Mukesh Ambani is no longer India’s richest man

Gautam Adani leads Asia’s billionaires after rise in stock prices of Adani Group companies

In a significant shift among Asia’s wealthiest, billionaire Gautam Adani has once again surpassed Mukesh Ambani, chairman of Reliance Industries, to reclaim the title of Asia’s richest person. According to the Bloomberg Billionaires Index, Adani’s net worth soared to $111 billion as of Saturday, placing him 11th globally. Meanwhile, Ambani’s net worth is valued at $109 billion.

The surge in Adani's wealth is primarily attributed to a notable rise in the stock prices of Adani Group companies. This spike followed a Jefferies research report highlighting the group’s ambitious expansion plans, including a $90 billion investment in capital projects over the next decade. This optimistic outlook has significantly boosted investor confidence.

On Friday, Adani Group’s equities experienced a robust market response, enhancing investor wealth and raising the group’s total market capitalisation to an intraday high. Despite the recent shift in rankings, Ambani remains a highly influential figure in India and across Asia. Currently, the business tycoon is engaged in the pre-wedding celebrations of his youngest son, Anant Ambani, and Radhika Merchant, underscoring his prominent social stature.

The internet is buzzing with snippets from the wedding festivities, from Ranveer Singh striking a pose under the star-studded sky to the infectious energy of the Backstreet Boys. Other big names in attendance are Shah Rukh Khan, Salman Khan, Alia Bhatt, Ranbir Kapoor, Kareena Kapoor, Karan Johar and Janhvi Kapoor. There are chances more may join during their stops in Rome, Cannes and Portofino.

Recently, a video from the private cruise festivities, which surfaced on social media, sees Nick Carter, Howie Dorough, Brian Littrell, AJ McLean, and Kevin Richardson of Backstreet Boys, dressed in their all-white outfits, as they performed their track I Wanna Be with You. 

Word on deck is that the next acts to grace the stage could be none other than Katy Perry, Shakira and Mr Worldwide himself, Pitbull, as per a report by Hindustan Times. The audience was enamoured with their performance, setting the bar sky-high for Katy, Shakira and Pitbull. They'll need to bring their A-game to match the atmosphere created by the boy band.

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