The net worth of Gautam Adani rose to 112.5 billion dollars this Thursday, July 21, surpassing the Microsoft co-founder Bill Gates for 230 million, according to the Bloomberg Billionaires Index.
Adani has added $36 billion to his fortune this year, more than anyone else, while Bill Gates’ fortune has shrunk as philanthropic giving accelerated and tech stocks sold off.
Adani, who built his empire on agricultural trade, coal and ports, has been climbing a wealth ranking traditionally dominated by American tech entrepreneurs.
The Indian billionaire has been rapidly diversifying into green energy, airports, data centers, digital services and media, aligning his strategy with Indian Prime Minister Narendra Modi’s nation-building agenda. Companies in its namesake group have attracted global investors, including France’s TotalEnergies SE and Warburg Pincus, by increasing their shares.
The first-generation college dropout who started an agricultural trading company in the late 1980s has amassed nearly all of his wealth in the past two years as his drive to diversify intensified. He became a hundred billionaire in April, joining the elite club that includes the likes of Elon Musk and Jeff Bezos.
Last November, he pledged to invest $70bn in the green energy value chain by 2030, a commitment often criticized by environmentalists given his group’s investment in the development of the Carmichael coal mine project in Australia.
More recently, it has explored possible partnerships with Aramco, including the possibility of buying a stake in the Saudi oil giant, acquired Holcim’s cement businesses in India for $10.5bn and signed a deal with the South Korean steelmaker. , Posco, to explore business opportunities. In April, Adani Enterprises Ltd., the group’s flagship firm, said it had set up a new media subsidiary, signaling its ambitions to tap into the fast-growing local entertainment market.
His rise coincided with a philanthropic push from some of the world’s richest people. Bill Gates said earlier this month that he will send $20 billion to his foundation, which would more than cover the $15 billion he and his ex-wife pledged in 2021. Last year’s pledge was counted in the wealth index when he made the announcement, and $5 billion more was added to that liability for the new promise, reducing Gates’ net worth to just below Adani’s.
Warren Buffett, who fell to No. 7 in the ranking, has donated more than $35 billion to charity, including $3.1 billion last June alone.
Adani has also increased her charitable donations. In June, to commemorate her 60th birthday, she pledged to donate $7.7 billion to various social causes.
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Step aside, Bill Gates! Gautam Adani is the fourth richest person in the world