Gautam Adani, the Indian billionaire who turned a small commodities trading business into a conglomerate spanning ports, mines and green energy, is now Asia's richest person, Bloomberg reported.

The 59-year-old mogul's net worth reached $88.5 billion on Monday, according to the Bloomberg Billionaires Index, eclipsing fellow countryman Mukesh Ambani's $87.9 billion. With an almost $12 billion jump in his personal fortune, Adani is the world's biggest wealth-gainer this year.