Can Adani Become Richest man in World?

With $137 billion in total assets, Gautam Adani was the third-richest person in the world.
Adani is the biggest gainer this year after adding $61 billion to his wealth since the start of 2022.
The difference between the two wealthiest people in India, Mukesh Ambani and Gautam Adani, has also grown to $45 billion.

The richest person in Asia, Gautam Adani, is now the third richest person, only trailing Jeff Bezos and Elon Musk. By defeating French business tycoon Bernard Arnault, the co-founder of luxury label Louis Vuitton, Adani accomplished this for the first time.
Gautam Adani’s wealth, measured by the Bloomberg Billionaires Index, was $137 billion, drawing him ever-closer to Jeff Bezos’s wealth of $153 billion. Adani, however, is still $114 billion behind Elon Musk, whose net worth is $251 billion.

Adani is also the highest gainer in 2022, increasing his wealth by $61 billion. In contrast, Bezos lost $39 billion, Musk $19 billion, and Mukesh Ambani $2 billion within the same period.

The distance between Adani and Ambani keeps growing. 

After months of neck-and-neck competition, Adani has jumped too far ahead of Ambani, whose net worth is $92 billion.

Ambani has been eliminated off the list of the top 10 billionaires as a result of the recent decrease in the market valuation of Reliance Industries.

Despite the “deeply overleveraged” concerns

Last week, a CreditSights analysis expressed concerns about the group’s high debt, which led to a sharp decline of 94,000 crore rupees in the group’s seven listed equities.

According to the research, the group’s decision to pursue inorganic expansion through acquisitions is overly ambitious and may lead to a “huge debt trap.” 

The analysis predicted that, in the worst event, it might result in one or two of the group’s enterprises defaulting.

An open bid for two cement companies that the Adani company purchased in May for $10.5 billion just obtained permission. 

It also paid $1.18 billion to purchase Israel’s Haifa port.

The report notes that although the group receives infrequent equity investments, “they pale in contrast to the entire capex needs of the relevant business.” 

The agency claimed that despite the firm chairman’s wealth, it finds no solace in it.

With $137 billion in total assets, Gautam Adani was the third-richest person in the world. 

Adani is the biggest gainer this year after adding $61 billion to his wealth since the start of 2022. 

The difference between the two wealthiest people in India, Mukesh Ambani and Gautam Adani, has also grown to $45 billion.

Since the initial Covid shutdown, Adani has approximately 23 times grown his wealth.

Knowing where Adani was two years ago is crucial for comprehending his ascent to the top.

Bloomberg information indicates that Adani’s total wealth was $6 billion when the Covid epidemic caused a statewide lockdown in India.

In other words, if you had invested one lakh in Adani on March 24, 2020, your investment would be worth 23 lakh today. Since then, Adani has increased his wealth by about 23 times.

Mukesh Ambani’s wealth, in contrast, was $32.6 billion as of March 2020. 

Now at $92 billion, it has only grown by three times.

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