The Indian infrastructure mogul became Asia’s richest billionaire in history (in USD) earlier this month and continues to rise in the billionaire rankings.
Billionaire Gautam Adani – Chairman of Adani Group. (Image: Getty Images)
According to Forbes estimates that by the end of the trading session on April 22, the 59-year-old businessman’s net worth was $123.7 billion, far more than the $121.7 billion fortune of 91-year-old billionaire Warren Buffett. † Thus, Mr. Gautam Adani surpassed financial legend Warren Buffett to become the 5th richest person in the world.
Gautam Adani is the founder and chairman of Adani Group, a port and energy conglomerate with six companies listed on the Indian Stock Exchange. The shares of these companies have risen from 19% to 195% this year as Mr. Adani expands into renewable energy, media, airports…
Earlier this month, Abu Dhabi’s International Holding, run by the brother of the UAE Crown Prince, invested $2 billion in three of Adani’s green energy companies. The Indian billionaire said he wants to become the world’s largest producer of green energy, aiming to invest up to $70 billion in renewable energy projects.
The son of a textile businessman, Mr. Adani started a raw material export business in 1988 after dropping out of college. By 2008, he had become a billionaire and first joined the company. ranked by Forbes with an estimated net worth of $9.3 billion.
However, when the pandemic started, Adani really “flew like a kite” after expanding his empire with a series of acquisitions. In 2020, he acquired a 74% stake in India’s second largest port, Mumbai International Airport, and spent $3.5 billion acquiring Softbank’s renewable energy business in India.
Most recently, on April 22, Gautam Adani agreed to buy Ocean Sparkle, India’s largest marine services provider, in a $220 million deal.
Adani’s net worth was just $8.9 billion two years ago, but that number rose to $50.5 billion in March 2021, thanks to a staggering rise in stock prices. By March 2022, his fortune had doubled to about $90 billion, as Adani Group’s shares continued to rise.
With an estimated net worth of nearly $124 billion, Mr. Adani is not only India’s richest man, $19 billion more than the country’s second richest person, Mukesh Ambani, but he also surpasses the legendary investor. Buffett becomes the 5th richest person in the world. Mr. Buffett’s fortunes plummeted as Berkshire Hathaway shares ‘lost’ 2% amid a broad decline in the US stock market.
There are currently only four people richer than Adani, according to Forbes real-time billionaire tracker: Microsoft co-founder Bill Gates ($130.2 billion), French luxury goods king Bernard Arnault ($167). $3.9 billion), Amazon founder Jeff Bezos ($170.2 billion) and Elon Musk, CEO of Tesla and SpaceX ($269.7 billion).