Adani is trying to unseat luxury retailer Bernard Arnault, valued at about $158 billion but has lost about $20.1 billion since the last ranking by moving up to number two, a position he briefly held in October.
According to recent reports, Adani controls eight businesses, including a port and power conglomerate, and his cent cement acquisitions, which have helped drive about a fifth of the increase in the 109-member Morgan Stanley Capital International (MSCI) India Index since June of this year. His rise has outpaced that of his competitors in Asia and emerging markets by 12%.
The MSCI Asia Pacific Index and MSCI Emerging Market Index both include the eight stocks owned by Adani, with China outpacing India.
Adani’s wealth surpassed Bill Gates, Jeff Bezos, and temporarily Bernard Arnault, thanks to the equities returns.
Asia’s and India’s richest
More than one-third of his companies’ contribution to the market cap increase of the MSCI India Index during the most recent quarter came from their performance.
The valuation increased to a peak of 186 trillion rupees, or $2.34 billion, in September before declining due to a significant selloff in global equities.
Adani Wilmar, a manufacturer of fast-moving consumer goods and edible oils, is the only company excluded from the MSCI India Index and one of its best-performing IPOs in India in 2021. The company’s shares increased in India, where the benchmark Sensex index recently increased by as much as 0.7% in trading in Mumbai.
According to Bloomberg, he has exceeded all other billionaires, the majority of whose wealth has decreased this year, with a fortune of $137 billion.
Elon Musk, the CEO of Tesla, has lost around $18.9 billion this year, bringing his net worth to $251 billion. The second-richest person in the world and owner of Amazon, Jeff Bezos, has lost about $39 billion.
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