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Asia’s richest ranking has shifted as Indian billionaire Mukesh Ambani lost the top spot to Gautam Adani amid an energy shock linked to the US–Iran confrontation and broader geopolitical tensions affecting markets. The change comes as Ambani’s petrochemicals-heavy business faces pressure from higher crude prices, while Adani’s group has rebounded from prior volatility.
Bloomberg’s Global 500 Billionaires Index shows Ambani, chairman of Reliance Industries and operator of the world’s largest refining complex, has shed $16.9 billion in net worth so far this year, bringing his fortune to $90.8 billion. In the same period, Adani’s net worth has risen by $8.1 billion to $92.6 billion, overtaking Ambani in Asia’s richest list.
WealthMills Securities’ Kranthi Bathini, Stock Strategy Director in Mumbai, said swings in global crude oil prices and Middle East geopolitical tensions are exerting negative pressure on Ambani’s businesses. Bloomberg data also indicate that Indian-focused ultra-wealthy individuals have lost a total of $28.1 billion in assets year-to-date as Middle East conflicts ripple through global markets.
The energy shock has hit oil-importing nations such as India through higher crude prices, capital outflows, and rising risk aversion, weighing on Indian stock markets and eroding billionaire wealth held in equities.
BNP Paribas data cited in the report show foreign-held stock value in India has fallen to $660 billion from a peak of $930 billion in September 2024. The decline is attributed partly to a weaker rupee and rising risk to the economy and corporate profits as oil prices remain high.
Jefferies analysts last week cut Reliance’s earnings-per-share forecast for the current fiscal year by about 6%, citing expectations of weaker petrochemical profits as oil prices and logistics costs rise.
Reliance’s stock has fallen about 14% year-to-date. Petrochemicals still account for more than half of the group’s revenue, even as Ambani has led diversification into retail, clean energy, media, and artificial intelligence.
By contrast, Adani Group shares—spanning ports and power—have surged and outperformed the Indian stock index, the Nifty 50, which has fallen about 7% this year.
Bathini said Adani’s businesses are mainly focused on domestic economic development in India and are well diversified. With the rebound in its share performance, Adani Group is advancing major investment plans, including new airports and expanding its energy portfolio.
Adani previously surpassed US billionaire Jeff Bezos to become the world’s second-richest person in 2022. That ranking shift followed the short-seller Hindenburg Research’s accusations—later defunct—of stock manipulation, money laundering, and accounting fraud. Adani and the group denied wrongdoing, but allegations in early 2023 led to a share price drop and a decline in the founder’s personal wealth. After Hindenburg’s report, Adani Group reduced debt and shares recovered.
A further hurdle emerged in November 2024 when US prosecutors filed criminal charges against Adani and his nephew Sagar Adani, accusing them of offering bribes to secure renewable-energy contracts. The report says Adani’s lawyers are contesting the case, arguing there is no credible evidence of bribery or securities fraud by their clients.
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