According to Forbes’ Real-Time billionaire rankings, Adani Group Chairman Gautam Adani surpassed LVMH Chairman and CEO Bernard Arnault on Friday and is now the second-richest person in the world with a net worth of $155.5 billion, up $5.2 billion or 3.49% from the day before. Arnault dropped to No. 3, his fortune $300 million behind Adani’s at $155.2 billion.
Adani has also surpassed Jeff Bezos, the founder and chairman of Amazon, whose wealth decreased by $2.3 billion or 1.49% to $149.7 billion. With a net worth of $273.5 billion, Tesla CEO Elon Musk continues to be the wealthiest person in the world.
Adani has investments in six publicly traded businesses, including data centres, ports, airports, green energy, and more. In February of this year, Adani passed fellow Indian billionaire Mukesh Ambani to become the wealthiest person in Asia. With a net worth of $93.4, Ambani is currently at No. 8 in the world rankings.
The price of a share of Adani Enterprises, the conglomerate owned by Adani, hit a record high yesterday of 3,749.15 rupees ($46), more than doubling from the previous year. In response to the soaring demand for power, shares of Adani Power have increased by a factor of three in the last year, reaching 398.4 rupees ($4.9). Adani Green Energy, a renewable energy provider, saw its share value nearly double the previous year to 2,343.05 rupees ($29.2).
Adani’s desire for growth led him to take risky steps to join new industries. The group is now finalising the $10.5 billion purchase of the Indian division of Swiss cement company Holcim Group. Adani Group will buy shares in two publicly traded cement companies—a 63.11% stake in Ambuja Cement and a 54.53% stake in ACC—as part of this arrangement. These deals, for which open bidding was closed last week, would elevate Adani to the country’s second-largest cement manufacturer position.
Adani’s media division made an aggressive offer to buy New Delhi Television (NDTV), a broadcaster perceived as anti-government, last month. AMG Media Networks (AMNL), a subsidiary of the Adani Group, acquired Vishvapradhan Commercial for 1.14 billion rupees ($14.3 million), giving it a 29.2% ownership position in NDTV. Another huge play is renewable energy: Adani New Industries, a utility company, has declared it will spend more than $50 billion over the next ten years on the development of green energy.