby deflating prices to the maximum extent possible and profit from the same," the notice read.Regulators also revealed that Hindenburg had shared its research with Kingdon prior to publication. The two companies had a profit-sharing agreement, the notice says, with Hindenburg set to get 25% of Kingdon's profits for the short bet.Kingdon ended up making $22.3 million on the bet, $5.5 million of which is owed Hindenburg. $4.1 million of that had been paid as of the start of June, the document shows.Hindenburg shrugged off the letter as "nonsense," and an attempt to ward off whistleblowers who expose corruption among the country's most powerful people and companies."One might think that a securities regulator would be interested in meaningfully pursuing the parties that ran a secret offshore shell empire engaging in billions of dollars of undisclosed related party transactions through public companies while propping up its stocks through undisclosed share ownership via a network of sham investment entities," Hindenburg said in its reply.It added: "Instead, SEBI seems more interested in pursuing those who expose such practices."<h2 id="9e74ab2d-614e-4861-acce-77b6ae2aed56">A passion for 'finding scams'</h2>Backlash is nothing new to Anderson, who's <a target="_blank" href="https://markets.businessinsider.com/news/stocks/carl-icahn-hindenburg-research-short-seller-adani-group-nikola-block-2023-5">targeted other high-profile financiers</a> and began sniffing out wrongdoers on Wall Street long before he launched Hindenburg Research in 2017.This decade alone he's been instrumental in weeding out companies in the electric-vehicle industry. His work on Nikola led to fraud charges against its founder, and he also called out now-defunct Lordstown Motors for hyping up commercial interest in its product.More recently he <a target="_blank" href="https://hindenburgresearch.com/icahn/">took aim at activist investor Carl Icahn</a> and his famed operation, Icahn Enterprises."Find[ing] scams" has been a life-long passion, he <a target="_blank" href="https://www.nytimes.com/2021/08/16/business/short-seller-wall-street-scams-hindenburg.html">told the New York Times in a 2021 interview</a>, adding that he had spent hours off-the-clock looking into potential schemes, to the chagrin of some of his former bosses."I didn't plan it this way," he told the Times. "It was a side hobby that my employers were sometimes annoyed by."Fraud-finding is one of his top goals of 2024, he wrote in a <a target="_blank" href="https://x.com/NateHindenburg/status/1609949199730348033">post</a> on X in January."My 2023 New Years professional resolution is to work with our @HindenburgRes team to expose some of the biggest frauds and financial charlatans in the world," Anderson wrote. "I am very confident we will achieve this goal."

How a New York short-seller took on one of the world's richest people, wiped out $150 billion in market value, and barely made any money

Gautam Adani in striking distance of entering the top 20 richest club once again

<ul class="summary-list"><li><keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword>'s <keyword id="12173789" type="UNKNOWN" weightage="60" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> has overtaken fellow countryman Mukesh Ambani as Asia's <keyword id="12429218" type="UNKNOWN" weightage="60" keywordseo="richest-man" source="Orion">richest man</keyword>.</li><li>Adani has a net worth of $88.5 billion, according to the Bloomberg <keyword id="11940268" type="UNKNOWN" weightage="60" keywordseo="billionaires" source="Orion">Billionaires</keyword> Index.</li></ul>Indian billionaire Gautam Adani is now the richest man in Asia with a net worth of $88.5 billion, according to the <a href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index.</a>According to the index, Adani clinched the top spot on Monday by overtaking Reliance Industries Ltd. CEO Mukesh Ambani, who has a net worth of $87.9 billion.Adani's fortune has gained $12 billion year-to-date. Most of the 59-year-old's <keyword id="11921347" type="UNKNOWN" weightage="60" keywordseo="wealth" source="Orion">wealth</keyword> comes from shares in companies under Adani Group, the conglomerate he founded. In particular, share prices of Adani Green Energy have soared over 44% so far this year, while those of electric power company Adani Transmission have gained 15% year-to-date.Adani has done well for himself, especially considering he dropped out of college to work as a diamond sorter in the 1980s, per the magazine <a href="https://www.adani.com/-/media/Project/Adani/Media-Coverage/TheNewBusinessFamilies.pdf?la=en">Business Today</a>. He began importing and exporting other commodities in 1988 and gradually expanded into other industries using loans, <a href="https://www.ft.com/content/ffce04fe-d295-11e2-aac2-00144feab7de">the Financial Times reported.</a> Adani also survived two dangerous events. In 1998, Adani accused a group of men of kidnapping him and his companion, Shantilal Patel, <a href="https://indianexpress.com/article/cities/ahmedabad/two-accused-of-abducting-gautam-adani-20-years-ago-acquitted-5473592/">per The Indian Express.</a> He and Patel were released only after their captors received $2 million in ransom.In 2005, six men were cleared of the charges due to a lack of evidence, <a href="https://www.ndtv.com/india-news/gujarat-court-acquits-two-in-1998-kidnapping-of-industrialist-gautam-adani-1956529">NDTV</a> reported. In 2018, two additional men brought to trial were acquitted after prosecutors failed to establish their connections to the alleged kidnapping, <a href="https://www.timesnownews.com/business-economy/companies/article/throwback-when-indias-fifth-richest-man-survived-a-kidnapping-and-terrorist-attack/606122">Times Now India</a> reported. Adani also escaped death during the <a href="https://www.bbc.com/news/world-asia-india-46314555" target="_blank" rel="noopener noreferrer">2008 Mumbai terrorist attacks.</a> He was at the Taj Mahal Hotel in the city center when militants sieged the building, and he hid in the basement until help arrived the following day. Attacks across the city left 166 dead.

College dropout Gautam Adani, who survived a terrorist attack and a kidnapping, is now Asia's richest person with a $88.5 billion fortune

<ul class="summary-list"><li>Bill Gates visited the Statue of Unity in India before heading to the Ambani pre-wedding bash.</li><li>Prime Minister Narendra Modi personally invited Gates to view the tallest statue in the world.</li></ul>Before rubbing elbows with the world's rich and famous at the <a target="_blank" href="https://www.businessinsider.com/ambani-heir-married-in-july-following-pre-wedding-bash-2024-3">Ambani pre-wedding bash</a>, <a target="_blank" href="https://www.businessinsider.com/bill-gates-use-ai-at-work-tech-2023-12">Bill Gates</a> was just being a tourist in India.Gates posted photos of him on Instagram Friday at the <a target="_blank" href="https://www.businessinsider.com/r-india-inaugurates-worlds-tallest-statue-to-celebrate-independence-hero-2018-10">Statue of Unity</a>, the world's largest statue, which is located in the Indian state of Gujarat. The towering memorial to politician <a target="_blank" href="https://www.businessinsider.com/tallest-statue-in-world-sardar-vallabhbhai-patel-in-india-unity-2018-10">Sardar Vallabhbhai Patel</a> — who helped reunite India post-British colonial rule — is nearly 600 feet tall and was commissioned by Prime Minister Narendra Modi in 2013.While Gates appears to be participating in regular old tourist activities, the former Microsoft CEO was personally invited by Modi himself to view the statue."Thank you @narendramodi for the invitation to visit the impressive Statue of Unity. It is an engineering marvel and a great tribute to Sardar Patel," Gates <a target="_blank" href="https://www.instagram.com/p/C3_BYsjyIqx/?utm_source=ig_web_copy_link&amp;igsh=MzRlODBiNWFlZA==">wrote on Instagram</a> under a photo of him grinning in front of the steel and bronze colossus. "Also great to see it is creating economic opportunity for local tribal communities, especially women."Gates was so inspired by the visit that he posted a follow-up video of his experience at the Statue of Unity set to <a target="_blank" href="https://www.instagram.com/reel/C4Cm6EHOtFr/?utm_source=ig_web_copy_link&amp;igsh=MzRlODBiNWFlZA==">"Don't Stop Me Now" by Queen</a>.Before Gates also sat down with Modi to discuss "using AI for public good," he wrote in the caption an Instagram post that featured him posing with the <a target="_blank" href="https://www.instagram.com/p/C38GgfsR_F4/?utm_source=ig_web_copy_link&amp;igsh=MzRlODBiNWFlZA==">Prime Minister</a>. Gates also later met with multiple local leaders, per <a target="_blank" href="https://x.com/BillGates/status/1763254121975701635?s=20">posts</a> on his social media.What Gates has been making headlines for, however, is his attendance at one of the biggest parties of the year so far — the Ambani family pre-wedding bash hosted by Asia's richest man, <a target="_blank" href="https://www.businessinsider.com/how-rich-mukesh-ambanis-india-2020-1">Mukesh Ambani</a>. The soiree celebrating his son Anant Ambani's upcoming marriage featured a private performance <a target="_blank" href="https://www.businessinsider.com/rihanna-concert-ambani-indian-wedding-fee-cost-estimate-2024-3">by Rihanna</a> and some of the most prominent names in business and Bollywood.

Bill Gates went sight-seeing in Gujarat before throwing down with the world's richest people at the Ambani's pre-wedding party

<ul><li>After a brief period, <keyword id="3820" type="General" weightage="80" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> is back to being the <keyword id="405464" type="General" weightage="20" keywordseo="richest-indian" source="Orion">richest Indian</keyword>.</li><li>The Reliance Industries’ honcho has seen his company’s market capitalisation surge more than 25% in the last three months.</li><li>Mukesh <keyword id="10924" type="General" weightage="100" keywordseo="ambani" source="Orion">Ambani</keyword>’s rival, Gautam Adani, on the other hand, has seen his group companies’ value decline by over 16%.</li></ul>Mukesh Ambani is the richest Indian once again, beating his rival Gautam Adani after several weeks of being in the second position. In the last few months, Gautam Adani had been India’s richest man after a massive surge in Adani Group company stocks. Now, Mukesh Ambani is back to the No.1 position. Ambani regaining the top position is driven by a rebound in the Reliance Industries stock – which is up by more than 25% since early March. <div type="image" title="Reliance Industries 08_03_22 to 03_06_22." msid="91977061" hostid="261" caption="&amp;lt;p&amp;gt;Reliance Industries share price&amp;lt;/p&amp;gt;"></div> According to the Forbes rich list, Mukesh Ambani’s wealth stood at $104.4 billion, gaining $6.2 billion in the last one day. On the other hand, Gautam Adani’s wealth stood at $100.7 billion. According to Bloomberg Billionaires Index, Ambani’s wealth stood at $99.7 billion, while Gautam Adani’s stood at $98.7 billion. Adani now stands at the 9th place – <a href="https://www.businessinsider.in/business/news/gautam-adani-is-now-as-wealthy-as-bill-gates/articleshow/91115934.cms">a little over a month ago, he was tied with Bill Gates as the fourth richest person in the world</a>. Just a few days ago, Adani crashed out of the $100 billion club. Since his peak, Adani has lost nearly $25 billion in wealth, but he still has <a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-crashes-out-of-the-100-billion-club-but-still-is-10x-richer-than-he-was-2-years-back/articleshow/91807766.cms">10 times more wealth</a> than what he had two years ago. <cmsannotation type="cmsannotation" annotationid="Mukesh Ambani added an average of $2 billion wealth per month in 2022" comment="subhead" text="Mukesh Ambani added an average of $2 billion wealth per month in 2022">Mukesh Ambani added an average of $2 billion wealth per month in 2022</cmsannotation> According to Forbes, Mukesh Ambani is the sixth richest person in the world, adding $10 billion to his wealth in the first five months of 2022. Born in Yemen, Ambani took over the reins of Reliance Industries from his father Dhirubhai Ambani in 2002, after the latter passed away. Since then, the share price of Reliance Industries has surged from ₹42 to ₹2,800 today, with several instances of bonus shares and stock splits during the period. Both Adani and Ambani run conglomerates with interests across multiple sectors within and outside India. Ambani's interests include energy, telecom, retail and media. He is also looking to expand his interests in high-end tech innovation that can transform both his consumer-facing businesses. Adani, on the other hand, has been strengthening his FMCG brands with a legacy in power, infrastructure - and has recently added cement and media to the many interests that he holds. SEE ALSO: <a href="https://www.businessinsider.in/business/news/mukesh-ambani-sets-sights-on-defence-showcases-made-in-india-software-for-aircraft-design/articleshow/91959787.cms">Mukesh Ambani sets sights on defence – showcases Made in India software for aircraft design</a> <a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-crashes-out-of-the-100-billion-club-but-still-is-10x-richer-than-he-was-2-years-back/articleshow/91807766.cms">Gautam Adani crashes out of the $100 billion club, but still is 10x richer than he was 2 years back</a> <a href="https://www.businessinsider.in/business/news/gautam-adani-is-now-as-wealthy-as-bill-gates/articleshow/91115934.cms">Gautam Adani is now as wealthy as Bill Gates – rally in Adani group</a>

You Searched For "richest man india" and got 10 results

Asia's second-richest man finally has a plan to hand over his company — but it's going to take a while

Lian Kit Wee

Top 10 richest people in Asia in 2024

BI India Bureau

Rihanna performed for the son of India's richest man. Here are 8 times celebrities played pricey private concerts.

Lauren Edmonds

India’s richest man cuts down on his generosity in 2023

Katya Naidu

Value of company run by one of the world's richest people slides after new allegations by a New York short-seller

Hannah Abraham

How a New York short-seller took on one of the world's richest people, wiped out $150 billion in market value, and barely made any money

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