With a net worth of $137.4 billion, the main promoter of the Ahmedabad-headquartered group that carries his family name, Adani surpassed French businessman Bernard Arnault, the co-founder of world’s largest luxury brand LVMH, Bloomberg billionaire index showed.
Adani is the first Asian to break into the top three on the list. Fellow Indian Mukesh Ambani, currently with a net worth of $92 billion, is at the 11th place.
Jack Ma, founder of Chinese e-commerce giant Alibaba, is 35th with a net worth of $33 billion.
In a little over two and half years, Gautam Adani’s wealth has galloped over 13 times. In January 2020, his net worth was about $10 billion. In Indian currency, Adani’s current net worth translates to nearly Rs 11 lakh crore.
For perspective, only two companies in India-Reliance Industries (RIL) and Tata Consultancy Services (TCS) – are valued more than the business tycoon’s net worth. RIL’s market cap is Rs 17.9 lakh crore while TCS’s is at Rs 11.8 lakh crore.
Musk, the founder of electric passenger vehicle leader Tesla and space explorations firm SpaceX, currently has a net worth of $251 billion and leads the world’s rich list. He is followed by Amazon’s Jeff Bezos with a net worth of $153 billion.
The Adani group, with a combined market cap of a little over $250 billion (or about Rs 20 lakh crore) now, had a humble beginning. In 1988, Adani set up Adani Enterprises (then Adani Exports) to start a commodities trading business. Soon he set up Mundra port for captive export-import operations. Within a decade it also emerged as the biggest coal trading company in the country and one of India’s largest foreign exchange earners.
In the last two decades the group has entered several new businesses, through green field projects, acquisitions and joint ventures. It set up thermal and renewable power generation projects, acquired several ports along India’s coastline and also set up power transmission lines across the country. It will be setting up data centres, and started its media business and has made huge investment commitments in the renewable energy space. The rapid rise of the group has also attracted investment from top firms such as Total Energies SE and Abu Dhabi’s IHC.