Gautam Adani has overtaken Mukesh Ambani to become Asia's richest person, as Middle East tensions batter Reliance Industries' oil-dependent business. Adani's net worth reached $92.6bn while Ambani's fell to $90.8bn, marking the biggest wealth drop among Asian billionaires this year at $16.9bn, according to the Bloomberg Billionaires Index.

Adani's conglomerate has rebounded from past fraud allegations, with steady earnings from India's fastest-growing major economy. His diversified interests in coal trading, renewable energy and cement have proven resilient, while Reliance's petrochemicals still account for over half its revenue. The company's share price has declined 14% this year as analysts cut earnings forecasts by 6% citing high crude premiums and freight costs.

India's wealthiest have collectively lost $28.1bn in 2025 as foreign institutional ownership dropped to $660bn from $930bn in September 2024. While Ambani has diversified into retail, media and AI, petrochemicals remain Reliance's core profit driver. Adani Group stocks have outperformed the benchmark Nifty 50 index, which is down 7% this year, as the billionaire presses ahead with major investments in airports and energy infrastructure.