Gautam Adani becomes fifth richest in the world, surpasses Warren Buffett
Mumbai: Industrial tycoon and chairperson of the port to energy to edible oil conglomerate Gautam Adani of Adani Group has surpassed the world's marquee investor Warren Buffett to become the 5th richest person in the world, with an estimated net worth of about $123.7 billion, while Buffett's net worth stood at $121.7 billion, as per Friday’s close.
The 59-year-old industrialist is the biggest wealth-gainer in 2022, adding $43 billion to his wealth in the year, with his portfolio jumping by a whopping 56.2%.
Gautam Adani is the founder and chairman of Adani Group, with businesses spreading across multiple segments including ports, energy, edible oil, airports, power generation and distribution, among others.
There are 7 companies listed under the Adani Group, including Adani Power, Adani Total Gas, Adani Green Energy, Adani Transmission, Adani Enterprises, Adani Ports and Special Economic Zone, and the recently listed edible oil major Adani Wilmar.
These subsidiary companies have zoomed from 19-195% in 2022 so far, while shares of Adani Wilmar have rallied 235% compared to its issue price and Adani Power has surged 170%. in just one month.
Recently, the Abu Dhabi-based investment firm International Holding Company (IHC) announced to invest $2 billion in three companies of Adani Group, including Adani Green Energy.
The Adani Group firm is backed by some of the most revered financing names and capital raising companies and has one of the largest renewable portfolios in the world. The Group announced buying India’s largest marine services company Ocean Sparkle for $220 million on Friday.
In the last month, Adani entered the top ten richest people list, and has now become the 5th richest surpassing the marquee investor of Berkshire Hathway. Since his companies are performing exceptionally well amid the volatile markets due to the Russia-Ukraine war hangover.