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Gautam Adani, chairman of Indian conglomerate, has become the fifth richest person in the world by overtaking American investor Warren Buffett, according to Forbes.
Adani, 59, has an estimated net worth of $123.7 billion as of Friday’s market close, edging out the $121.7 billion fortune of legendary investor Buffet, who is 91, according to the business magazine.
Adani Group, a port-and-energy conglomerate with seven publicly traded companies in India, contibutes most in its chairman’s net worth. The group has seven listed companies, including Adani Enterprises, Adani Ports, Adani Power, Adani Total Gas, Adani Green Energy and Adani Transmission and Adani Wilmar.
Adani’s fortune was worth $8.9 billion just two years ago. In March 2021, his wealth spiked to an estimated $50.5 billion and the fortune almost doubled to $90 billion in March 2022 as Adani Group stocks rose even further.
His fortune really began to take off at the start of the Covid-19 pandemic, after expanding Adani Group with major acquisitions like the 2020 purchase of a 74% stake in Mumbai International Airport, India’s second busiest airport, and the $3.5 billion buyout of Softbank’s renewable energy unit In India. On Friday, Adani agreed to buy Ocean Sparkle, India’s largest marine services company, in a $220 million deal.
Earlier this month, Abu Dhabi’s International Holding Co., run by the brother of the United Arab Emirates’ crown prince, invested $2 billion in three of Adani’s green energy-focused firms
Adani is now only behind the four richest tycoons in the world, Microsoft co-founder Bill Gates ($130.2 billion), Bernard Arnault ($167.9 billion), Jeff Bezos ($170.2 billion), and Elon Musk ($269.7 billion).
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