Forbes in its Billionaire 2023 list, released on Tuesday, has revealed that Mukesh Ambani has regained his spot as Asia’s richest person after rival Gautam Adani tumbled to No. 24, according to a PTI report.

“Adani was the world’s third-richest person on January 24, when he was worth nearly $126 billion. A report issued by US short-seller Hindenburg Research later that day, however, sent his companies’ shares plummeting,” Forbes said in a statement.

With a net worth of $83.4 billion, Ambani was ranked at no. 9 in the world billionaire list.

“Last year, Ambani’s oil-to-telecom behemoth Reliance Industries became the first Indian company to surpass $100 billion in revenue,” Forbes added.

The 25 richest people in the world are worth a collective $2.1 trillion, according to Forbes’ World’s Billionaires list, down a combined $200 billion from $2.3 trillion in 2022.

Last month, Hurun Global Rich List had revealed that Mukesh Ambani, chairman and managing director of Reliance Industries Limited (RIL), is the only Indian to feature in the list of the world’s top 10 billionaires, with a wealth of $82 billion. The report compiled by research platform Hurun in coordination with real-estate group M3M, mentioned that the RIL chief occupied ninth rank globally with a net worth of $82 billion, despite a 20% decline in wealth.

Ambani reportedly sidestepped speculation about succession by giving his children key roles last year: Older son Akash is the chairman of telecom arm Jio Infocomm; daughter Isha is the head of the retail business; and younger son Anant works in Reliance’s new energy ventures.