Gautam Adani has dethroned Mukesh Ambani on Bloomberg’s list of the world’s richest people. He has also become Asia’s richest man.
According to the Bloomberg Billionaires Index, the 59-year-old founder of Adani Group oversees enterprises ranging from ports and aircraft to thermal energy and coal and has a net worth of $88.5 billion.
Adani also owns Abbot Point, a controversial coal mining project in Australia. Its Carmichael coal mine is billed as one of the world’s largest. Adani acquired a 74% stake in Mumbai International Airport, India’s second-busiest, in September 2020. Gautam Adani also controls Mundra Port, India’s largest, in his home state of Gujarat.
Mukesh Ambani and Reliance Industry took the number 11 spot with a net worth of $87.9 billion. He famously bought the Mandarin Hotel in New York in January 2022.
During the epidemic, Adani’s fortune, like that of other billionaires around the world, has skyrocketed. At this time last year, he was valued less than $40 billion. He has surpassed India’s energy-to-tech mogul Mukesh Ambani to become the world’s 10th richest person as a result of this tremendous increase.
The Adani Group’s shares have done remarkably well on the Indian stock market. Since June 2020, Adani Enterprises’ stock has increased by over 1,000 percent on the National Stock Exchange in Mumbai, indicating that investors are confident in Adani’s ability to bet on sectors like infrastructure and renewable energy.
This is not the only surprise on the Bloomberg Billionaires Index. Mark Zuckerberg has also fallen to the number 13 spot. This is after Meta (formerly Facebook) has seen a significant dip in the stock market. The dip has caused Zuckerberg $30 billion of his net worth.