Business News/ News / India/  Gautam Adani slips to 25th spot in Forbes, Bloomberg rich list with net worth below $50 billion

Gautam Adani's net worth on Monday dropped to less than $50 billion for the first time in several years, with Forbes and Bloomberg valuing him at $48 billion and $49.1 billion, respectively. Following which, he slipped to 25th place in the Forbes and Bloomberg real-time billionaires lists.

The net worth of Adani, who founder-chairman of the Adani Group, has been fluctuating recently, and he is now behind China's Zhang Yiming, who has a net worth of $49.5 billion, and the United States' Phil Knight and Family, whose net worth is $47.4 billion, according to the Forbes list. 

As of 20 February, 2023, Adani's net worth stands at $48 billion, according to Forbes.

The Bloomberg Index, on the other hand, ranked him between the United States' Michael Dell ($49.2 billion) and France's Alain Wertheimer ($49 billion).

Only last month, Adani was ranked as the world's third richest person with net worth of $120 billion. However, after the US short seller, Hindenburg Research brought charges of accounting fraud against the company, the situation started changing drastically. 

Hindenburg alleged that its two-year investigation found the Adani Group “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades" and called out the conglomerate’s “substantial debt."

The report sent ripples across the Indian stock market and ripped through the market valuation of Adani Group’s listed companies. 

The incident has also severely impacted Adani's personal wealth also as he saw his wealth drop $71 billion from the start of the year. This makes Adani’s wealth erosion the sharpest among the 500 richest people listed on the Bloomberg Billionaires Index.

However, the Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

The Forbes Real-Time Billionaire List and Bloomberg Billionaires Index are daily rankings of the wealthiest people in the world, so Adani's net worth and rank may change in the future.

(With inputs from agncies)

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Updated: 20 Feb 2023, 02:56 PM IST
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