Gautam Adani, the Indian tycoon has overtaken his fellow
countryman Mukesh Ambani to become the wealthiest person in Asia.

The 59-year-old billionaire’s net worth has reached $88.5
billion according to the Bloomberg Billionaires Index, while Mukesh Ambani has
a net worth of $87.9 billion.

Adani is known for turning a small commodities trading
business into a conglomerate that controls companies ranging from ports and
aerospace to thermal energy and coal.

Also Read | Forbes India Rich List 2021: 6 newcomers in top 100, Mukesh Ambani stays on top

Similar to other billionaires around the globe, Adani’s
wealth has skyrocketed during the pandemic. He is the biggest wealth-gainer
this year, with an almost $12 billion jump in his personal fortune.

He was worth less than $40 billion at this time the
previous year he surpassed Mukesh Ambani to become the world’s 10th richest
person.

Also Read | Chairman and founder of the Adani Group becomes Asia’s second richest person

During the pandemic, Adani Group performed exceptionally
well on the Indian stock markets. Adani companies’ shares have jumped more than
1000% on the National Stock Exchange since June 2020. It is a sign that
investors are positive about Adani’s ability to bet on sectors such as
infrastructure and green energy.

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Reliance Industries chairman and managing director,
Mukesh Ambani, is now on the 11th spot of Bloomberg’s index with a net worth of
$87.9 billion.

The Adani Group founder’s Australian mine project drew
controversy and criticism from climate activists like Greta Thunberg. He has
increasingly looked beyond fossil fuel for expansion but his claims are
criticized by climate campaigners as the Carmichael coal mining project in
Australia, which will expand supplies of the highly-polluting fossil fuel.

He is expanding into sectors like green energy, airports,
data centres and defence contracting, which are crucial to Prime Minister
Narendra Modi’s economic development goals.

Also Read | Reasons why Adani Group companies shares fell

Adani has committed to investing a total of $70 billion
by 2030 to make his enterprise the world’s largest renewable-energy producer.
He has unveiled plans to increase his renewable energy capacity almost eight
times by 2025.

Also Read | How Gautam Adani managed to increase wealth by 50% while everyone was struggling: Rahul Gandhi

In the last three years, Adani has gained control of
seven airports and almost one-fourth of India’s air traffic. Adani group now
owns the country’s largest airport operator, power operator and city gas
retailer in the non-government sector.