The Adani Group Chairman saw a decline in his net worth by 3.4 billion USD to 134.5 billion on 29 September 2022 after the market experienced a decline in the market valuation of Adani’s group firms.
The Gujarat Based conglomerate Gautam Adani’s net worth has dropped to the fourth position on the Forbes Real Time Billionaires’ index after his net worth declined by 3.4 billion USD to 134.5 billion USD in the market. It was due to an erosion in the market valuation of his group firms on Thursday.
At the same time, French Businessman Bernard Arnaut moved to the second position with 141.2 billion USD in wealth. He was followed by the Amazon co-founder Jeff Bezos, whose net worth has aggregated by 137.6 billion USD on the Forbes rich list.
Tesla Chief Elon Musk’s position remains unchanged as he occupies the top spot with a net worth of 253 billion USD despite losing 10.2 billion USD due to the erosion in the market.
Reliance Industries Limited Chairman Mukesh Ambani has made it to the list of top 10 Richest Men in the Forbes list due to his fortune accumulation at 802 billion USD.
Gautam Adani’s position has moved to the fourth spot according to the Billionaire’s Index:
Gautam Adani has occupied the third position with his wealth accumulating 131 billion USD in wealth according to the Bloomberg rich list. Jeff Bezos has surpassed him in the second position with a total wealth summing of 141 billion USD, according to recent data.
Now, he occupies the fourth spot on Bloomberg’s Billionaire Index.
Elon Musk topped the Bloomberg Index with his net worth accumulating 253 billion USD.
Gautam Adani has recently overtaken Jeff Bezos to become the second richest man in the world according to Bloomberg’s list. But it seems that his position is transient.
Earlier, this month Adani managed to overtake Amazon’s CEO Jeff Bezos to become the world’s second richest person as well as the first Indian.
According to the Bloomberg Billionaire’s Index, Gautam Adani has managed to add 58.5 billion USD to his net worth this year. Meanwhile, Elon Musk’s and Jeff Bezos’s net worth has declined significantly by 25.1 billion and 54.3 billion USD respectively.
Reliance Industries Limited Chief Mukesh Ambani with 80.5 billion USD wealth has gained the 11th position in the Billionaire’s index. The latter updates and releases a daily ranking of the world’s richest people.
Gautam Adani leading the Adani Group is the leading port operator in India. The India-based infrastructure set up by the Adani Group in Ahmedabad is the largest closely held thermal coal producer and the largest coal trader.
In addition, the Adani Group has recently become India’s most valuable business over time in terms of the market value of its companies. It has surpassed the key players including the Tata Group. It can be directed to the completion of the acquisition of Ambuja Cement and ACC.
The slip in Gautam Adani’s ranking has been contributed as a result of the rout in the domestic equity market. This in turn led to Reliance Industries Mukesh Ambani sleeping out of the top 10 positions.
The share market of Adani’s companies declined significantly which eroded Adani’s net worth.
The market rout has also declined some of Reliance Chairman Mukesh Ambani’s fortune pushing him out of the top 10 positions in the world’s richest people list.
It is worth highlighting that out of the top 14 billionaires that have made it to the list, only Adani’s net worth has increased significantly throughout the year while all the other billionaires witnessed a decline in their fortune by billions.
Gautam Adani even beat Ambani to become India’s richest person in IIFL Wealth Hurun India Rich List 2022 last week. He has added over 1600 crore per day over the last year and with the total wealth accumulating to be 10,94,000 crore INR. His net worth is 3000 crore INR more than Ambani’s. Gautam Adani is the only Indian who has managed to build seven companies with a market cap of more than 1 lakh crore INR.
Ambani has strongly held on to the richest Indian tag for ten years. However, his position moved to the second this year accumulating his wealth to be 7.94 lakh crore INR.
Gautam Adani’s wealth has emerged to rise significantly in ten years. Adani’s wealth in 2012 accounted for one-sixth of Ambani’s wealth. Now, he has emerged to be the richest conglomerate in India.
edited and proofread by nikita sharma