According to the most recent Bloomberg Billionaires data, Gautam Adani has moved up to third place in the world’s wealth rankings. The 60-year-old business entrepreneur ranks third on the list, behind Elon Musk and Jeff Bezos, with a net worth of $137 billion.
While Jeff Bezos, the founder and CEO of Amazon, has a total net worth of $153 billion, Tesla CEO Elon Musk has a total net worth of $251 billion. Business tycoon Gautam Adani has eclipsed Bernard Arnault, co-founder of LVMH Moet Hennessy Louis Vuitton, a leader in luxury fashion and the co-founder of Fresh.
According to a Bloomberg article, this is the first time an Asian has appeared among the top three richest people in the world. Other wealthy Asians, like Chinese-based Alibaba Group’s Jack Ma and Indian tycoon Mukesh Ambani, have not attained this level of success.
The Adani Group, the largest port operator in the nation, was co-founded by Gautam Adani. The organisation is reportedly the biggest coal trader in the nation. According to the Bloomberg profile of Asia’s richest person, Adani Enterprises recorded $5.3 billion in revenue for the year ending March 31, 2021.
With the disclosure that the Adani enterprises are planning to buy a 29 percent stake in NDTV, one of India’s main news networks, the enormous conglomerate made headlines last week. The acquisition, according to NDTV, is contingent on the approval of market regulator SEBI, which the conglomerate has rejected.
Furthermore, the Adani Group is significantly overleveraged and may fall into a debt trap, according to recent analysis by Fitch group unit CreditSights.