Gautam Adani, a business tycoon from India, pithily overtook Elon Musk as the richest person in the world, according to Bloomberg’s real-time Billionaires’ Index. On Saturday, he overtook Jeff Bezos of Amazon and now dominates the rankings.
The founder of Amazon faced a $2.74 billion decline in his stock valuation, which instigated dropping him to third place with a net worth of $147 billion. Last month, Gautam Adani passed Louis Vuitton CEO Bernard Arnault of France to take third place. Elon Musk is the wealthiest person, with a net worth of $273.5 billion, ahead of Mr. Adani, who has a net value of $154.7 billion. The other Indian in the top ten is Mukesh Ambani, chairman and managing director of Reliance Industries Limited, who holds the eighth spot and has a net worth of $92 billion.
The Adani Group, led by Gautam Adani, consists of seven publicly traded firms operating in a variety of infrastructure, energy, mining, and other industries. They are Adani Wilmar, Adani Enterprises, Adani Green Energy, Adani Ports & SEZ, Adani Transmission, Adani Total Gas, and Adani Power.
Over the previous five years, the company has made significant investments. Airports, data centers, copper refining, cement, petrochemical refining, green hydrogen, highways, and solar cell manufacturing are some of its new emerging industries. The Adani Group has ambitious aspirations to expand its airport and green hydrogen industries. Additionally, $70 billion was committed to green energy infrastructure.
On Saturday, Mr. Adani was seen third on Forbes’ real-time list of billionaires. He briefly held the second spot on the list the day before. With a fortune of $152.2 billion, Adani ranked third in wealth after Bernard Arnault ($154.7 billion) and Elon Musk ($273.2 billion). Bezos’ net wealth of $146.9 billion has moved him down to the fourth place. This year, Adani’s net worth has significantly increased. On Friday, the Adani Group, which has a market valuation of around $260 billion, became the most valuable company in India. Over the past few years, the ports-to-cement group’s stock market capitalization has increased significantly and steadily.