French luxury king Arnault displaces India’s richest Gautam Adani in the Forbes list

Gautam Adani has climbed down two places in the Forbes’ Real-time Billionaires List. The Ahmedabad-based businessman, who became the world’s second richest person, lost the spot to French luxury retail baron, Bernard Arnault and e-commerce giant, Amazon’s founder, Jeff Bezos.

According to the list, Tesla boss, Elon Musk, continues to occupy the first rank with a wealth of $249.9 billion followed by Arnault ($249.9 billion), Bezos ($138.2 billion) and Adani ($136 billion). India’s second richest, Mukesh Ambani, is eight on the list with a cumulative wealth of $84.6 billion.

Adani has been making news for all the right reasons since the last few months. From being the only Indian in Times’ 100 most influential people to becoming India’s richest, the industrialist has seen a meteoric rise in the last few years.

The Indian market saw several stocks zooming down after a turbulent stock market run in the wake of several developments, the most prominent one being the US’ Federal Reserve hiking the rate of interest in a bid to tame inflation.

The Adani Group has several companies under it including the ones operating in the energy, ports, gas sectors. Recently, Adani announced that the group is set to invest $100 billion in the next 10 years, 70 per cent of which will be invested in green energies.