Gautam Adani, head of the Adani Group, has reclaimed the title of richest Asian with a fortune of $100 billion.
According to the Bloomberg Billionaires Index, the Indian tycoon passed Mukesh Ambani to achieve the $100 billion threshold. With this latest change in the index, Adani has risen to the tenth richest person on the planet, while Reliance Industries chairman Ambani has slipped to the eleventh richest person on the planet, with a net worth of $99 billion.Â
Adani Group, based in Ahmedabad, has interests in logistics (seaports, airports, logistics, shipping, and rail), resources, power generation and distribution, renewable energy, gas and infrastructure, agro (commodities, edible oil, food products, cold storage, and grain silos), real estate, public transportation infrastructure, consumer finance, and defense, among other areas.Â
Adani’s meteoric rise has been nothing short of breathtaking. The college dropout who gained his money in the coal sector has nearly doubled his income in the last two years, owing to a pivot to green energy and infrastructure that has secured him financing from corporations like France’s Total SE and Warburg Pincus.Â
While the world’s 500 wealthiest persons added more than $1 trillion to their total fortunes in 2021, Adani, 59, stood out. His net worth increased by $42.7 billion, making him one of the wealthiest people on the planet. He briefly surpassed Ambani as Asia’s richest person in February.Â
Year-to-date (YTD), Adani has profited $21.1 billion, whereas Mukesh Ambani, another Indian business titan, has made $8.24 billion. Ambani and Adani are also Asia’s two wealthiest people.Â
What is Adani planning ahead?
Adani’s focus on developing in areas that Prime Minister Narendra Modi deemed critical to nation-building and attaining the country’s long-term economic goals is paying off: Since 2020, some Adani Group equities have increased by more than 1,000%.Â
According to those familiar with the situation, he’s also looking at prospective partnerships in Saudi Arabia, including the idea of owning a stake in the world’s largest oil exporter.Â
Adani Group, a port-to-energy conglomerate, launched a multi-year relationship with Google Cloud last week, as the two companies collaborated to modernize Adani’s IT processes for future scalability and group-wide innovation.
The firms said in a joint statement that the strategic relationship will draw on each organization’s expertise in infrastructure, technology, and industry solutions to modernize Adani Group’s IT operations.Â
In recent years, wealth creation has surged. Since Microsoft Corp. co-founder Bill Gates in 1999, Jeff Bezos of Amazon.com Inc. was the first to reach the $100 billion mark in 2017. Elon Musk, the founder of Tesla Inc. and the world’s richest man with a worth of $273 billion, joined the club in 2020.Â
LVMH CEO Bernard Arnault, Facebook CEO Mark Zuckerberg, Oracle co-founder Larry Ellison, Google co-founders Larry Page and Sergey Brin, and Warren Buffett are among the other members of the $100 billion club.
Published By :- Shubham Agarwal
Edited By :- Khushi Thakur
