Billionaire Gautam Adani is the wealthiest person in Asia with a net worth of $88.5 billion and now ranks as the 10th-richest person in the world, according to the Bloomberg Billionaires Index.
The 59-year-old tycoon has overtaken Reliance Industries chairman Mukesh Ambani, whose current net worth is $87.9bn, according to the index.
Mr Adani is also the world’s biggest wealth-gainer this year after his net worth jumped almost $12bn.
A self-made billionaire, Mr Adani is chairman of the Adani Group, an Indian conglomerate active in logistics, agribusiness and the energy sector.
“Today, he is one of the 100 most influential businessmen worldwide, both in the shipping trade and infrastructure industry,” according to Celebrity Net Worth, which tracks the wealth and finances of the rich and famous.
Mr Adani, a first-generation entrepreneur who started off as a diamond trader in Mumbai in the 1980s, helped run his brother’s plastics business in his home state of Gujarat before setting up Adani Enterprises — the group’s flagship company — as an agri-commodities trader in 1988.
Over the past two decades, the group has diversified into ports, power generation and distribution, airports, data centres and digital services. Mr Adani added $52bn to his net worth last year, according to the Bloomberg Billionaires Index.
The billionaire aims to recast his empire built on coal mining and trading into a renewable energy giant.
The Adani Group committed to invest $70bn by 2030 across its green energy value chain to become the world’s largest renewable energy producer. This dovetails with India’s pledge to touch net-zero carbon emissions by 2070 at the Cop26 climate change summit last year.
It is also rapidly ramping up its solar energy portfolio and its ports business to be carbon neutral by 2025.
Adani companies raised about $1.1bn in green and sustainability-linked dollar bonds in 2021, and another $1.35bn in offshore loans — making them the biggest issuers of environmental, social and governance debt from India, data compiled by Bloomberg show.
In May 2021, the conglomerate paid $3.5bn to buy SoftBank Group’s local clean energy unit as it gets closer to its goal of having 25 gigawatts of renewable power capacity by 2025, up from an installed capacity of 5.4 gigawatts currently.
The group “has had an early start and our portfolio includes increasingly green ports, green airports, green power and green transmission”, Mr Adani said. “No other company has yet made so large a bet on developing its sustainability infrastructure.”
Mr Adani’s sustainability claims, however, are criticised by climate campaigners who point to the group’s Carmichael coal mining project in Australia, which will expand supplies of fossil fuel. The Adani Group opted to self-fund after having trouble in securing external funding.
The Adani Group controls seven airports, including Mumbai International Airport.
Total and Warburg Pincus are among the companies that invested in Mr Adani’s companies last year. The French oil giant agreed in January 2021 to buy 20 per cent of Adani Green Energy and a 50 per cent stake in a portfolio of operating solar assets.
In March 2021, Warburg said it would invest $110 million in exchange for about half-a-per cent of Adani Ports and Special Economic Zone.
The MSCI India Index added three Adani Group companies to the benchmark gauge last year. These include flagship Adani Enterprises, gas supplier Adani Total Gas and power distributor Adani Transmission.
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
