Despite growing global economic uncertainty, exacerbated by the COVID-19 pandemic and Russia’s war in Ukraine, Indian billionaire Gautam Adani’s net worth has increased by more than $36 billion this year.
With the most recent $1.79 billion increase in his wealth, he has surpassed US billionaire and Microsoft founder Bill Gates to become the fourth-richest man, trailing LVMH Moet Hennessy chairman Bernard Arnault, who is third on the wealth list.
The recent performance of his group’s shares, Adani Group, which ranks as one of India’s leading conglomerates, can be attributed to the increase in his net worth, which saw him surpass Bill Gates.
Some of Adani Group’s listed stocks have risen more than 600% in the last two years on bets that his push into green energy and infrastructure will pay off as the Indian government works to revive the $2.9 trillion economy and meet India’s carbon net-zero target by 2070.
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