Asia’s richest man: China will be ‘increasingly isolated’ from world; India will be poverty-free by 2050

Asia’s richest man: China will be ‘increasingly isolated’ from world; India will be poverty-free by 2050

Gautam Adani, Asia’s richest person and the world’s second-richest billionaire, believes that China, which he said was the “foremost champion of globalization,” “will feel increasingly isolated” and find it difficult to bounce back.

September 28, 2022
Indian billionaire and Asia’s richest person Gautam Adani expressed pessimism regarding China, saying the country “will feel increasingly isolated” as he remained optimistic about India’s future economy.
In his keynote speech at the 20th Forbes Global CEO conference in Singapore on Tuesday, Adani said he believes several factors would impact China’s economy, such as “Increasing nationalism, supply chain risk mitigation, and technology restrictions.”
Adani said China’s Belt and Road initiative, a “demonstration of its global ambition,” might also face challenges as resistance continues. He also commented on China’s housing and credit risks, which he compared to Japan’s “Lost Decade” in the 1990s when the country’s economic bubble collapsed.
While I expect all these economies will readjust over time — and bounce back — the friction of the bounce-back looks far harder this time,” Adani said.
Subscribe to
NextShark's Newsletter

A daily dose of Asian America's essential stories, in under 5 minutes.

Get our collection of Asian America's most essential stories to your inbox daily for free.

Unsure? Check out our Newsletter Archive.

The comments came days after Adani, a college dropout, overtook Amazon CEO Jeff Bezos as the world’s second-richest person. Adani is the founder and chairperson of the Adani Group, an Indian conglomerate that controls companies ranging from port development to military defense and thermal power generation.
Despite the pessimistic outlook on China’s economy, Adani believes that India’s future is bright in terms of “political, geostrategic, and market perspective.” After recently overtaking the United Kingdom to become the world’s fifth-largest economy, Adani declared that India is “on the path to be the world’s third largest economy by 2030.”
The fact is India’s real growth is just starting — as it goes from its 75th year of freedom this year — towards its 100th year of independence,” Adani said. “Our country calls this period — Amrit Kaal. Meaning the perfect period for beginning a better tomorrow.”
India will also be poverty-free, well before 2050,” he added. “We will be a country with a median age of just 38 years even in 2050 — and a country with the largest consuming middle class the world will ever see.”
Featured Image via Forbes Asia
      Bryan Ke

      Bryan Ke is a Reporter for NextShark




      Many people might not know this, but NextShark is a small media startup that runs on no outside funding or loans, and with no paywalls or subscription fees, we rely on help from our community and readers like you.

      Everything you see today is built by Asians, for Asians to help amplify our voices globally and support each other. However, we still face many difficulties in our industry because of our commitment to accessible and informational Asian news coverage.

      We hope you consider making a contribution to NextShark so we can continue to provide you quality journalism that informs, educates, and inspires the Asian community. Even a $1 contribution goes a long way. Thank you for supporting NextShark and our community.

      © 2023 NextShark, Inc. All rights reserved.