The CEO of Tesla and the founder of Amazon is the first and second richest person in the world. But his throne appears weak at first. Elon Musk-Jeff Bezos is the pair that has dominated the ranking of the world’s richest people for two years.
Their dominance was further strengthened by the increase in the market share of their respective companies. Tesla of which Musk is a significant individual investor is the 6th biggest organization on the planet with a market capitalization of $864 billion.
Amazon, of which Bezos is presently just leader executive, is the fifth biggest organization on the planet with a market worth of $1.31 trillion.
This stock market success of both the companies also belongs to their shareholders. According to the Bloomberg Billionaires Index, Musk’s net worth is estimated at $247 billion as of August 30, while Bezos’s net worth is estimated at $152 billion.
Over $66 billion in eight months
Now, however, the two tech tycoons, who compete in the conquest of space through their respective companies SpaceX and Blue Origin, will have to watch out for a new rival who is climbing the world’s richest rankings very quickly.
This is Indian extremely rich person and money manager Gautam Adani. Adani has overtaken big names to become the third richest person in the world. His wealth is now estimated at $143 billion, which is just $9 billion less than Bezos.
He has handed over the CEO of luxury empire LVMH (LVMHF) to French businessman Bernard Arnault, who was number three for several months.
Arnault’s fortune is estimated at $ 137 billion, which puts him in fourth place. Software giant Microsoft (MSFT): Microsoft Corporation co-founder Bill Gates is at the fifth position with a net worth of $116 billion.
Among all the top-ranked billionaires, only Adani and fellow Indian billionaire Mukesh Ambani, chairman of Reliance Industries, are ranked ninth, having increased their wealth since January.
Adani’s wealth has increased by $ 66.2 billion in eight months, while the wealth of his countrymen has increased by just $ 4 billion to $ 94 billion.
In contrast, the wealth of Musk and Bezos saw a decline of $24 billion and $40 billion, respectively. Adani may overtake Bezos in the coming weeks.
Who is Adani?
Adani is a businessman who does not have much reputation in the West. This 60 year old man is an industrial founder of Adani Group which he established in 1988 as a commodity trading firm.
His net worth fell from $6 billion in March 2020 to nearly $80 billion in mid-2021 before facing some turmoil, and has risen to more than $130 billion in recent months.
Adani has expanded its group by acquiring companies through debt. The Adani Group, now valued at $240 billion, has businesses ranging from mines, ports and power plants to airports, data centers and defence.
It owns a dozen commercial ports, has a presence in coal, power, renewable energy and last week made a hostile offer to Indian media giant New Delhi Television.
The Adani Group recently entered the cement sector in India by buying the assets of cement maker Holcim and is also looking to set up an aluminum factory.
Born in Ahmedabad, western India in 1962, Adani comes from a modest family of seven children, with a small textile merchant father.
This self-made man started working at the age of 16 at the diamond merchant Mahendra Brothers, where he was responsible for sorting precious stones.
In the early 1980s, he joined a plastics company with his brother, where he quickly took over as head of operations. The company began to experience rapid growth with the development of new plastics such as PVC. In the early 90s, he diversified the activities of Adani Enterprises into metals and textiles.
In 1995, the Adani family assumed a new dimension by acquiring the management of Mundra port on the Arabian Sea, which became the country’s first commercial port. Adani has since bought ports, airports and expanded into power, coal and renewable energy businesses.
The question plaguing financial circles is whether the debt-ridden Adani Group is not as fragile as it appears to have made most of its acquisitions with debt.