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Gautam Adani becomes Asia’s second richest person, surges past China’s Zong Shanshan – Moneycontrol

Gautam Adani | Founder and Chairman, Adani Group | (Image: Reuters)

Indian business magnate Gautam Adani has surged past Chinese billionaire Zong Shanshan to emerge as Asia’s second richest person, according to the Bloomberg Billionaires Index.

The Adani Group chief’s net worth, as per the index, stood at $66.5 billion against Zhong Shanshan’s $63.6 billion. Adani now stands only behind his Indian competitor and head of Reliance Industries Limited (RIL), Mukesh Ambani, in terms of most wealth owned by an individual in Asia.

In February this year, Ambani has surged ahead of Shanshan to become Asia’s richest person. The RIL chairman also tops the chart of richest individuals in India.

Also Read | Adani Green shares hit 5% upper circuit on acquisition of SB Energy’s renewable portfolio

Shanshan, founder and chairperson of the Nongfu Spring beverage company, and the majority owner of Beijing Wantai Biological Pharmacy Enterprise, was once the world’s sixth richest person. His net worth, however, has taken a drubbing over the past several months.

In the global billionaires’ list of Bloomberg, Ambani and Adani are placed on the 13th and 14th position, respectively.

While Adani’s net worth has climbed by $32.7 billion in the past year, Ambani’s wealth has marginally decreased by $175.5 million, as per the index. The net worth of Ambani stood at $76.5 billion.

The increase in Adani’s wealth, despite the onset of COVID-19 pandemic, is largely attributed to the surge in share prices of Adani Green, Adani Enterprises, Adani Gas and Adani Transmission.

The stocks of Adani Transmission and Adani Enterprises have climbed by 617 percent and 827 percent in last one year, respectively, whereas, Adani Total Gas rallied 1,145 percent in the same period, the Live Mint reported.

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