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India’s Gautam Adani Beats Jeff Bezos to Become the World’s 2nd Richest Person

Amara Foster by Amara Foster
October 24, 2022
in Entrepreneur
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Photo: Daily Times

Jeff Bezos has been stripped of his title as the second richest person in the world, coming in third. Indian business tycoon Gautam Adani quickly rises to Bloomberg’s Billionaire Index ranks. 

Elon Musk, who is still at the top with $ 260 billion to his name, may have to be careful. It took Adani less than ten months to climb to number 2 after starting the year in 14th place.

Adani’s rise marks the first time an Asian has topped a Bloomberg list long dominated by white tech entrepreneurs.

Adani’s $146.9 billion in assets, largely driven by Adani Group’s growing conglomerate holdings, still trails Musk’s $260 billion. The group deals with a number of businesses that have rebounded in the past year, such as ports and coal.

Since June 2020, shares of some Adani companies have risen more than 1,000%, reflecting investors’ bias towards the conglomerate’s strength in areas such as infrastructure and renewable energy, which the Prime Minister Narendra Modi prioritized development.

In 2022, shares in flagship Adani Enterprises surged to more than 115%.

Read also: Ways Warren Buffett Survived the Investing Market: Tips to Investors

Adani Beats Bezos

Adani overtook Indian mogul Mukesh Ambani to become Asia’s richest man in February.

Per Bloomberg, Bezos’ net worth fell to $145.8 billion due to the broader equities’ selloff on Friday – it hit tech stocks hard. Amazon shares slumped 3% in early trading, and the stock decreased over 25% this year. 

The Amazon founder formerly sat on top of the list; however, his divorce in 2019 took a turn on his wealth. Most of his fortune is tied up in Amazon stock. 

The tech selloff has cut $45 billion off Bezos’ net worth since January, says Bloomberg. 

Tech stocks are on the dangerous side of Wall Street at the moment.

Read also: Elon Musk Had Twins Late Last Year, According to Reports

Tags: FeaturedGautam Adani
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Amara Foster

Amara Foster

Amara Foster is a passionate writer and technology enthusiast who keeps up-to-date with the latest developments in Information Technology, Agile project management, and software product growth hacking. Her expertise and knowledge are generously shared online, providing invaluable support to tech startups and companies as they strive to stay at the forefront of their respective fields. With her passion for IT, Amara brings a unique perspective to the table and is always excited to explore new ways to improve the industry. She's definitely the go-to person for any tech-related questions or advice!

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