Gautam Adani is the founder of the Adani Group, the coal-to-port conglomerate. With a net worth of $137 billion, He is now the third richest person in the world, according to the latest Bloomberg Billionaires data. The 60-year-old business tycoon trails Elon Musk and Jeff Bezos on the coveted list.
While Telsa chief Musk has a net worth of $251 billion, Amazon founder and CEO of Amazon - Jeff Bezos - has a total worth of $153 billion. Gautam Adani has surpassed French business magnate Bernard Arnault, the co-founder of LVMH Moet Hennessy Louis Vuitton, commonly known as LVMH, a world leader in luxury fashion.
According to a Bloomberg report this is the first time, that an Asian has made to the list of top three wealthiest people in the world. Indian tycoon Mukesh Ambani and China-base Alibaba group's Jack Ma, other rich Asians, they have not climbed this high.
Gautam Adani is the co-founder of the Adani Group, which is the largest port operator in the country. The group is also said to be the largest coal trader in the country. A revenue of $5.3 billion was reported by Adani Enterprises in the year to March 31 2021, the Bloomberg profile of Asia’s richest person highlights.
The massive conglomerate made headlines with the announcement that the Adani firms are set to acquire 29 percent stakes in NDTV, one of India’s top news networks. However, NDTV has said the deal is subject to market regulator SEBI’s nod, which the conglomerate has declined.
Also, Fitch group unit CreditSights recently said that the Adani Group is deeply overleveraged and may land in a debt trap.