Indian tycoon Gautam Adani has climbed the wealth rankings at breakneck speed this year, dethroning Jeff Bezos on Friday to become the world’s second-richest person.
Adani, who is also Asia’s richest person and now valued at $147 billion sits behind Elon Musk who is worth $264 billion, according to the Bloomberg Billionaire Index.
Adani is the founder of Adani Group, the largest port operator in India. The Ahmedabad, India-based infrastructure group is also India’s largest closely held thermal coal producer and largest coal trader. Adani Enterprises, the group’s listed trading house, reported revenue of $5.3 billion in the year to March 31, 2021.
He also has a majority stake in Mumbai Airport. Adani Group comprises seven publicly-traded companies, including Adani Green Energy Ltd and Adani Total Gas Ltd. As of September 16, 2022, Adani Group has a market cap of over $258.44 billion.
Shares of his flagship Adani Enterprises Ltd. surged to a record this week, and some of his group companies have climbed more than 1,000% since 2020.
Bezos trails Adani by just $19 million on Friday, as a renewed tech selloff again hammered the fortunes of the richest Americans. Amazon.com Inc. are down 26% this year.
Adani, who started the year as No. 14 on the Bloomberg Billionaires Index, has gained $70.3 billion this year while Jeff Bezos has lost $45.5 billion this year.
In February, Adani, became Asia’s richest person, surpassing fellow Indian businessman Mukesh Ambani.
Adani 60, dropped out of college at Gujarat University where he was studying commerce and became a diamond sorter in Mumbai, Business Today reported.
He managed his brother’s plastic company, helping him import PVC, and in 1988 eventually established the flagship for Adani Group, Adani Enterprises.
Aside from successful business ventures, Adani has survived two dangerous situations.
Ten years after Adani Enterprises was established, Adani claimed he and his companion, Shantilal Patel, were kidnapped by a group of men in 1998. The men were acquitted in 2005 because the case lacked evidence. Times Now India reported that another two men were acquitted in 2018 because prosecutors couldn’t find a connection between them and Adani’s kidnapping.
He was also caught up in the 2008 Mumbai terrorist attacks when militants took over the Taj Mahal Hotel where he was dining. Adani hid in the hotel basement.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
