Gautam Adani Beats Warren Buffet, Becomes World’s 5th Richest

India business tycoon Gautam Adani has undone the unthinkable. He has beaten the American billionaire investor Warren Buffet and thus become the world’s fifth most richest billionaire. According to real-time data by Forbes, Gautam Adani and his family’s net worth as of early Monday, stood at USD 123.2 billion against Warren Buffet’s USD 121.7 billion. Gautam Adani is the head of Adani Group which has businesses varying from airports to ports to edible oil and power generation to distribution. 

The Adani Group has seven listed companies including Adani Enterprises, Adani Ports, Adani Green Energy and Adani Transmission, Adani Wilmar, Adani Power, Adani Total Gas. Out of the seven companies, three have delivered multi-bagger returns in the year so far. Adani Wilmar has rallied over 235 percent compared to its issue price in IPO. Adani Power has zoomed 170 percent. Adani Green Energy has rallied 110 percent in 2022 so far. Other group companies are up by 17 to 55 percent in the current year outperforming the markets. 

The Forbes data showed that Tesla and SpaceX founder Elon Musk topped the list with net worth at USD 269.7 billion. Musk is followed by Amazon founder Jeff Bezos (net worth USD 170.2 billion), LVMH (Louis Vuitton) owner Bernard Arnault and family (net worth USD166.8 billion) and Microsoft founder Bill Gates (net worth USD130.2 billion).

Reliance Industries Limited Chairman and Managing Director Mukesh Ambani is placed in eighth place with a net worth of USD 104.2 billion, behind Larry Ellison (net worth USD107.6 billion). Adani has beaten RIL Mukesh Ambani recently as Adani Group stocks rallied multi-fold. In his recent speech, Gautam Adani stated that India will be a USD 30 Trillion economy by 2050. Adani Group is planning to invest USD 20 Billion in clean energy generation.