Mukesh Ambani Overtakes Gautam Adani as Richest Indian on Forbes Real-Time Billionaires List

• Last week, New York-based Hindenburg Research released a report alleging that the Gautam Adani-led group engaged in stock manipulation and accounting fraud. The Adani Group has refuted these claims.
  
• Now industrialist Mukesh Ambani has overtaken Gautam Adani as the world’s richest Indian on the Forbes Real-Time Billionaires List.
  
• Adani also dropped from 4th to 11th on the Bloomberg Billionaires Index.

Mukesh Ambani, Chairman of Reliance Industries Ltd caught up Gautam Adani, chairman of Adani Group, as the richest Indian in the world, according to Forbes’ Real-time Billionaires list.

This comes just a week after a report from New York-based Hindenburg Research claimed that the Gautam Adani-led group engaged in stock manipulation and accounting fraud. The Adani group has refuted these allegations, calling them “baseless allegations and a misleading narrative”.

Despite the Adani Group’s protracted response, the company’s shares continued to fall. From reportsShares of Adani Group companies plummeted in a three-day sell-off that erased more than $68 billion in market value.

Adani’s personal wealth was also wiped out by $34 billion in just three trading days, with the magnate falling from fourth to eleventh on the Bloomberg Billionaires Index.

According to the Forbes real-time billionaire listAmbani, who now ranks ninth, has a net worth of $84.6 billion, while Adani ranks tenth with a net worth of $84.4 billion, as of 1:25 PM IST.

At the time of publication, the top spot in the list was held by Bernard Arnault & family, who has a net worth of $214 billion, followed by Tesla owner Elon Musk, who has a net worth of $178.3 billion. Amazon founder Jeff Bezos ranks third, with a net worth of $126.3 billion.

Forbes Real-Time Billionaires List (as of 1:25 p.m. IST, on February 1, 2023)