Gautam Adani pips Warren Buffett to become world's fifth richest person
Premium- According to Forbes, 59-year-old Gautam Adani has a net worth of $123.7 billion, higher than the $121.7 billion fortune of Warren Buffett.
Billionaire industrialist Gautam Adani has now topped Warren Buffet to become the fifth richest person in the world, according to Forbes.
According to Forbes, 59-year-old Gautam Adani has a net worth of $123.7 billion, higher than the $121.7 billion fortune of Warren Buffett.
Adani has surpassed Buffet as the latter's Berkshire Hathaway dropped by 2% on Friday amid a broad drop in the US stock market. Adani has added a massive $43 billion wealth to his name so far this year.
Driven by a stupendous rally in Adani Group stocks, its Chairman Adani has seen a meteoric rise in his net worth. At one point earlier this year, he was the only Indian on Bloomberg's top-10 Billionaire list.
Currently, only four billionaires -- Elon Musk, Jeff Bezos, Bernard Arnault and Bill Gates are ahead of Adani.
Adani group is a diversified conglomerate has a current market capitalization of $151 billion, comprising seven publicly listed companies with businesses spanning power generation and distribution, renewable energy, gas and infrastructure, logistics (seaport, airports, shipping, and rail), mining and resources, and other sectors.
According to Forbes, Adani had a net worth of just $8.9 billion just two years ago. In March 2021, his wealth spiked to an estimated $50.5 billion in March 2021 and the fortuned almost doubled to $90 billion in March 2022 as Adani Group stocks rose even further.
Among the group companies, Adani Power has given multibagger returns to investor so far in 2022, rising as much as 169% to hit ₹1 lakh crore market capitalisation.
Meanwhile, Adani Green Energy rose nearly 110% so far this year. The company has recently overtaken India's largest lender State Bank of India (SBI) to become seventh most valuable firm on the exchanges.
Adani Wilmar, the latest entrant on exchanges among the group companies is up by 185% compared in 2022.
Recently, Abu Dhabi-based conglomerate International Holding Company PJSC (IHC) has announced investments worth $2 billion as primary capital in three Adani portfolio companies – Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises Ltd (AEL).