Gautam Adani’s net worth surpasses Mukesh Ambani, making him the wealthiest person in India. The 59-year-old chief executive officer of Adani Group has seen a $12 billion rise in his fortunes, making him the biggest wealth generator worldwide this year. Gautam Adani net worth reached $88.5 billion on Monday, according to the Bloomberg Billionaires Index
According to Bloomberg, Gautam Adani, the Indian Billionaire who turned a commodities trading company into a conglomerate spanning ports, mines, and green energy. He is also now Asia’s richest person. Gautam Adani (59), whose worth increased by $637 million to $91.1 billion, sits on the 10th spot on the Forbes’ list. Ambani (64), on the other hand, lost $794 and came down to the current net worth of $89.2 billion. With this dip, he slipped to the 11th spot.
The coal magnate, nurturing mining possibilities in Australia has increasingly looked beyond the fossil fuel for expansion. He’s moving into renewable energy, airports, data centers, and defense contracting.
The Adani Group has spotted and entered all the happening sectors at the right time, which has appealed to a select band of foreign portfolio investors. The sectors are capital-intensive and the company has faced little difficulty in raising funds to expand.
Deepak Jasani, HDFC Securities Ltd.
The Green Thumb
Gautam Adani — who has built his empires on fossil fuels or coal — is now pushing ahead with green energy projects. Gautam Adani has pledged $70 billion by 2030 to help his group become the world’s largest renewable energy producer.
Growing and Beyond
Within a short span of barely three years, Gautam Adani has gained control of 7 airports and almost 1/4th of the country’s air traffic. His group now has the unique distinction of owning the country’s largest airport operator, power generator, and city gas retailer in the non-state sector.
Shares of Adani Green and Adani Total Gas Ltd., have rallied more than 1,000% since the beginning of 2020. Flagship Adani Enterprises Ltd. has advanced more than 730%, Adani Transmission Ltd. more than 500%, and Adani Ports 95% over this period. The benchmark S&P BSE Sensex Index has gained 40% by comparison.
Meta Fall
Meanwhile, in one of the biggest losses recorded, Meta (formerly Facebook) founder Mark Zuckerberg lost $29 billion in net worth on Thursday after Facebook’s parent company’s stock marked a record one-day plunge, while fellow billionaire Jeff Bezos was set to add $20 billion to his personal valuation after Amazon’s blockbuster earnings.
Meta’s stock fell 26 percent, erasing more than $200 billion in the biggest ever single-day market value wipeout for a US company. That pulled down founder and Chief Executive Officer Zuckerberg’s net worth to $85 billion, according to Forbes.