Gautam Adani now world's 3rd richest person, overtakes Louis Vuitton chief, only behind Elon Musk and Jeff Bezos

Gautam Adani now world's 3rd richest person, overtakes Louis Vuitton chief, only behind Elon Musk and Jeff Bezos

With a total net worth of USD 137.4 billion, 60-year-old Adani has surpassed the wealth of Louis Vuitton chairman Arnault and is now just behind business magnate Elon Musk and Jeff Bezos in the ranking.

FPJ BureauUpdated: Tuesday, August 30, 2022, 08:58 PM IST
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Gautam Adani now world's 3rd richest person, overtakes Louis Vuitton chief, only behind Elon Musk and Jeff Bezos | File

Even as two rating agencies last week indicated India’s Adani Group as overleveraged considering its highly debt-funded expansion, its founder Gautam Adani has become the first Asian to take the spot of world’s third richest person. He has overtaken international luxury magnate Moët Hennessy Louis Vuitton (LVMH) chairman Bernard Arnault, according to Bloomberg and its Billionaires index.

Adani emerged Asia’s richest man running one of the top conglomerates after overtaking fellow Indian tycoon Mukesh Ambani in February. He is now believed to be worth approximately $137 billion, as the Bloomberg index.

A surge in valuation of his stock this week has now placed him just behind Tesla CEO Elon Musk and Amazon founder Jeff Bezos, whose own fortunes are estimated at $251 billion and $153 billion, respectively, CNN reported.

Like other billionaires around the world, Adani saw his wealth skyrocket during the Covid-19 pandemic. The founder of the eponymous Adani Group, he controls companies ranging from ports and aerospace to solar energy and coal. His fortune has grown exponentially since the start of the global health crisis, as investors bet on his ability to grow in sectors that Indian Prime Minister Narendra Modi has prioritised for development. He has also benefited from an uptick in coal usage, which has catapulted his ascent in recent months, according to Bloomberg.

His ascent in the global wealth rankings has also come after a few members of the world’s richest one per are giving away more of their resources. In July, Microsoft co-founder Bill Gates announced he would devote $20 billion to the endowment of the Bill and Melinda Gates Foundation, and reiterated his intention to move off the list comprising the world’s richest people.

Gates is currently ranked the world’s fifth most affluent person, according to Bloomberg’s index, with a net worth of $117 billion, CNN reported.

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