According to the Bloomberg Billionaires Index, Gautam Adani, chairman of the Adani Group, has seen the second-largest decline in wealth this year, trailing only Tesla founder Elon Musk.
Adani's net worth, which is currently ranked 23rd on the index, has dropped by USD 11.9 billion, to $66.8 billion. In comparison, Musk's fortune has decreased by $35.2 billion, bringing his total wealth to USD 397 billion.
Musk's financial position had previously improved, thanks to rising company valuations and his leadership in the Department of Government Efficiency (DOGE) under US President Donald Trump's administration.
Meanwhile, Adani and Adani Green Energy executives have been indicted in New York on charges of orchestrating a multibillion-dollar fraud. According to US prosecutors, between 2020 and 2024, Adani and associates, including his nephew Sagar Adani and Vneet Jaain, allegedly paid over USD 250 million in bribes to Indian officials to secure solar energy contracts worth USD 2 billion in profits.
Furthermore, prosecutors claim that Adani Green Energy obtained more than USD 3 billion in loans and bonds during the same period by making false and misleading statements. Arrest warrants have been issued for both Gautam Adani and Sagar Adani, with US authorities seeking international assistance with enforcement. The US Securities and Exchange Commission has also taken an interest, filing civil charges. The Adani Group responded by dismissing the allegations as 'baseless' and stating that it will pursue 'all possible legal remedies'.
Among other Indian billionaires, Mukesh Ambani, ranked 17th, saw his net worth fall by USD 2.9 billion to USD 87.7 billion. Similarly, HCLTech's Shiv Nadar lost USD 4.53 billion, bringing his total wealth to USD 38.6 billion.
According to the index, Elon Musk remains the world's wealthiest person, with a net worth of USD 397 billion. He is followed by Meta CEO Mark Zuckerberg, whose fortune is valued at USD 245 billion. Amazon founder Jeff Bezos is third, with a net worth of USD 243 billion.
Larry Ellison, Oracle's founder and largest shareholder, ranks fourth with a net worth of USD 200 billion, while LVMH chairman Larry Ellison, Oracle's founder and largest shareholder, ranks fourth with a net worth of $200 billion, while LVMH Chairman and CEO Bernard Arnault ranks fifth with $195 billion. Bill Gates is in sixth place, with a fortune of USD 169 billion.
