August 14, 2022
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Bill Gates is surpassed by Gautam Adani to become the fourth-richest person in the world

According to Forbes’ Real-Time Billionaires List, Indian entrepreneur Gautam Adani has passed Microsoft co-founder Bill Gates to become the fourth richest person in the world. On Thursday, the 60-year-old business tycoon outperformed Mr. Gates, whose fortunes stand at $104.6 billion, with a net worth of $115.5 billion. Fellow countryman Mukesh Ambani comes in at number 10 on the list with $90 billion.

Elon Musk, the founder of Tesla and SpaceX, is at the top of the list with $235.8 billion. Musk has been embroiled in a major controversy since he attempted to purchase Twitter but ultimately decided against it. The chairman of the Adani group is renowned for growing a modest commodities trading company into a conglomerate that includes renewable energy, ports, and mining.

When he passed Mr. Ambani to become the richest person in Asia, Bloomberg recently noted that “some of Adani Group’s listed stocks have soared more than 600 percent in the past two years on bets his push into green energy and infrastructure will pay off as PM Modi looks to revive the $2.9 trillion economy and meet India’s carbon net-zero target by 2070.”

“Adani has taken over seven airports and about 25% of India’s air traffic in just three short years. His organisation now controls the largest airport operator, power generator, and non-state retailer of city gas in the nation “said the business news source. On Thursday, Mr. Adani announced that his company, along with Gadot, had won the bid to privatise an Israeli port. The largest of Israel’s three main international seaports is the Port of Haifa.

Reliance Jio, Bharti Airtel, Vodafone Idea, and Adani Data Networks have all submitted applications to take part in the upcoming 5G auction. It’s possible that some frequency bands may receive competitive bids during the spectrum auction, which will begin on July 26. Adani Group announced on Saturday that it is competing to buy spectrum, which it said will be used to build a private network to support its companies, including data centres, airports, and power.

Last month, to honour Mr. Adani’s 60th birthday, his family promised to donate Rs 60,000 crores to a number of charitable organisations.

Picture Courtesy: Google/images are subject to copyright

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