Mumbai: Billionaire Gautam Adani has reclaimed the title of Asia’s richest person from Reliance Industries Chairman Mukesh Ambani, according to the Bloomberg Billionaires Index.

As of 6 pm on Saturday, the Adani Group chairman holds the 11th spot on the index with a net worth of $111 billion, surpassing Ambani's $109 billion.

Adani has overtaken Ambani after nearly five months, with Ambani now in the 12th spot.

Adani's net worth increased by $5.45 billion, while Ambani's saw a gain of $76.2 million.

Year-to-date, Adani's net worth has grown by $26.8 billion compared to Ambani's increase of $12.7 billion.

Ambani had previously surpassed Adani following a significant drop in the Adani Group's valuation due to the Hindenburg report in January 2023, which accused the conglomerate of accounting fraud, stock market manipulation, and fraudulent transactions.

Adani’s return to the top spot was driven by a recent surge in Adani Group stocks.

On May 31, shares of all Adani Group companies garnered attention and rose by 14 percent, following a Jefferies report highlighting the group's aggressive expansion plans, including $90 billion in capital expenditures over the next decade.

Last week, Adani expressed exuded confidence about the future of the group saying that its best days are ahead. “The road ahead is paved with extraordinary possibilities, and I can promise you that the Adani Group today is stronger than it has ever been,” he said, reported by NDTV.

According to the latest Bloomberg Billionaires Index, Bernard Arnault is currently the richest person in the world, with a net worth of $207 billion. He is followed by Elon Musk, who has a total wealth of $203 billion, and Jeff Bezos, whose net worth stands at $199 billion.

Latest ranking of the world’s richest individuals:

Bernard Arnault - $207 billion

Elon Musk - $203 billion

Jeff Bezos - $199 billion

Mark Zuckerberg - $166 billion

Larry Page - $153 billion

Bill Gates - $152 billion

Sergey Brin - $145 billion

Steve Ballmer - $144 billion

Warren Buffett - $137 billion

Larry Ellison - $132 billion