India's Gautam Adani unseats Mukesh Ambani as Asia's richest billionaire

Gautam Adani, the 59-year-old founder of Adani Group, has overtaken his fellow Indian Mukesh Ambani as Asia’s wealthiest person.

The Adani Group, which now has a net worth of $88.5 billion, controls companies ranging from ports and aerospace to thermal energy and coal.

India's energy-to-tech entrepreneur Ambani, who controls Reliance Industries, has a net worth of $87.9 billion.

Adani was worth less than $40 billion at this time last year but has since seen his wealth skyrocket during the pandemic.

Shares of Adani Enterprises have increased over 1,000 percent on the National Stock Exchange in Mumbai since June 2020.

This wasn't the only upheaval the billionaires ranking has seen recently. Last week, Meta (FB), the parent company of Facebook, saw a historic collapse on its stock market, which wiped more than $30 billion off its CEO and co-founder Mark Zuckerberg's wealth.

Zuckerberg is in 13th place on the Bloomberg Billionaires Index.