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Gautam Adani slips to third place in world’s rich list, Mukesh Ambani out of top-10 after Monday’s D-St rout

Gautam Adani has once again slipped to third place in the Bloomberg Billionaire Index, the list of the world’s richest people. Billionaire Adani now trails behind Tesla chief Elon Musk and Amazon founder Jeff Bezos.

Gautam Adani slips to third place in world’s rich list, Mukesh Ambani out of top-10 after Monday’s D-St rout
Share price of Gautam Adani’s companies fell amid yesterday's share market rout. The share price decline eroded Adani's net worth by $6.91 billion to $135 billion.

Gautam Adani has once again slipped to third place in the Bloomberg Billionaire Index, the list of the world’s richest people. Billionaire Adani now trails behind Tesla chief Elon Musk and Amazon founder Jeff Bezos. The slip in ranking came as a result of the rout in domestic equity markets on Monday, which also led to Reliance Industries Chairman Mukesh Ambani falling out of the top 10. Share price of Gautam Adani’s companies fell amid yesterday’s share market rout. The share price decline eroded Adani’s net worth by $6.91 billion to $135 billion. Meanwhile, Bezos managed to overtake Adani as the former’s wealth increased to $138 billion.

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The market rout also eroded some of Reliance Chairman Mukesh Ambani’s fortune pushing him out of the top 10 in the list of the world’s richest. RIL chief has slipped to 11th place as his net worth came down to $82.4 billion. Earlier this month, Adani managed to overtake Bezos to become the world’s second richest person, the first Indian, as well as, Asian to do so. According to the Bloomberg Billionaires Index, Adani has added $58.5 billion to his net worth so far this year. Meanwhile, Elon Musk and Jeff Bezos’ net worth has declined by $25.1 billion and $54.3 billion respectively. 

It is worth noting that out of the top 14 billionaires on the list, only Adani’s wealth has increased YTD, while all the other billionaires saw their fortunes declining by billions. Last week, Adani beat Ambani to become India’s richest person in IIFL Wealth Hurun India Rich List 2022. Adding over Rs 1,600 crore per day over the last year, and with a wealth of Rs 10,94,400 crore, Adani’s net worth is now 3 lakh crore more than Ambani’s. Gautam Adani is the only Indian to have built not one, but seven companies with a market cap of Rs 1 lakh crore. After holding on to the richest Indian tag for ten years, Ambani fell to the second position in this year’s list with a wealth of Rs 7.94 lakh crore. 

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According to the IIFL Wealth Hurun India Rich List report, Adani’s wealth in 2012 was hardly one-sixth of Ambani’s wealth. Ten years later, Adani has surpassed Ambani to become the richest man in India. For some more perspective, last year, Ambani was ahead of Adani’s wealth by Rs 1 lakh crore, and in just one year, Adani has beaten Ambani by 3 lakh crore. Gautam Adani earned a whopping Rs 1,612 crore per day in 2021 to overtake Ambani who earned Rs 210 crore per day during the same time period.

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