Jeff Bezos is no longer the second richest person in the world.
Indian entrepreneur Gautam Adani took the founder com Inc. Friday,
whose net worth is $147 billion, according to the Bloomberg Billionaires Index, a ranking of the world’s richest people.
Mr. Adani now trails only Elon Musk, who remains the richest person in the world. He has a net worth of $264 billion, according to Bloomberg.
The rankings of the world’s richest people change as stocks have tumbled this year amid rising interest rates and rising inflation. Many of the world’s richest people have at least part of their net worth tied up in the financial markets, meaning that volatility in stocks and other holdings can sway their wealth measures. The S&P 500 is down 19% this year and the tech-heavy Nasdaq Composite has fared worse, falling 27%.
Also establishing the exact net worth of the richest people in the world be difficult, in part because many of their holdings are private.
Mr Adani, 60, is chairman of the Adani Group, an India-based conglomerate involved in initiatives including green energy, power and gas distribution. He reached a net worth of $100 billion in April. Later that month, his personal wealth surpassed that of Warren Buffett.
He is the first person from Asia to be ranked so high on Bloomberg’s wealth index, long dominated by US tech entrepreneurs.
Mr Adani’s net worth has risen by $70 billion this year, as shares of his conglomerate’s publicly traded businesses have soared. His push into green energy comes as Indian Prime Minister Narendra Modi has emphasized infrastructure development and renewable energy.
Earlier this year, his company raised $10.5 billion to take control of two Indian-listed cement companies. He called his firm’s push into the cement industry “yet another validation of our belief in our nation’s growth story.”
Mr Adani’s rise up the wealth ladder is in contrast to many of the world’s richest people. Nine of the 10 richest people have seen their net worth fall this year; Mr. Adani is the only person whose wealth has increased, according to the Bloomberg ranking.
Mr Bezos stepped down as chief executive of Amazon last year and is now the company’s executive chairman. He owns nearly 10% of Amazon’s shares outstanding as of Aug. 24, according to FactSet. Amazon’s stock has lost more than a quarter of its value so far this year, adding to Mr. Bezos’ $45.5 billion decline in wealth. He also founded the private space company Blue Origin LLC.
Net worth of Mr Musk, who runs Tesla Inc.
and who also founded the space exploration company SpaceX, has dropped $6.4 billion this year. Mr. Musk is in full swing to buy Twitter Inc.
Twitter shareholders this week approved the $44 billion takeover deal that Mr. Musk had been trying to abandon. Mr Musk and the company are embroiled in a legal battle over the future of the deal.
Messrs. had interacted. Bezos and Musk on Twitter in the past. Mr. Musk made fun of the Amazon founder when he surpassed him in net worth last year.
Neither Amazon nor Tesla responded to requests for comment on behalf of Messrs. Bezos and Musk, respectively. Adani Group did not respond to a request for comment on behalf of its chairman.
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Appears in the September 17, 2022 print edition as ‘Adani Overtakes Bezos As No. 2 Richest Person.’