Billionaire industrialist Gautam Adani is no longer Asia’s 2nd richest person, following a sharp decline in his net worth this week.
Adani’s net worth has fallen to $63 billion, down from just over $77 billion at the beginning of this week, according to global indexes that track the wealth of the world’s richest billionaires. In just four days, the 58-year-old’s has lost roughly $14 billion from his net worth.
As a result, Chinese billionaire Zhong Shanshan has reclaimed his position as Asia’s second richest man after Reliance Industries Chairman Mukesh Ambani.
After he became Asia’s second richest man, many predicted that it would take him little time to become Asia’s richest, citing the performance of his six listed companies on the stock market.
Adani’s net worth increased rapidly after the meteoric rise of his port-to-power businesses from 2020, propelling their market capitalisation. In April, the Adani Group became the third conglomerate in the country to cross a market capitalisation of $100 billion.
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