- Indian Billionaire, Gautam Adani is fast closing in on second-richest man, Jeff Bezos, Amazon founder
- A recent report say that Adani's wealth has almost doubled and surged from $64.8 billion to $141.4 billion in 2022 alone
- According to Billionaire's Index, Adani his wealth is partly due to increase in the price of oil and natural gas
First, he became Asia’s richest person; then, his fortune leapt above those of Warren Buffet and Bill Gates. Now he is threatening to overthrow the second-richest man in the world, Jeff Bezos and is fast approaching a level of wealth only owned by Elon Musk.
Gautam Adani’s rise has been astronomical. While many billionaires worldwide saw their fortunes crumble, his net worth almost doubled and surged from $64.8 billion to $141.4 billion, making him the third-richest person on earth, Bloomberg’s Billionaires Index says.
Bloomberg reports that his skyrocketing wealth is partly due to the increase in oil and natural gas prices, which has raised the MSCI/Energy Index to a 36 per cent total return this year, compared with an 18.4 per cent loss for the bigger gauge of global stocks.
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Even during big gains across the industry, his companies stand above others, with some stock prices more than doubling in 2022.
Adani’s Green Energy Limited and Adani Total Gas Limited sell more than 750 times their profit, while Adani Enterprises Limited and Adani Transmission Limited have valuations worth 400 times.
By comparison, Elon Musk’s Tesla and Bezos’s Amazon have price-to-earning ratios of about 100, while fellow Indian billionaire Mukesh Ambani’s Reliance Industries Limited trades at 28 times.
Some of his firms trade at levels far higher than those of other billionaires.
The 60-year-old has moved his multinational’s focus to align with what Indian Prime Minister Narendra Modi sees as crucial to meeting India’s long-term economic goals. He did it via a debt-fueled growth that led Fitch Group unit CreditSights to call his conglomerate deeply overleveraged in a report in August.
The college dropout who was held ransom and survived a terror attack worked in Mumbai’s diamond industry in the early 1980s before trading in coal and ports. He built a business empire from airports to data centres, media, energy and cement firms.
He promised to invest $70 billion in green energy to become the world’s largest renewable energy producer.
Going by the stock market, his moves have been successful. Shares in some of his companies have climbed more than 1,000 per cent since 2020.
World’s third-richest man, Gautam Adani, is a school dropout and has made $60 billion this year
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Legit.ng reported that the third richest man in the world, Gautam Adani, has made about $60 billion this year alone as other 499 billionaires struggled to add to their wealth. Indian-born Gautam Adani’s exceptional wealth gain started this year.
Bloomberg said that with a a fortune of $137 billion, he has surpassed any other billionaire, most of whom have their wealth dropped this year.
Tesla CEO Elon Musk has lost about $18.9 billion this year, leaving his fortune at $251 billion. In contrast, Jeff Bezos, Amazon owner and the second-richest man in the world, has lost about $39 billion.