Gautam Adani, the founder and chairman of the Adani Group, has achieved a remarkable feat by overtaking Mukesh Ambani, the chairman of Reliance Industries Limited (RIL), as the wealthiest individual in India¹².

Adani’s wealth has skyrocketed by more than 1800 percent in the last 20 months, thanks to the stellar performance of his group’s stocks¹³. The shares of Adani Energy Solutions jumped by 11.60% to Rs 1,183.90 after the Supreme Court refused to interfere in the investigation by the market regulator over alleged manipulation of stock prices by the Adani Group³.

According to the Bloomberg Billionaires Index, Adani is now the 12th richest person in the world². This is the first time that Adani has topped the Hurun India Rich List, pushing Ambani to the second spot⁴.

Ambani’s wealth also increased by 11% in the past year to Rs 7.94 lakh crore, but it was not enough to keep him at the top⁴. However, both Adani and Ambani are the biggest wealth creators in India, as per the Hurun India report⁴.

Adani’s ascent to the top of the wealth rankings is a reflection of his successful and diversified business empire, which covers sectors such as energy, real estate, logistics, agribusiness, and defense⁴. Adani is the only person who has built not one, but seven companies with a market value of over Rs 1 lakh crore⁴.

The change in rankings highlights the dynamic nature of wealth creation in India’s fast-growing economy. As the country progresses, it will be fascinating to see how the rankings of India’s richest individuals change in the future.