Adani Group chairman Gautam Adani’s net worth fell to $53 billion, losing ₹3,00 crore every week in the past year, as per M3M Hurun Global Rich List 2023.
After the Hindenburg report, Gautam Adani’s net worth plummeted by more than 60%, causing him to drop from the second-richest billionaire to the 23rd position. The Adani Group suffered the consequences. In January, Adani’s wealth took a nosedive due to the report by short seller Hindenburg. His net worth over the past one year declined by 35 per cent, and is now standing at $53 billion, according to M3M Hurun Global Rich List 2023.
China’s Zhong Shanshan surpassed Adani Group’s chairman Gautam Adani to become the second-richest Asian, resulting in Adani losing the title.
Hurun India stated that due to a 35% decrease in wealth, Gautam Adani and his family, who run Adani Group, lost the title of the second-richest Asian to Zhong Shanshan of YST. Adani’s wealth fell by more than 60% from his peak after a report by US short-seller Hindenburg in January. Prior to the report, Adani briefly held the position of the world’s second-richest person.
The Hindenburg report
The Hindenburg report accused Adani Group of brazen stock manipulation and accounting fraud, improper use of offshore tax havens, and raised concerns about their high debt. Adani Group denied these claims.
Among Indian billionaires, Mukesh Ambani ranked first with Gautam Adani following closely behind with a net worth of $53 billion. Cyrus Poonawalla held the third position with a net worth of $28 billion, while Shiv Nadar and their family were fourth with $27 billion. Lakshmi Mittal ranked fifth with $20 billion.
Adani’s net loss of $28 billion resulted in him losing his position as India’s richest individual to Mukesh Ambani, the Chairman of Reliance Industries, whose net worth is estimated at $82 billion. The report showed that Ambani is the only Indian to be ranked among the world’s top 10 billionaires.
Over the past year, Jeff Bezos, the founder of Amazon, has lost the most wealth in dollar terms. Bezos’ personal wealth has decreased by $70 billion, which is more than the combined losses suffered by Ambani and Adani.