4 May , 2022 Fdiindia
Gautam Adani Seems to Compete With Bill Gates in Richness
In the most extensive reshuffling at the top of Bloomberg's Billionaires Index, Indian businessman Gautam Adani has moved ahead of Bill Gates as the world's fourth-richest person. The owner of Mundra Port in India and founder of four Adani Group companies has made a multi-billion dollar fortune this year. His wealth surged by over $48 billion today to $47.8 billion, enough to tie him with Bill Gates for fourth place on the Bloomberg Billionaires Index.
Adani is worth $125 billion, putting his fortune on par with U.S. philanthropist Bill Gates and Berkshire Hathaway Inc. Chairman Warren Buffett.
Out of the top ten wealthiest people globally, only three have hardly seen any change (for the better) in their net worth so far this year. You might be asking how is that possible if the economy has been performing so well for businesses around the world. Don't get me wrong - we're not trying to downplay how successful these individuals are or acknowledge their influence or status on a global level.
Still, all it takes is one bad decision and you could see your hard-earned fortune dwindle away into nothing in no time at all. Nowadays, success is much more fragile than it was during the years when our parents were growing up - back then, they "sold cars" with all the money they made, and now you can't even do "that" anymore! Alas, I digress... The three affluent individuals who have barely seen any change in their fortune are Jeff Bezos (54th wealthiest), Warren Buffett (ninth wealthiest), and Mukesh Ambani (eighth richest).
Shares of Adani Power and Adani Green Energy have jumped 196% and 114%, respectively, in 2022. Adani matches the standing of other centibillionaires like Mukesh Ambani, Jeff Bezos, and Warren Buffett, who have a fortune of $100 billion or more. While this is an important milestone for the business personality, it should be noted that he is not on his own in terms of people with a fortune of this level. It is worth mentioning that there are others in his category, including those from Asia like himself – Masayoshi Son and Robin Li – as well as other business magnates such as Bill Gates.
As the government decides to listen to renewable energy advocacy and the demands of their local environment in favor of dumping fossil fuels, Adani quickly hops on board the good ship ""green energy"" which has been captained by President Barack Obama for some time now.
S.B. Energy, which is the world's largest solar energy producer, has some lofty plans to build up to 78 terawatt-hours of green energy by 2030. It recently completed the most significant M&A in its industry when it acquired Adani Green Energy for $30 million, solidifying its position as a leader in renewable energy.
Adani has a joint venture with Indian Oil Corporation (IOC) - Indian Oil-Adani Gas - which will help underpin 19 cities with gas distribution networks. In 2020, the group announced it was seeking to sell its 37.4% stake in Adani Gas to French energy giant Total for Rs.5,700 crore, making it the largest FDI in CGD networks in India so far. After Prime Minister Narendra Modi announced the National Hydrogen Mission in August 2021, Adani decided to tap this opportunity as well.
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