- Indian business tycoon Gautam Adani, 60, overtook Jeff Bezos to become the world’s second-richest person last week.
- The college dropout has seen large gains amid the COVID-19 pandemic, adding nearly $70 billion to his wealth this year alone.
- Adani’s rise in the global ranking is partly due to losses incurred by others on the list, including tens of billions in donations by Bill Gates at No. 5 and Warren Buffet at No. 6.
- Bezos saw Amazon stock drop last week by more than 2% due to new inflation data.
Indian business tycoon Gautam Adani has overtaken Jeff Bezos to become the world’s second-richest person, according to Bloomberg’s Billionaire Index.
Adani, 60, is the founder and chairperson of the Adani Group, a major Indian conglomerate with stakes in port development and operations, aerospace and military defense, thermal power generation and solar manufacturing.
The college dropout began 2022 at No. 14. By late August, he surpassed France’s Bernard Arnault after his estimated net worth surged to $137.4 billion.
Adani is the first Asian to join the index’s top three. Last week, he dethroned Bezos to become No. 2 after amassing $146.8 billion.
Meanwhile, Bezos saw his net worth plunge to $145.8 billion after Amazon stock dropped more than 2% on Friday following new inflation data.
While Adani has added nearly $70 billion to his wealth this year so far, other billionaires have lost money. Bill Gates, who is currently at No. 5, announced a $20 billion donation to his own foundation in July, while Warren Buffet, who is currently at No. 6, has reportedly donated more than $30 billion.
Aside from his rapid ascent in Bloomberg’s index, Adani most recently made headlines after announcing a hostile bid to take over NDTV, one of India’s largest broadcasters, through his media arm AMG Media Networks. An open offer set for Oct. 17 could make Adani the majority shareholder.
Adani also recently acquired Ambuja Cements and ACC to make the Adani Group India’s second-largest cement manufacturer.
Elon Musk remains the world’s richest person, with an approximate net worth of $264 billion.
Featured Image via Adani Group