Mukesh Ambani loses Asia's richest man race

Mukesh Ambani has once again beaten from the spot of Asia’s richest man.

Based on the Bloomberg Billionaires Index, billionaire Gautam Adani has surpassed Reliance Industries chairman Mukesh Ambani to reclaim the title of richest person in Asia.

With a net worth of $111 billion as of 6pm on Saturday, Adani, the chairman of Adani Group, is ranked 11th on the index, while Ambani is valued at $109 billion.

One of the main reasons why Adani passed Ambani was the notable increase in the stocks of the Adani Group. All Adani Group companies saw a spike in share prices on Friday as a result of a Jefferies research outlining the group's ambitious expansion plans, which include spending $90 billion on capital projects over the next ten years.

The Adani Group's equities saw a good reaction from the market, increasing investor wealth by INR 1.23 lakh crore and raising their entire market capitalisation to INR 17.94 lakh crore intraday. With an additional INR 84,064 crore in value, the market capitalisation at the end of trading was INR 17.51 lakh crore.

Mukesh Ambani, on the other hand, is still regarded as one of the most influential men not just in India but the whole of Asia too. He is currently busy with the second pre-wedding celebrations of his youngest son Anant Ambani and Radhika Merchant.