Gautam Adani races past Warren Buffett to become fifth-richest person in world

Industrialist Gautam Adani has raced past billionaire Warren Buffett to become the fifth richest person in the world, according to data by Forbes. The Indian business mogul became the richest person in Asia earlier this month. According to the Forbes Real-Time Billionaires List, the Adani Group Chairman’s wealth stood at $123.7 billion on Friday, over $2 billion as compared to 91-year-old Buffett’s net worth of $121.7 billion. Adani’s real-time net worth stands at $122.2 billion presently, according to Forbes.

The billionaire industrialist is just behind Tesla CEO Elon Musk, Amazon founder Jeff Bezos, luxury brand LVMH chief executive Bernard Arnault and Microsoft cofounder Bill Gates on the Richest Person list.

Gautam Adani’s conglomerate is engaged in a variety of sectors including energy, oil, ports and airports. According to Forbes, the group’s aggressive expansion into the media, airports and renewable energy sectors has led to the shares of Adani’s companies rising between 19 and 195 percent this year.

According to report by Bloomberg Billionaires Index, Adani has also emerged as the biggest gainer on the billionaires list, jumping from the 11th to the fifth spot.

According to the media outlet, the revenue of Adani Enterprises, the group’s listed trading house, was reported to be $5.3 billion till 31 March 2021. As per Economic Times, Adani’s portfolio has risen by 56 percent in this calendar year till date. Adani aims to be the biggest producer of green energy in the world. The industrialist has stated that he will invest $70 billion in renewable energy projects. Recently, Adani also acquired Ocean Sparkle, the leading third-party marine services provider. The company is estimated to have an enterprise value of Rs 1,700 crore. The Adani Harbour Services (TAHSL), a subsidiary of Adani Ports, signed an agreement with the promoters of Ocean Sparkle for acquiring 75.69 percent of the company. The stake of Savi Jana Sea Foods, which holds the remaining 24.31 percent stake in the marine services provider will be purchased by Adani for Rs 395 crore.

At the India Economic Conclave 2022, last week, the industrialist had declared that India can become a $30 trillion economy by 2050.

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