India’s Gautam Adani Makes History As The World’s Third Richest Man

The world’s third richest person, for the first time ever, is from Asia.

Gautam Adani, an infrastructure tycoon from India, overtakes LVMH Chairman Bernard Arnault on the Bloomberg Billionaires Index, with a net worth of approximately $137 billion.

Via Bloomberg

Adani, who is 60 years old, is the founder of the Adani Group, which controls companies across industries — from ports and aerospace to solar energy and coal. A college dropout, he began as a diamond trader before turning to coal and setting up a commodities export firm in 1988.

Like many billionaires, the Ahmedabad native’s fortune grew exponentially during the pandemic. Shares of Adani Enterprises, the group’s flagship, soared over 1,000% on the National Stock Exchange in Mumbai as investors bet on the billionaire’s ability to succeed in industries that are key to Prime Minister Narendra Modi’s long-term economic development goals, including infrastructure and renewable energy. The Adani Group controls India’s largest private-sector port and airport operator, city-gas distributor, and coal miner.

But it was coal that fueled his ascent to the world’s richest list. The billionaire owns Abbot Point, a coal mining project in Australia, whose Carmichael coal mine is billed as one of the world’s largest. The project has been controversial as its been criticized by environmentalists, and so in November, Adani pledged to invest $70 billion in green energy to become the world’s largest renewable-energy producer.

Meanwhile in India, Adani announced last week a hostile bid to take over New Delhi Television (NDTV), an influential news media company. According to a CNN report, the deal is being pursued by AMG Media Networks, a unit of Adani’s conglomerate.

The report also notes that the group’s foray into mass media coincides with a period when the company’s “debt-fueled rapid expansion” has started to raise red flags. And as can be expected, the bid is also a red flag for NDTV’s future editorial freedom as one of the country’s most respected news networks. 

As Adani’s wealth jumped over the past two years, some lawmakers and market watchers have called attention to opaque shareholder structures and a lack of analyst coverage at Adani Group companies.

The ‘new look’ of the Bloomberg Billionaires Index also has a lot to do with the world’s richest billionaires’ decision to funnel more of their money into their philanthropy. In July, Bill Gates said he was transferring $20 billion to the Bill & Melinda Gates Foundation. Warren Buffet, meanwhile, has already donated over $35 billion to the charity.

Adani, for his 60th birthday, said he would donate $7.7 billion to social causes that aim to boost health, education, and skill development.


Information for this briefing was found via Bloomberg, CNN, and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

Adani Group Caught Overinflating Coal Prices

The Adani Group, a powerful conglomerate with deep political connections in India, has come under...

Friday, October 13, 2023, 12:58:00 PM

Jeff Bezos Sells More Amazon Shares, Marking $6 Billion Just This Month

Amazon.com Inc. (Nasdaq: AMZN) founder Jeff Bezos sold another 12 million shares of the company...

Friday, February 16, 2024, 12:36:00 PM

Adani Group Cancels $2.5 Billion Share Sale Shortly After Claiming Full Subscription

Adani Enterprises canceled its $2.5 billion share offering on Wednesday, only a day after claiming...

Thursday, February 2, 2023, 03:04:00 PM

Adani Ports Auditor Resigns, Raising Doubts Anew

Deloitte’s resignation as the auditor of Gautam Adani’s logistics unit, one of India’s largest commercial...

Monday, August 14, 2023, 03:04:00 PM

Protesters Take To The Streets Calling To Investigate Allegations Against Adani Group

The Adani Group crisis in India brought members of the opposition political parties out on...

Wednesday, February 8, 2023, 04:38:00 PM