Gautam Adani becomes World’s Third Richest Person

Gautam Adani becomes World’s Third Richest Person

According to real-time data from the Bloomberg Billionaires Index on Tuesday, industrialist Gautam Adani has passed French billionaire Bernard Arnault to become the third richest person in the world. According to Bloomberg, he is the first Asian to rank among the top three richest people in the world.

Gautam Adani has a $137.4 billion net worth (over Rs 10.9 lakh crore). According to the Bloomberg Billionaires Index, Elon Musk, the founder of Tesla, and Jeff Bezos, the CEO of Amazon, are the two people ahead of him in terms of overall wealth.

The 60-year-old founder of the Adani Group is in charge of companies that include thermal energy, coal, ports, and aerospace. His most recent appearance in the news was due to the Adani Group’s attempt to acquire a majority stake in one of the largest news networks in the nation, NDTV. 

Mukesh Ambani, the head of Reliance Industries and the second-richest man in India, is ranked 11th in the world with a net worth of $91.9 billion (over Rs 7.3 lakh crore).

According to the Forbes real-time billionaires list, Gautam Adani passed Microsoft co-founder Bill Gates last month to become the fourth-richest person in the world. After Gates announced in July that he would give the Bill and Melinda Gates Foundation $20 billion, it became possible.

According to the Bloomberg Billionaires Index rating, Gautam Adani passed Ambani to become Asia’s richest person in February. At that time, Adani had an estimated value of $88.5 billion, or roughly Rs 6.6 lakh crore.

Gautam Adani Group – Public Companies

The total market value of Adani Group’s publicly traded companies – Adani Enterprises, Adani Wilmar, Adani Ports, Adani Green Energy, Adani Transmission, Adani Total Gas, and Adani Power collectively have a market worth of $237 billion (almost Rs 18.9 lakh crore), up nearly tenfold in three years, according to Reuters.

The Adani Group is “deeply overleveraged,” according to CreditSights, a debt-research division of credit rating firm Fitch Group, which stated this on August 23 due to the conglomerate’s aggressive investment in numerous industries.

It also stated in a report that as debt is the primary source of funding for this expansion, credit metrics and cash flow have been under pressure. In the worst-case scenario, the report had said, Gautam Adani might get trapped in debt and go into default.

After Tata Group and Reliance Industries, the Adani Group is India’s third-largest conglomerate. The group is active in a variety of sectors, including ports, power, green energy, gas, and airports. After making a bid for the 5G spectrum, the Adani Group now intends to enter the telecom industry.

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