Billionaire businessman Gautam Adani has once again emerged as the richest man in Asia — surpassing Reliance Industries Chairman Mukesh Ambani and SoftBank CEO Masayoshi Son. Adani group stocks have surged since the US Justice Department dismissed fraud charges against the company last month. Gautam Adani has seen his personal fortune surge by nearly $10 billion over the past two weeks.

Data from the Forbes Realtime Billionaires’ List outlines the sharp surge — with Adani gaining $2.5 billion in a single day this week. His current net worth stands at $89.2 billion. He is the richest man in Asia and also ranks 23rd in the world. Son had held the title until shares of his Japanese investment firm plunged on Thursday.

Adani sees net worth surge after US probe

Multiple US regulatory and legal investigations involving Adani Group were closed in late May. According to Forbes data, the businessman had gained nearly $10 billion over the past three weeks. US prosecutors had dropped all charges against Gautam Adani and his nephew Sagar Adani in mid-May after concluding that they could not sustain the allegations.

The US Securities and Exchange Commission had settled civil allegations against the two men tied to disclosures made to investors in connection with solar energy projects in India. Court filings showed Gautam Adani agreed to pay $6 million and Sagar Adani $12 million, without admitting or denying wrongdoing.

The US Treasury Department’s Office of Foreign Assets Control also settled allegations of the Adani Group violating US sanctions on Iran in LPG imports. This followed the Indian conglomerate agreeing to pay $275 million while extending “extensive cooperation” with the investigation and making “proactive” disclosures.

What was the case?

Adani ⁠Group stocks have been volatile since short-seller Hindenburg Research published a report in 2023 alleging stock manipulation and improper use ‌of offshore tax havens. Several companies within the Group had recovered sharply from initial losses before coming under renewed pressure amid broader market weakness and legal scrutiny.

In November, US prosecutors accused Gautam Adani and associates of agreeing to pay $265 million in bribes to Indian officials. They claimed the money was used to secure approvals for solar power projects, misleading American investors about ⁠the group’s anti-corruption practices. The US Treasury Department said on May 18 that Adani Enterprises had agreed ⁠to pay $275 ‌million to resolve alleged sanctions violations tied to liquefied ​petroleum gas imports from Iran.

Adani ⁠Group has repeatedly denied wrongdoing.

Who are the top 10 richest people in Asia?

According to Forbes, Adani leads the list with a net worth of $89.2 billion. Mukesh Ambani follows closely behind with a real-time net worth of $88 billion. The top three are rounded out by Masayoshi Son and his $87 billion fortune. The three businessmen currently occupy successive spots on the global leaderboard — from #23 to #25.

Top 10 richest people in Asia

  • Gautam Adani – $89.2 billion (India)
  • Mukesh Ambani – $88.0 billion (India)
  • Masayoshi Son – $87.0 billion (Japan)
  • Zhang Yiming – $69.3 billion (China)
  • Zhong Shanshan – $68.1 B (China)
  • Tadashi Yanai & family – $61.8 billion (Japan)
  • Ma Huateng – $53.8 billion (China)
  • Robin Zeng – $53.2 billion (Hong Kong)
  • Li Ka-shing – $47.0 billion (Hong Kong)
  • Colin Huang – $42.5 billion (China)