Leave the stage, Jeff Bezos. This week, India’s richest man, Gautam Adani, overtook Jeff Bezos of Amazon to become the world’s richest person. Adani is either No. 2 (Bloomberg) or No. 3 (Forbes) on the rankings of the world’s richest people, depending on which source you believe. His fortune is estimated to be between $147 billion and $152 billion.
Bezos is presently third (Bloomberg) or fourth (Forbes) in terms of overall net worth, with approximately $147 billion (Forbes). The Washington Post reports that there was a shuffle at the top of the ultra-rich on Friday, with numerous persons taking turns at the number two spot.
While both rankings place Adani ahead of Bezos, one places LVMH luxury goods magnate Bernard Arnault in second place while the other places him in fourth place. According to the Times of India, Adani’s portfolio has expanded this year to include cement, airports, coal, and more owing to a series of mergers that have raised the industrialist’s wealth by about $61 billion.
Adani has made history as the first Asian to crack the top three wealthiest persons in the world. Elon Musk, CEO of Tesla and SpaceX, continues to dominate both rankings. Oxfam stated in research published earlier this year that during the COVID-19 epidemic, the 10 richest individuals on Earth doubled their wealth while the incomes of 99% of the global population fell.
Jeff Bezos Is No Longer the Second-Richest Person in The World
On Friday, the founder of Amazon.com AMZN -2.18% Inc. was surpassed in wealth by Indian businessman Gautam Adani, whose 512599 2.07% fortune is valued at $147 billion by the Bloomberg Billionaires Index. Mr. Adani is now second only to Elon Musk in terms of wealth in the world. According to Bloomberg, he is worth $264 billion.
Due to falling stock prices, interest rate hikes, and inflation, this year has been a turbulent one for the world’s wealthiest people. As a significant portion of the wealth of many of the world’s richest people is invested in stocks and other financial assets, fluctuations in the value of these assets can significantly affect the wealth estimates of these individuals.
The Nasdaq Composite, which is heavily weighted toward technology companies, has performed even worse, plunging by 27% so far this year, while the S&P 500 is down 19%. The wealthiest people in the world are notoriously difficult to pin down on paper because so much of their wealth is kept under wraps.
At age 60, Mr. Adani has already achieved great success as the head of the Adani Group, an Indian conglomerate with interests in green energy, power, and gas distribution. A hundred billion dollars was added to his fortune in April. By the end of the month, he had more money than Warren Buffett.
Long dominated by U.S. IT entrepreneurs, he is the first individual from Asia to place so highly on Bloomberg’s wealth index. Mr. Adani’s wealth increased by $70 billion this year due to the appreciation of the publicly traded components of his conglomerate. He is making this green energy push at the same time that Indian Prime Minister Narendra Modi has emphasized the importance of investing in both infrastructure and alternative energy sources.
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