Mukesh Ambani overtakes Gautam Adani as the richest Indian on the Forbes Real-Time Billionaires List

• Last week, New York-based Hindenburg Research published a report alleging that 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 slipped from 4th to the 11th spot on the Bloomberg Billionaires Index.
  

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

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

Despite the lengthy response provided by the Adani group, the company’s stocks continued to tumble. As per reports, the shares of Adani Group companies plummeted in a three-day selloff that erased over $68 billion in market value.

Adani’s personal wealth was also wiped out by $34 billion in just three trading days, with the tycoon falling from the fourth to 11th spot on the Bloomberg Billionaires Index.

As per the Forbes Real-Time Billionaire List, Ambani, who now occupies the ninth position, has a net worth of $84.6 billion, while Adani ranks at the tenth spot with a net worth of $84.4 billion, as of 1:25 pm IST.

At the time of publishing, the top spot in the list was held by Bernard Arnault & family, with 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 Billionaire List (as of 1:25 pm IST, on February 1, 2023)