Home / News / India /  Gautam Adani becomes the richest man in India, joins $100 billion rich club. Key highlights

Adani Group's Gautam Adani has joined the $100 billion club of richest entrepreneurs in the world. The chairman of the Ahmedabad-based multinational conglomerate has become India's richest man, surpassing Mukesh Ambani who had held the top rank in India and Asia for quite a some time. Adani's net worth accelerated on the back of the strong performance made by his listed companies on BSE and NSE.

As per Bloomberg Billionaire Index, as of April 2, 2022, Adani's net worth rose to $100 billion taking him to the tenth rank. His wealth increased by $23.5 billion so far this year.

Meanwhile, Adani surpassed Reliance Industries' Ambani by a billion in the billionaire index. Ambani's wealth stands at $99 billion at 11th rank with an increase of $9.03 billion so far this year.

Both Adani and Ambani have been neck-to-neck on the billionaire index, and have also switched spots on numerous occasions.

In a month, Adani Group's stocks have performed robustly on stock exchanges. Adani Wilmar shares gained by nearly 43%, while the flagship Adani Enterprises surged by nearly 24%, Adani Total Gas shares advanced by more than 29.5%, Adani Port shares soared by nearly 11%, and Adani Transmission by around 4%. Meanwhile, Adani Power gave stellar gains by skyrocketing nearly 66% on NSE. However, Adani Green Energy gained marginally in a month on NSE.

Meanwhile, on April 1, on NSE, Adani Wilmar, Adani Power, Adani Port, Adani Enterprises, and Adani Total Gas have hit a new 52-week high.

Adani stocks outperformed despite equities indices facing heat from the Russia-Ukraine war for more than a month which led to major volatility in markets.

As per stock markets experts, Adani stocks are skyrocketing due to the rise in commodity prices. Commodity price rise, especially palm oil price increase is leading to higher trade activity that means more business for Adani Ports. Also, palm prices rise gives margin benefit to Adani Wilmar on its unsold inventory. As for Adani Power, shares rise after the supreme court order in favor of the company as it has asked the Rajasthan-based 3 Discoms to clear the company's dues.

Adani group, founded in 1988, has a current market capitalization of ~US$151 billion, comprising seven publicly listed companies with businesses spanning power generation and distribution, renewable energy, gas and infrastructure, logistics (seaport, airports, shipping, and rail), mining and resources, and other sectors.

Adani's portfolio companies aim to invest over $50-70 billion in the renewable energy value chain and have committed 70% of planned CAPEX until 2030 to the energy transition.

On the Bloomberg index, Elon Musk, the CEO of electric vehicle giant Tesla ruled the list with a greater margin as his net worth stood at $273 billion. Amazon's founder Jeff Bezos followed at the second spot with a wealth of $188 billion. Whereas the chairman and chief executive of LVMH Moët Hennessy, Bernard Arnault took the third rank with a wealth of $148 billion.

Co-founder of Microsoft, Bill Gates, and CEO of Berkshire Hathaway, Warren Buffett took the fourth and fifth spot on the billionaire list with a net worth of $ 133 billion and $ 127 billion respectively.

Further, co-founders of search engine giant, Google, Larry Page, and Sergey Brin were at sixth and seventh rank with a net worth of $125 billion and $ 119 billion.

The former CEO of Microsoft and current owner of the Los Angeles Clippers of the National Basketball Association, Steve Ballmer took the 8th rank with a net worth of $108 billion. Oracle Corporation co-founder Larry Ellison was at the ninth rank with a wealth of $ 103 billion.

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