Adani Group chairman Gautam Adani on Monday surpassed Berkshire Hathaway chairman, ace investor Warren Buffett to become the fifth richest person in the world. According to the Forbes’ real-time billionaires list, Gautam Adani has an estimated net worth of $122.3 billion while Buffett’s fortune stands at $121.7 billion. In terms of net worth, Adani is now only behind four people in the Forbes list –Microsoft co-founder Bill Gates ($130.2 billion), LVMH owner Bernard Arnault ($167.9 billion), Amazon founder Jeff Bezos ($170.2 billion), and Tesla chief Elon Musk ($269.7 billion). Adani’s net worth has risen from $50.5 billion in 2021 to $122.3 billion till date, according to Forbes.
Gautam Adani is the founder and Chairman of Adani Group, which is engaged in multiple businesses, including ports, edible oil, airports, power generation and distribution. The group has seven listed companies, including Adani Enterprises, Adani Ports, Adani Power, Adani Total Gas, Adani Green Energy and Adani Transmission. Adani Wilmar is their latest debutant, which was listed earlier this year. The surge in Gautam Adani’s net worth in the last couple of weeks is a result of sharp rally in several Adani Group shares. Shares of Adani group firms soared this year helping him not only become a centibillionaire but also move up the ladder on the billionaires list.
Rally in Adani Group company shares push net worth higher
Three Adani Group companies have delivered multibagger returns so far in 2022. Adani Wilmar is up by 235 per cent compared to its issue price, whereas Adani Power has zoomed 170 per cent. Adani Green Energy has also gained 110 per cent. Other companies from his group are up by 17-55 per cent in the current year. On Monday, Adani Power became the sixth group firm to cross the Rs 1 lakh crore market valuation after its shares hit an all-time high of Rs 272 apiece. Adani Green Energy, Adani Transmission, Adani Total Gas, Adani Enterprises and Adani Ports & Special Economic Zone have already achieved this milestone.
Meanwhile, Reliance Industries Chairman and Managing Director Mukesh Ambani is placed at eighth spot in the Forbes real-time billionaires list with a net worth of $104.2 billion, behind Larry Ellison (net worth $107.6 billion). In the Bloomberg Billionaires list, Adani is still placed at sixth place with a net worth of $119 billion, while Ambani is at the 9th position with $102 billion wealth. Gautam Adani has added $43 billion to his wealth so far in 2022, a stellar spike of 56.2%, according to the Bloomberg Billionaires Index.
India can become $30-trillion economy as projected by 2050
Last week, at the India Economic Conclave 2022, Adani said India can become a $30 trillion economy by 2050. If the country becomes a $30-trillion economy as projected by 2050, it can also be home to a nation wherein no one will go to bed on empty stomach, he stated. “We are around 10,000 days away from the year 2050. Over this period, I anticipate we’ll add about $25 trillion to our economy. This translates to an addition of $2.5 billion to the GDP every day. I also anticipate that over this period, we’ll have eradicated all forms of poverty,” Adani said.