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Indian Gautam Adani overtakes Warren Buffett to become the 5th richest person in the world

gAutam Adani’s incredible rise continues. The Indian infrastructure tycoon became the richest Asian billionaire in history (in pure dollars) earlier this month – and he kept climbing. Adani has now overtaken Warren Buffett to become the 5th richest person in the world.

Forbes estimates Adani, 59, has a net worth of $123.7 billion as of Friday’s market close, edging out the $121.7 billion net worth of Buffett, who is 91.

Adani is the Founder and Chairman of the Adani Group, a port and energy conglomerate which has six listed companies in India. Shares of each of these companies have risen 19% to 195% this year as Adani has led aggressive expansion into renewable energy, media, airports, and more. Earlier this month, Abu Dhabi’s International Holding Co., run by the brother of the UAE crown prince, invested $2 billion in three of Adani’s green energy businesses. He said he wants to become the world’s largest producer of green energy, with a goal of investing up to $70 billion in renewable energy projects.

The son of a textile merchant, Adani dropped out of school and in 1988 started a commodity export business. In 2008, he had become a billionaire, joining the Forbes ranks for the first time, worth an estimated $9.3 billion. His fortunes really started to take off at the start of the Covid-19 pandemic, after expanding his empire with major acquisitions like the purchase in 2020 of a 74% stake in Mumbai International Airport, the second most frequented from India, and the $3.5 billion buyout of Softbank’s renewable energy. energy unit In India. On Friday, Adani agreed to buy Ocean Sparkle, India’s largest maritime services company, in a $220 million deal.

Worth $8.9 billion just two years ago, Adani’s fortune then grew to around $50.5 billion in March 2021 thanks to his stock price soaring, then nearly doubled in March 2022, to around $90 billion, as Adani Group shares rose further.

Adani’s estimated net worth of $123.7 billion makes him the richest person in India, $19 billion more than the country’s number 2, Mukesh Ambani (whose estimated worth is 104, $7 billion). He outperforms Buffett as shares of famed investor Berkshire Hathaway fell 2% on Friday amid a sharp decline in the US stock market.

There are now only four people on the planet richer than Adani, according to Forbes‘ real-time billionaire tracker: Microsoft co-founder Bill Gates (worth an estimated $130.2 billion), French luxury king Bernard Arnault ($167.9 billion), Amazon founder Jeff Bezos ($170.2 billion) and Tesla and SpaceX chief Elon Musk ($269.7 billion).