Gautam Adani, chairman of the Adani Group, has now ascended to the 16th spot on the list of the world’s wealthiest people, with his net worth exceeding $70 billion, as per the Bloomberg Billionaires Index.

What Happened: Adani’s wealth surge comes on the back of a significant recovery in Adani Group stocks in the past few weeks. The company’s shares soared today following reports that the US government investigated allegations of corporate fraud before approving a hefty $553 million loan for a Sri Lankan container terminal project. The International Development Finance Corp. (DFC) reportedly dismissed these allegations during their due diligence investigation.

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However, despite the impressive surge, Adani still is the position of the second-richest individual in India, following Mukesh Ambani. Ambani, with an estimated total net worth of $90.4 billion, is ranked 13th globally. Ambani has seen significant wealth growth in the year 2023, with his net worth increasing by over $3.33 billion during this period.

Adani, on the other hand, went through a period of turbulence when the Group faced allegations of accounting fraud and stock manipulation. These allegations, made by US short-seller Hindenburg Research, caused a near $100 billion reduction in the group’s market value earlier this year. His net worth is still down around $50 billion from the highs it saw as Gautam Adani became the third richest person in the world.

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