New Delhi: Billionaire Industrialist Gautam Adani has edged past veteran investor Warren Buffett to become the world’s fifth-richest person, according to data by Forbes. The sharp run-up in Adani Group stocks has led him to this feat.
According to Forbes’ Real-Time Billionaires List, Adani’s wealth stood at $123.7 billion as of Friday’s close, racing past Buffett’s $121.7 billion.
Gautam Adani is the founder and Chairman of Adani Groups, which is engaged in multiple businesses, including ports, edible oil, airports, power generation and distribution.
The group has seven listed companies, including Adani Enterprises, Adani Ports, Adani Power, Adani Total Gas, Adani Green Energy and Adani Transmission. Adani Wilmar is their latest debutant, which was listed earlier this year.
Out of them, three companies have delivered multibagger returns in the year so far. Adani Wilmar is up by 235 per cent compared to its issue price, whereas Adani Power has zoomed 170 per cent.
Interestingly, Adani Power hit another new 52-week high of Rs 272.15 to hit the market cap of Rs 1 lakh crore and enter the list of top-50 most valued companies in India.
Adani Green Energy has gained 110 per cent in 2022 so far. Other companies from his group are up by 17-55 per cent in the current year.
In 2022, the 59-year-old business tycoon has added over $43 billion to his wealth, the most compared to any other individual. His portfolio has swelled by 56 per cent in the current calendar year so far.
Adani is trailing only the four richest business tycoons, including Elon Musk ($259 billion), Jeff Bezos ($169 billion), Bernard Arnault ($143 billion) and his nearest competitor Bill Gates ($127 billion).
Last week at the India Economic Conclave 2022, Adani said India can become a $30 trillion economy by 2050.
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