India’s richest and the world’s third richest person Gautam Adani is now 3 billion USD behind Jeff Bezos, the world’s second richest man, after the latter lost 9 billion USD on the previous Tuesday as the US inflation data came to light. Previously, Adani became the third richest man in the world as he defeated Bernard Arnault, the French businessman.
India’s richest man and the Gujarat-based conglomerate, Gautam Adani could soon replace Amazon co-founder Jeff Bezos who is currently regarded as the world’s second richest person.
Speculations show that the difference between the net worths of the two billionaires is just 3 billion USD. The change in the net worth took place because Jeff recently lost around 9.84 billion USD in a day.
Jeff Bezos‘s wealth declined by 9.8 billion USD, the data has been tracked by the Bloomberg Billionaire’s Index. The billionaire’s large daily losses reflect the high slowdown in the US stock market, as the investors have opined that the consumer price index data that was higher than expected could lead to the federal reserve increasing the interest rates rapidly.
The same decline in wealth has been evident in the net worth including that of the world’s richest man Elon Musk. The net worth plunged on Tuesday as data signifies that the wealth has declined by 8.4 billion USD which approximates 70000 crore INR.
Gautam Adani on the other hand experienced an increase of 1.58 billion USD in his fortune on the same day accounting for his total wealth to be around 147 billion USD.
According to the data shown by the Bloomberg Billionaire’s Index, Musk’s net worth accumulates around 256 billion USD while Bezo’s net worth is at 150 billion USD followed by Adani’s fortune at 147 billion USD. This takes him closer to the second position on the curated world’s richest person’s list.
Gautam Adani is pacing to occupy the spot of the second world’s richest person. In February, he made it to the list of richest men in Asia beating the chairman of Reliance Industries, Mukesh Ambani.
Two months later, Adani’s net worth surged and crossed the 100 billion USD mark. Later, in July, he surpassed the world’s fourth richest man, Microsoft’s Bill Gates.
On August 30, Gautam Adani climbed to the list to occupy the third position after becoming the first person in Asia to occupy the rich person’s spot.
How did Gautam Adani accumulate a huge net worth overnight?
The Adani Group’s chairman experienced a sudden hike in the net worth accounting for an increase of 70.3 billion USD this year. The sudden hike is seen because of the jump in oil and natural gas prices. In addition, the worth of the Adani holdings in the Afani group hiked by 112 billion USD over the past two years and his net worth increased by 365 percent jumping from 30.7 billion USD to 142.7 billion USD. As a result, the world saw a drastic change in Adani’s spot from 40th to 3rd position on the Bloomberg ranking of the top billionaires in the world during the time frame.
Adani’s sudden increase in wealth is surreal. He has achieved the top spot in the list of billionaires in a short span of time. He has achieved the greatest that no Asian or Indian could aim for.
Gautam Adani has experienced phenomenal growth in his wealth. Adani’s wealth was estimated to be less than 10 billion USD during the first wave of the covid-19 pandemic.
After lagging behind Mukesh Ambani for several years on the billionaire’s list, he was able to defeat his strongest competitor as he achieved the position of Asia’s richest man.
The meteoric rise in his wealth could be accompanied by Adani’s power in almost all the industries in the world ranging from power generation to FMCG. Moreover, Adani has also revealed his intention of setting up clean green energy departments.
Apart from that, his winnings could be attributed to the confident investors backing him up. In the last five years, five Adani stocks have gained profits of 1200 to 7992 percent. The pace of the growth has accelerated in the last two years and its market capitalization has exceeded double the value in the last two months.
Even though Gautam Adani’s net worth is skyrocketing at an intense level, the group has a gross debt of 1.88 lakh crore.
Edited by Prakriti Arora