Adani becomes world's 3rd richest man now

Upward Trajectory

- Adani Group stocks soar 4,000% since FY21

- Added Rs17.45 lakh cr to its mcap

- Out of 6 Adani Group listed cos, 5 rallied by 1,000% since April 1, 2020

- Adani Wilmar excluded as it debuted early this year on the bourses

- Total mcap rose to Rs18.75trn as on Aug 29, 2022, from Rs1.31trn on March 31, 2020

Adani's fortune grew exponentially since the start of the global health crisis as investors bet on his ability to grow his business in sectors that Indian Prime Minister Narendra Modi has prioritized for development. Adani has also benefited from an uptick in coal usage

New Delhi: Gautam Adani was already Asia's richest man and now, he is also the world's third richest person, overtaking LVMH chairman Bernard Arnault and becoming the first Asian person to take that spot, according to Bloomberg and its Billionaires index.

Adani, who runs one of India's top conglomerates, is now believed to be worth approximately $137 billion, the tracker shows.

That's after a surge this week placed him just behind Tesla CEO Elon Musk and Amazon founder Jeff Bezos, whose own fortunes are estimated at $251 billion and $153 billion, respectively, CNN reported.

Like other billionaires around the world, Adani has seen his wealth skyrocket during the pandemic. The founder of the eponymous Adani Group controls companies ranging from ports and aerospace to solar energy and coal.

His fortune has grown exponentially since the start of the global health crisis, as investors bet on his ability to grow his business in sectors that Indian Prime Minister Narendra Modi has prioritized for development.

Adani has also benefited from an uptick in coal usage, which has catapulted his ascent in recent months, according to Bloomberg. He overtook fellow Indian tycoon to become the region's wealthiest person in February, CNN reported.

His shot up the global wealth rankings comes as some members of the world's 1 per cent give away more of their resources. In July, Microsoft co-founder Bill Gates announced he would devote $20 billion to the endowment of the Bill and Melinda Gates Foundation, and reiterated his intention to move "off of the list of the world's richest people".

Bill Gates is currently ranked the world's fifth most affluent person, according to Bloomberg's index, with a net worth of $117 billion, CNN reported.