According to Bloomberg’s Billionaires Index, Gautam Adani, who was already the wealthiest person in Asia, has now also become the third richest person in the world. He has surpassed Bernard Arnault, the chairman of LVMH, and is the first Asian to hold this position.
According to the tracker, Adani, the owner of one of the largest enterprises in India, is now projected to have a net worth of over 137 billion dollars.
Throughout the course of the epidemic, Adani’s wealth has exploded, just as it has for other billionaires all throughout the world.
The renowned Adani Group was started by a man who now runs businesses in the shipping industry, the solar energy industry, aircraft manufacturing, and coal mining.
Since the beginning of the global health crisis, his fortune has increased substantially as a result of investors betting on his ability to extend his company into industries that Indian Prime Minister Narendra Modi has stressed for development. According to Bloomberg, Adani has also benefited from an increase in the use of coal, which has driven his growth in recent months. This is one of the factors that has contributed to Adani’s success.
Concerns have also been raised by politicians and market watchers over the obscure ownership arrangements of the Adani Group as well as the lack of analyst coverage of the company. As a direct result of the tycoon’s focus on industries that Prime Minister Narendra Modi considers essential to accomplishing India’s long-term goals, the share values have surged, with some of them exceeding 750 times their earnings since the year 2020.
Shares of Adani Enterprises Ltd., the primary firm of the group, increased by 1.7% on Tuesday to reach an all-time high before the market closed.
