The court reprieve stoked a $13.3 billion wealth gain for Gautam Adani. AFP
The court reprieve stoked a $13.3 billion wealth gain for Gautam Adani. AFP
The court reprieve stoked a $13.3 billion wealth gain for Gautam Adani. AFP
The court reprieve stoked a $13.3 billion wealth gain for Gautam Adani. AFP

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Gautam Adani overtakes Mukesh Ambani as Asia’s richest person

The billionaire's net worth rose $7.7 billion in a day to $97.6 billion after court reprieve

Bloomberg

January 05, 2024

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After a roller-coaster ride on the wealth rankings last year, Gautam Adani is back to being Asia’s wealthiest person days after India’s top court said no new probes were needed into Hindenburg Research’s bombshell allegations against the tycoon’s conglomerate.

Mr Adani’s net worth rose by $7.7 billion in a day to $97.6 billion, reclaiming the top spot in the region from Indian compatriot Mukesh Ambani, according to the Bloomberg Billionaires Index.

Mr Ambani, chairman of Reliance Industries, was trailing by a narrow margin with a net worth of $97 billion, the index shows.

The comeback of the first-generation entrepreneur, who started off as a diamond trader in the 1980s, caps an eventful year for Mr Adani’s ports-to-power conglomerate.

Despite denying Hindenburg’s allegations of corporate fraud, the Adani Group lost more than $150 billion in market value at one point last year and spent months wooing back investors, lenders, repaying debt and assuaging regulatory concerns.

Adani Group’s stocks rallied after the Supreme Court of India this week ordered the local markets regulator to conclude its investigation into the conglomerate within three months and said no more probes were needed, effectively drawing a line under the year-long saga on short-selling.

The court reprieve stoked a $13.3 billion wealth gain for Mr Adani – the world’s largest this year – after he registered one of the biggest wealth losses in 2023.

Mr Adani, whose conglomerate has committed an investment of $100 billion over the next decade for green transition across its businesses, is also back to rapidly diversifying his empire beyond its coal-trading origins into data centres, artificial intelligence, urban development, airports and media.

Top 10 richest people in the world in 2023 – in pictures

  • Bernard Arnault, head of luxury group LVMH, is currently the world's richest person with $223.4 billion, according to the Bloomberg Billionaires Index. AFP
    Bernard Arnault, head of luxury group LVMH, is currently the world's richest person with $223.4 billion, according to the Bloomberg Billionaires Index. AFP
  • Amazon founder Jeff Bezos is the second-richest person in the world with a net worth of $207.3 billion. AFP
    Amazon founder Jeff Bezos is the second-richest person in the world with a net worth of $207.3 billion. AFP
  • Meta founder and chief executive Mark Zuckerberg is now the third-richest person in the world with a net worth of $186.9 billion. AFP
    Meta founder and chief executive Mark Zuckerberg is now the third-richest person in the world with a net worth of $186.9 billion. AFP
  • Elon Musk has dropped back to fourth place on the Bloomberg Billionaire's Index with a personal fortune of $180.6 billion. Reuters
    Elon Musk has dropped back to fourth place on the Bloomberg Billionaire's Index with a personal fortune of $180.6 billion. Reuters
  • Fifth is Microsoft founder and philanthropist Bill Gates, with a personal fortune of $153 billion. AFP
    Fifth is Microsoft founder and philanthropist Bill Gates, with a personal fortune of $153 billion. AFP
  • Sixth place goes to Steve Balmer, former chief executive of Microsoft and owner of the Los Angeles Clippers basketball team, with a net worth of $147 billion. AP
    Sixth place goes to Steve Balmer, former chief executive of Microsoft and owner of the Los Angeles Clippers basketball team, with a net worth of $147 billion. AP
  • Berkshire Hathaway chairman and chief executive Warren Buffett is the world's seventh-richest person with a net worth of $138 billion. AP
    Berkshire Hathaway chairman and chief executive Warren Buffett is the world's seventh-richest person with a net worth of $138 billion. AP
  • Taking eighth spot is Google co-founder Larry Page, with a net worth of $138 billion. AP
    Taking eighth spot is Google co-founder Larry Page, with a net worth of $138 billion. AP
  • Next up is Oracle co-founder Larry Ellison, who is worth $137 billion. AFP
    Next up is Oracle co-founder Larry Ellison, who is worth $137 billion. AFP
  • Google co-founder Sergey Brin is the 10th-richest person in the world with a net worth of $131 billion. Image Press Agency
    Google co-founder Sergey Brin is the 10th-richest person in the world with a net worth of $131 billion. Image Press Agency

Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199

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Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

European arms

Known EU weapons transfers to Ukraine since the war began: Germany 1,000 anti-tank weapons and 500 Stinger surface-to-air missiles. Luxembourg 100 NLAW anti-tank weapons, jeeps and 15 military tents as well as air transport capacity. Belgium 2,000 machine guns, 3,800 tons of fuel. Netherlands 200 Stinger missiles. Poland 100 mortars, 8 drones, Javelin anti-tank weapons, Grot assault rifles, munitions. Slovakia 12,000 pieces of artillery ammunition, 10 million litres of fuel, 2.4 million litres of aviation fuel and 2 Bozena de-mining systems. Estonia Javelin anti-tank weapons.  Latvia Stinger surface to air missiles. Czech Republic machine guns, assault rifles, other light weapons and ammunition worth $8.57 million.

Afro%20salons
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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

Updated: January 05, 2024, 8:57 AM
Personal financeBillionairesIndiaAsia