Written By: Aashish Vashistha
According to the recent report of Bloomberg’s list of the world’s richest people, Indian Businessman and coal mining tycoon, Gautam Adani has overtaken his fellow countryman Mukesh Ambani to become the wealthiest person in Asia. Last year, at this time, Adani was worth less than $40 billion. During the time of pandemic, he observed his wealth was increasing at skyrocket speed. After this massive spike, he has overtaken India’s energy-to-tech entrepreneur Mukesh Ambani, to become the world’s 10th richest person.
Gautam Adani’s personal fortune rise by $12 billion in the past year as per figures given by Forbes and Bloomberg. Among so many top-rich businessman whom Adani has over taken to reach the world top 10 are Facebook founder Mark Zuckerberg, who slipped down the table several places last week after losing $30 billionof his personal fortune. Adani has turned a small commodities business into a conglomerate spanning ports, mines and green energy. During the time of pandemic, Adani group has performed exceptionally good on the Indian stock market.
Shares of Adani Enterprises have jumped more than 1,000% on the National Stock Exchange in Mumbai since June 2020, a sign that investors have positive outlook towards Adani’s ability to bet on sectors such as infrastructure and renewable energy, which are key to Prime Minister Narendra Modi’s economic development goals. Also Oxfam India’s 2021 report mentioned the spike in Adani’s share making him one of the biggest billionaire of Asia. Mukesh Ambani, who controls Reliance Industries, is now in the Bloomberg index’s 11th spot with a net worth of $87.9 billion.
Some of Adani Group’s listed stocks have soared more than 600% in the past two years on bets. His push into green energy and infrastructure will pay off as PM Modi looks to revive the $2.9 trillion economy and meet the India’s carbon net-zero target by 2070. The 59-year-old founder of Adani Group controls companies ranging from ports and aerospace to thermal energy and coal, and now has a net worth of $88.5 billion, according to the Bloomberg Billionaires Index.