Gautam Adani, the third richest man in the world and the richest man in Asia has seen a considerable increase in his wealth recently. The Chairman of the Adani Group has surpassed Amazon founder Jeff Bezos to bounce back to the third place on Forbes’ Real-Time Billionaires List.
After Bernard Arnault of Louis Vitton, who is still ranked second on the Forbes list with a net worth of $156.5 billion, Gautam Adani’s wealth increased by $314 million on Monday, bringing it to $131.9 billion. The Forbes list also showed a steep decline in Jeff Bezos’ fortune after the company’s shares fell sharply in after-hours trading last Thursday after it forecast dismal holiday sales. Although Mr. Adani surpassed Jeff Bezos, whose net worth was $126.9 billion, the positions on the Forbes list have been fluctuating recently, echoing the turmoil in the larger global equities markets, with gains and losses.
According to a report, Gautam Adani’s company plans to spend more than $150 billion in sectors including renewable energy, airports, data centres, and healthcare as it strives to join the exclusive club of corporations with $1 trillion values. What’s more is, the market value of the group has climbed from over $16 billion in 2015 to approximately $260 billion in 2022, a rise of more than 16 times in merely 7 years.
Gautam Adani’s ranking on the list has shifted from second to third to fourth most recently, depending on how Bernard Arnault’s and Jeff Bezos’ fortune has moved due to stock market performance. The difference in wealth between the three billionaires is around $30 billion. While Bernard Arnault, Gautam Adani, and Jeff Bezos’ rankings have been fluctuating between the second, third, and fourth richest spots in recent weeks, Elon Musk’s position continues to be in the top spot with a net worth of 223.8 billion.
The Adani Group, India’s largest port operator, was founded by 60-year-old Gautam Adani. The infrastructure firm is based in Ahmedabad, India, and serves as both the country’s largest producer and trader of thermal coal. He entered the cement industry in May 2022 when he triumphed in the competition to buy the Indian cement division of Swiss multinational Holcim for $10.5 billion.