Gautam Adani’s net worth was $10 billion two years ago. He is now the world’s third wealthiest person, rivalling Jeff Bezos.
How did he become so wealthy?
Gautam Adani is the chairman and founder of Adani Group, an Indian multinational conglomerate with interests in gas, power, ports, and other industries.
His numerous businesses frequently coincide with the priorities of India’s current administration, attracting investor trust and resulting in close political ties.
Rising coal, gas, and oil prices have helped him climb the rankings.
According to Bloomberg, some of his companies have extremely high price-to-earnings ratios. Adani Green Energy Ltd. and Adani Total Gas Ltd., for example, have P/E ratios of 750, while Tesla and Amazon have P/E ratios of 100.
Critics have claimed that Adani’s expansions have come with a high level of risk and debt, but Adani Group claims that its debt has been reduced over time.
If things continue as they are, Adani may be looking over his shoulder at Musk.
In 2022, the chairman of Adani Group has added more than $70 billion to his fortune (YTD). He surpassed Mukesh Ambani as the richest Asian in February, became a billionaire in April, and surpassed Microsoft’s Bill Gates as the world’s fourth-richest person last month.
The Ahmedabad-based infrastructure group is India’s largest port operator. The company also owns India’s largest privately held thermal coal producer and trader. Adani Enterprises reported $5.3 billion in revenue for the fiscal year ending March 31, 2021.
Gautam Adani aspires to be the world’s largest producer of green energy and has previously stated that he will invest up to $70 billion in renewable energy projects.
According to March 2022 stock exchange filings, he currently owns 75% of Adani Enterprises, Adani Power, and Adani Transmissions. He also has a 37% stake in Adani Total Gas, a 65% stake in Adani Ports & Special Economic Zone, and a 61% stake in Adani Green Energy.