Elon Musk, still the No. 1 richest person with $260 billion to his name, may have to watch his back. Adani has taken less than 10 months to reach second place after starting the year in 14th place.
It’s the first time a person from Asia has been this high on Bloomberg’s list, long dominated by white tech entrepreneurs.
Adani’s $146.9 billion fortune, mostly tied up in holdings at his sprawling conglomerate The Adani Group, is still a long way short of Musk’s $260 billion. The group operates a number of businesses, including ports and coal, which have thrived in recent years.
Shares of some Adani companies are up more than 1,000% since June 2020 – reflecting investor optimism about the conglomerate’s strength in areas like infrastructure and renewable energy, which Prime Minister Narendra Modi has prioritized for development. Shares of its flagship company, Adani Enterprises, are up more than 115% in 2022.In February, Adani overtook Indian tycoon Mukesh Ambani to become Asia’s richest person. Bezos’ net worth plummeted to $145.8 billion, according to Bloomberg, as tech stocks were hit hard by a broader stock sell-off on Friday. Amazon shares are down 3% in early trade, and the stock is down more than 25% this year.
The Amazon founder was previously at No. 1 on the list, but his fortune took a hit after his divorce in 2019. Much of his wealth is tied up in Amazon stock. According to Bloomberg, the tech sell-off has slashed Bezos’ net worth by $45 billion since January.
— Diksha Madhok of CNN Business contributed to this article.