Gautam Adani Adds More Wealth Than Elon Musk And Jeff Bezos

Gautam Adani, the Indian billionaire entrepreneur, generated more wealth in the last quarter of FY22 than some of the world's wealthiest tycoons, such as Tesla and SpaceX CEO Elon Musk, Amazon's Jeff Bezos and their fellow American Bill Gates. 

Despite a rocky start for global markets in the new year, the head of the ports-to-energy conglomerate Adani Group added $21.1 billion to his wealth in year-to-date (YTD) terms, according to Bloomberg Billionaires' Index. During the same time, Musk's net worth rose by just $1.1 billion.

Mr Adani, the second-richest man in Asia, saw his net worth growing faster than successful investor Warren Buffet, whose net worth grew by $18.7 billion in the last quarter of FY22, which is $2.4 billion less than Adani's.

Adani's wealth has risen despite tensions brewing in Europe and prospects of high inflation, reducing investors' risk appetite. Backed by his relentless rise, the Gujarat-born industrialist is now placed 11th in the index with a net worth of $97.6 billion. His net worth has surged by about 27.50 per cent in 2022.

The other Indian entrepreneur on the list is Reliance Industries chairman Mukesh Ambani, Asia's richest man.

Ambani, placed just ahead of Adani on the Bloomberg Billionaire Index, has added $ 8.24 billion to his net worth in the last quarter of FY22. His net worth now is $98.20 billion, more than half a billion more than Adani.

Over the past two years, some Indian entrepreneurs have seen an incredible rise in their fortunes on the global stage.

For instance, Adani had seen his wealth rise more than five times from $17 billion in 2020 when he listed his renewable energy company Adani Green. Ambani's wealth grew by USD 20 billion in 2021, according to the 2022 M3M Hurun Global Rich List released last month.

Adani, 59, runs a diversified portfolio of companies that operate in the energy, ports, power transmission and FMCG sectors.