Gautam Adani Closes In On Second-Placed Jeff Bezos On Rich List With 1,000% Stock Surge
Gautam Adani's net worth has grown from nearly $137 billion last week to $143 billion right now, and he is just $6 billion shy of overtaking Amazon founder Jeff Bezos's second place ($149 billion) in world's richest list.
Last week, Indian billionaire Gautam Adani surpassed Louis Vuitton¡¯s co-founder and chairman Bernard Arnault to become the world's third-richest person. And now, it seems that the billionaire may soon take away the second spot from Amazon founder Jeff Bezos.
From becoming the richest person in Asia, overtaking the net worth of billionaires such as Warren Buffett and Bill Gates, and recently becoming the first Asian to become the third richest person in the world, Adani seems to be fast approaching new levels of wealth. While his current net worth of $143 billion is way behind the world¡¯s richest person Elon Musk ($244 billion), Adani is closing in on second-placed Jeff Bezos, whose current net worth is $149 billion, as per Bloomberg Billionaires Index.
During a year in which many fortunes around the world have crumbled, his net worth has increased by more than $66 billion.
Judging by the stock market, Gautam Adani¡¯s moves have been wildly successful, the report mentioned. Shares in some of Adani's companies have climbed over 1,000% since the pandemic hit, as per Bloomberg. For example, Adani Enterprises Ltd's stock price has risen over 1500% since January 2020, whereas Adani transmission's share price has boomed over 1000% in this period.
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His surging fortune is partially due to the jump in oil and natural gas prices, which has lifted the MSCI World/Energy Index to a 36% total return in 2022, compared with 18. 4% loss for the broader gauge of global stocks.
But even in a period of big gains across the industry, Adani¡¯s firms stand out above the rest, with some share prices more than doubling this year. Adani Green Energy and Adani Total Gas trade at more than 750 times profit, while Adani Enterprises and Adani Transmission have valuations north of 400 times, as per the report.
By comparison, the report also mentioned that Elon Musk¡¯s Tesla and Bezos¡¯s Amazon have price-to-earnings ratios of about 100, while fellow Mukesh Ambani¡¯s Reliance trades at 28 times. Adani has shifted his conglomerate¡¯s focus in line with what India¡¯s PM Narendra Modi deems crucial to meeting India¡¯s long-term economic goals.
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