Friday, September 30, 2022

Gautam Adani Now World’s Third Richest; First Asian to achieve feat

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According to the E-media Billionaires Index, Gautam Adani, head of business behemoth Adani Group, has surpassed France’s Bernard Arnault to become the world’s third-richest person.

Adani, 60, has eclipsed the riches of Louis Vuitton chairman Arnault and is now just behind corporate magnates Elon Musk and Jeff Bezos in the ranking, with a total net worth of $137.4 billion. Mukesh Ambani, the CEO of Reliance Industries, is ranked 11th in the Bloomberg Billionaires Index, with a net worth of $91.9 billion.

This is the first time an Asian has cracked the top three of the Bloomberg Billionaires Index.

The index is a daily ranking of the world’s wealthiest individuals. The calculations are explained in detail on each billionaire’s profile page in the net worth analysis. The numbers are updated at the end of each New York trading day.

Elon Musk’s and Jeff Bezos’ net worths are presently at $251 billion and $153 billion, respectively.

Adani is a first-generation entrepreneur, and the Adani Group has seven publicly traded companies in the energy, ports, logistics, mining and resources, gas, defence and aerospace, and airports sectors.

In several business sectors, the firm has built a dominant position in India.
The Adani Group is the third largest conglomerate in India (after Reliance Industries and the Tata Group).
Adani Enterprises, Adani Green Energy, Adani Ports and Special Economic Zone, Adani Power, Adani Total Gas, and Adani Transmission are all listed Adani group entities.

The firm has revealed plans to build a 4.1 mtpa integrated alumina refinery and a 30 mtpa iron ore beneficiation facility in Odisha, which may cost more than $580 billion.

As part of its corporate social responsibility to the community, the Adani Group decided to contribute 60,000 crores to charitable activities related to healthcare, education, and skill development, with a particular focus on rural India, he told shareholders at the group’s Annual General Meeting in late July.

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