Gautam Adani, an Indian millionaire entrepreneur, generated more wealth in the last quarter of FY22 than some of the richest tycoons in the world, such as Tesla and SpaceX CEO Elon Musk, Jeff Bezos of Amazon and their American counterpart Bill Gates.
Despite a difficult start to the global market in the new year, head of port-to-energy conglomerate Adani Group added $ 21.1 billion to its wealth in year-to-date (YTD) terms, according to the Bloomberg Billionaires Index. At the same time, Musk’s net worth increased by just $ 1.1 billion.
Mr Adani, the second richest man in Asia, saw his net worth grow faster than successful investor Warren Buffet, whose net worth increased by $ 18.7 billion in the last quarter of FY22, which is $ 2.4 billion less than Adani.
Adani’s wealth has increased despite tensions in Europe and high inflation prospects, reducing investors ’risk appetite. Supported by its continued rise, the Gujarat-born industrialist now ranks 11th in the index with a net worth of $ 97.6 billion. Its net worth has jumped about 27.50 percent in 2022.
Another Indian entrepreneur on the list is Reliance Industries chairman Mukesh Ambani, the richest man in Asia.
Ambani, placed right ahead of Adani in the Bloomberg Billionaire Index, added $ 8.24 billion to its net worth in the last quarter of FY22. Its net worth now is $ 98.20 billion, over half a billion more than Adani.
Over the past two years, several Indian entrepreneurs have seen a remarkable increase in their wealth on the global stage.
For example, Adani has seen his wealth increase more than five -fold from $ 17 billion in 2020 when he listed his renewable energy company Adani Green. Ambani’s wealth will increase by USD 20 billion in 2021, according to the M3M Hurun 2022 Global Rich List released last month.
Adani, 59, runs a diversified portfolio of companies operating in the energy, port, power transmission and FMCG sectors.