Renowned Indian industrialist Gautam Adani has emerged as the world’s third-richest person on the Bloomberg Billionaires Index on Tuesday. It is the first time an Asian has ranked in the top three of the index.
The self-made billionaire has seen his net worth more than double to $137.4 billion in the last year, rising 20 spots on the index to now rank just behind Elon Musk and Jeff Bezos.
Adani, 60, made his fortune in ports and commodities trading and now operates India’s third-largest conglomerate with interests ranging from coal mining and edible oils to airports and news media.
Growing net worth of Adani reflects a stratospheric rise in the market capitalisation of his publicly listed companies, as investors back the Adani Group’s aggressive expansion of old and new businesses.
Shares in the flagship Adani Enterprises — of which the billionaire owns 75 percent — have soared more than 2,400 percent since March 2020, and doubled in value in the past six months.
Stock price surges in other group companies including Adani Transmission, Adani Power, Adani Ports and Adani Green Energy have catapulted Adani past fellow Indian billionaire Mukesh Ambani.
Born in the city of Ahmedabad in the western state of Gujarat to a middle-class family, Adani dropped out of college to work briefly in the diamond industry before starting his export business in 1988.