Gautam Adani of the Adani Group has reached the $100 billion club of the world’s wealthiest entrepreneurs. The head of the Ahmedabad-based international business has surpassed Mukesh Ambani, who had previously held the title of richest man in India and Asia. Adani’s net worth increased as a result of his listed firms’ outstanding performance on the BSE and NSE.
According to the Bloomberg Billionaire Index, Gautam Adani’s net worth increased to $100 billion on April 2, 2022, putting him in tenth place. So far this year, his fortune has grown by $23.5 billion.
On the meantime, Gautam Adani beat Reliance Industries’ Ambani in the billionaire index by a billion dollars. Ambani’s net worth is $99 billion, putting him in 11th place, with a $9.03 billion growth thus far this year.
On the billionaire index, Adani and Ambani have been neck-and-neck on several times, switching places.
Adani Group’s equities have done well on stock markets in the last month. Adani Wilmar shares increased by nearly 43%, while Adani Enterprises shares increased by nearly 24%, Adani Total Gas shares increased by roughly 29.5 percent, Adani Port shares increased by about 11 percent, and Adani Transmission by around 4%. Adani Power, on the other hand, has soared over 66 percent on the NSE. On the other hand, Adani Green Energy rose modestly in a month on the NSE.
Meanwhile, Adani Wilmar, Adani Power, Adani Port, Adani Enterprises, and Adani Total Gas all reached a new 52-week high on the NSE on April 1.
Despite equity indexes being battered by the Russia-Ukraine conflict for more than a month, which caused considerable market volatility, Adani stocks outperformed.
According to stock market specialists, the surge in commodities prices has caused Adani stock to jump. The surge in commodity prices, particularly in the price of palm oil, has resulted in increased trade activity, which implies more business for Adani Ports. Additionally, the increase in palm prices provides Adani Wilmar with a profit boost on its unsold inventories. Adani Power’s stock has risen after the Supreme Court ruled in its favour, ordering the Rajasthan-based 3 Discoms to pay the company’s debts.
The Adani group, which was founded in 1988 and now has a market capitalization of US$151 billion, is made up of seven publicly traded companies that operate in sectors such as power generation and distribution, renewable energy, gas and infrastructure, logistics (seaports, airports, shipping, and rail), mining and resources, and others.
Gautam Adani’s portfolio firms expect to invest between $50 and $70 billion in the renewable energy value chain, with the energy transformation accounting for 70% of anticipated CAPEX through 2030.
Elon Musk, the CEO of electric vehicle company Tesla, topped the Bloomberg index by a wide margin, with a net worth of $273 billion. Jeff Bezos, the founder of Amazon, came in second with a fortune of $188 billion. Bernard Arnault, chairman and chief executive of LVMH Mot Hennessy, was ranked third with a fortune of $148 billion.
Bill Gates, co-founder of Microsoft, and Warren Buffett, CEO of Berkshire Hathaway, ranked fourth and fifth on the billionaire list, respectively, with net worths of $ 133 billion and $ 127 billion.
Larry Page and Sergey Brin, co-founders of Google, were ranked sixth and seventh, respectively, with net worths of $125 billion and $ 119 billion.
Steve Ballmer, the former CEO of Microsoft and current owner of the NBA’s Los Angeles Clippers, was ranked eighth on the list with a net worth of $108 billion. Larry Ellison, co-founder of Oracle Corporation, was ranked ninth on the list, with a net worth of $ 103 billion.
