- Indian billionaire businessman, Gautam Adani’s wealth, is surging and may top the list of the world’s richest people soon
- Adani has gained about $60 billion (KSh 7.3 trillion) since the beginning of 2022 and has briefly risen to the second-richest person on earth
- Adani threatens Elon Musk, who has occupied the top spot after losing $50 billion (KSh 6.1 trillion) in two days
Gautam Adani’s net worth has risen sharply since the beginning of 2022, propelling him to the number three spot on Bloomberg Billionaire’s Index.
This year, Adani has made over $60 billion(KSh 7.3 trillion) from his array of businesses, while Elon Must lost $50 billion (KSh 6.1 trillion) in two days due to the crash of Tesla shares.
Elon Musk’s loss historic
Bloomberg rates Musk’s loss as the biggest two-day decline in the Index’s history.
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Adani upstaged Amazon founder Jeff Bezos from the number three position after previously unseating Microsoft founder Bill Gates from the gift place.
Jeff Bezos also lost about $36 billion (KSh 4.4 trillion), relegating him to the fourth position. His year-to-date loss is put at $70 billion (KSh 8.6 trillion).
Now, Adani is racing to the number two spot, which he briefly occupied in October, to unseat luxury merchant Bernard Arnault who is worth about $158 billion (KSh 19.3 trillion) but has lost about $20.1 billion (KSh 2.5 trillion) in the latest ranking.
Adani surging stocks keeps rich
Adani controls eight companies, including a port and power conglomerate and his cent cement acquisitions which have contributed about a fifth of the 109-member Morgan Stanley Capital Internationa (MSCI) India Index’s rise since June this year, according to recent reports.
His rise has outgrown Asian and emerging market counterparts with a 12 per cent increase.
The eight stocks controlled by Adani are also part of the MSCI Asia Pacific Index and MSCI Emerging Market Index, with China overtaking India.
The equity returns have also aided Adani’s wealth to surpass Bill Gates, Jeff Bezos and, briefly, Bernard Arnault in the last two months.
Richest in India and Asia
His rise in the MSCI India Index’s market cap during the last quarter mainly depended on his firms, contributing more than one-third of the increase.
The valuation rose to a high of 186 trillion rupees, about $2.34 billion (KSh 285.7 billion) in September before it eased as global equity embarked on a massive selloff.
Adani Wilmar, an edible oil and fast-moving consumer goods maker, is one of his best-performing IPOs in India in 2021 and the only Adani company not included in the MSCI India Index.
The company’s stocks rose in India, with the benchmark Sensex gaining as much as 0.7% in Mumbai trading recently.
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