Gautam Adani of the Adani Group has joined the $100 billion club of the world’s richest entrepreneurs. The chairman of the Ahmedabad-based multinational conglomerate has become India’s richest person, overtaking Mukesh Ambani, who had held the top position in India and Asia for a long time. Adani’s net worth rose on the back of strong performance by their listed companies on BSE and NSE.
According to the Bloomberg Billionaire Index, as of April 2, 2022, AdaniHis net worth increased to $100 billion, placing him in tenth place. So far this year, his wealth has increased by $23.5 billion.
Meanwhile, Adani surpassed Reliance Industries’ Ambani by a billion in the billionaires index. With an increase of $ 9.03 billion so far this year, Ambani’s wealth of $ 99 billion is on the 11th rank.
Both Adani and Ambani have been one-on-one on the Billionaires Index, and have switched spots on several occasions.
Shares of Adani Group have performed strongly on the stock exchanges in a month. Shares of Adani Wilmar rose nearly 43%, while major Adani Enterprises gained nearly 24%, shares of Adani Total Gas rose more than 29.5%, shares of Adani Port rose nearly 11% and Adani Transmission. increased by about 4%. Meanwhile, Adani Power posted impressive gains, skyrocketing around 66% on the NSE. Adani Green Energy, however, posted marginal gains in one month on the NSE.
Meanwhile, Adani Wilmar, Adani Power, Adani Port, Adani Enterprises and Adani Total Gas touched new 52-week highs on the NSE on April 1.
Adani’s shares outperformed despite equity indices facing heat from the Russia-Ukraine war for more than a month, leading to major volatility in the markets.
According to stock market experts, Adani’s shares are touching the sky due to the rise in commodity prices. The rise in commodity prices, especially palm oil, is leading to higher trading activity, which means more business for Adani Ports. In addition, the rise in palm prices gives Adani Wilmar a margin advantage on its unsold inventory. As far as Adani Power is concerned, the shares rose after the Supreme Court order in favor of the company as it asked 3 discoms of Rajasthan to clear the dues of the company.
The Adani Group, which was founded in 1988, has a current market capitalization of ~US$151 billion, consisting of seven publicly listed companies, including power generation and distribution, renewable energy, gas and infrastructure, logistics (ports, airports, etc.) , shipping and rail). Mining and Resources, and other sectors.
Adani’s portfolio companies aim to invest more than $50-70 billion in the renewable energy value chain and have committed 70% of the planned CAPEX to energy transformation by 2030.
On the Bloomberg index, Elon Musk, CEO of electric vehicle giant Tesla, ruled the list with a higher margin as his net worth stood at $273 billion. Amazon founder Jeff Bezos is second with a net worth of $188 billion. While President and Chief Executive of LVMH Moët Hennessy, Bernard Arnault secured the third position with a net worth of $148 billion.
Microsoft co-founder Bill Gates and Berkshire Hathaway CEO Warren Buffett ranked fourth and fifth on the list of billionaires with net worth of $133 billion and $127 billion, respectively.
In addition, the co-founders of the search engine giants, Google, Larry Page and Sergey Brin were ranked sixth and seventh with a net worth of $125 billion and $119 billion.
The former CEO of Microsoft and the current owner of the Los Angeles Clippers of the National Basketball Association, Steve Ballmer ranked 8th with a net worth of $108 billion. Oracle Corporation co-founder Larry Ellison was ranked ninth with a net worth of $103 billion.
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