Gautam Adani, the founder and chairman of Adani Group, has become the world’s 12th richest person and rejoined the elite club of individuals with a net worth of over $100 billion, according to the Bloomberg Billionaires Index.
Adani’s net worth rose by $4.1 billion on Wednesday, reaching $101.9 billion, as shares of his companies surged amid a rally in Indian markets. Gautam Adani is the second richest person in Asia, after China’s Zhong Shanshan, and the only Indian in the $100 billion club.
Adani’s wealth has increased by more than $50 billion this year, making him the biggest gainer among the world’s billionaires. His rise has been fueled by the strong performance of his businesses, which span from ports and airports to renewable energy and coal mining.
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Gautam Adani recovers from Hindenburg reserach report setback
Adani’s comeback to the $100 billion club comes after a brief dip in his fortune last month, when a report by Hindenburg Research, a US-based short seller, accused Adani Group of inflating the value of its subsidiaries and benefiting from dubious deals with shell companies. The report triggered a sell-off in Adani’s stocks, wiping out $19 billion from his net worth in a single day.
However, Adani Group dismissed the allegations as “malicious” and “motivated”, and said it had complied with all the relevant laws and regulations. The group also received support from the Indian government, which said it had found no evidence of any wrongdoing by Adani’s companies.
Since then, Adani’s stocks have recovered most of their losses, as investors shrugged off the Hindenburg report and focused on the growth prospects of Adani’s businesses. Adani Group is one of the largest private sector players in India’s infrastructure sector, and has ambitious plans to expand its presence in global markets, especially in renewable energy.
Gautam Adani’s close ties with Modi and Controversies
Gautam Adani is also known for his close ties with Prime Minister Narendra Modi, who hails from the same state of Gujarat as Adani. Adani has been a vocal supporter of Modi’s policies and initiatives, such as Make in India, Digital India, and Atmanirbhar Bharat.
Adani’s wealth has also drawn criticism from some quarters, who have accused him of exploiting India’s natural resources, violating environmental norms, and enjoying undue favors from the government. Adani has faced protests and legal challenges from activists, farmers, and indigenous communities over some of his projects, such as the Carmichael coal mine in Australia and the Thar desert solar park in India.
Adani, however, has defended his business practices and social responsibility, saying that he is creating jobs, boosting the economy, and contributing to the nation’s development. He has also pledged to donate 75% of his wealth to philanthropy, and has supported various causes, such as education, health, and environment.
Gautam Adani net worth in rupees and comparison with other billionaires
According to the current exchange rate, Gautam Adani’s net worth of $101.9 billion is equivalent to about 7.5 lakh crore rupees. This means that Adani is richer than the combined wealth of India’s top five billionaires, namely Mukesh Ambani, savitri jindal, Shiv Nadar, Radhakishan Damani, and Uday Kotak, who have a total net worth of $216.8 billion, or about 6.3 lakh crore rupees, according to Forbes.
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Adani is also closing the gap with the world’s richest person, Elon Musk, who has a net worth of $197.8 billion, or about 14.5 lakh crore rupees. Adani is now just $95.9 billion, or 7 lakh crore rupees, behind Musk. Adani is also ahead of other global tycoons, such as Jeff Bezos, Bernard Arnault, Bill Gates, and Mark Zuckerberg, who have net worths ranging from $113.4 billion to $185.5 billion, or 8.3 lakh crore rupees to 13.6 lakh crore rupees.
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