Gautam Adani Has Become World’s Third Richest Man

Indian businessman Gautam Adani, a college dropout who first tried his luck as a diamond trader before moving to coal, is the third-richest person in the world.

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For the first time ever, an Asian made the top three on the Bloomberg Billionaires Index, joining fellow Asian Mukesh Ambani and Chinese businessman Jack Ma. With a worth of $137.4 billion, Adani has surpassed French billionaire Bernard Arnault and is now only slightly behind US billionaires Jeff Bezos and Elon Musk.

Adani, 60, has spent the last five years expanding his coal-to-ports conglomerate by entering a number of markets, including media, data centers, cement, and alumina.

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The company currently runs India’s largest private coal miner, city gas distributor, and port and airport operator. The company’s Carmichael mine in Australia has come under fire from environmentalists, but it pledged in November to invest $70 billion in renewable energy to become the largest generator in the world.

Gautam Adani Has Become World’s Third Richest Man

The massive conglomerate made news last week when it was revealed that the Adani firms are preparing to purchase 29% of the stock in NDTV, one of India’s major news networks. The conglomerate has rejected SEBI’s clearance, which is a need for the acquisition, according to NDTV.

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Furthermore, a recent investigation by Fitch group unit CreditSights found that the Adani Group is considerably overleveraged and might be caught in a debt trap.

Five times more than anyone else, Adani boosted his wealth by $60.9 billion in 2022 alone. Initially surpassing Ambani as the wealthiest Asian in February, he attained the billionaire status in April, and this month surpassed Bill Gates of Microsoft Corp. to take the fourth spot on the list of the richest people on earth.

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