This billionaire is now even richer than Jeff Bezos

Jeff Bezos

is no longer the second richest person in the world.

The

Amazon.

AMZN -2.18%

com inc. was overtaken on Friday by Indian industrialist Gautam

Adani,

512599 -1.26%

whose net worth is $147 billion, according to Bloomberg Billionaires Indexranking of the richest people in the world.

Mr. Adani is now just watching

Elon Musk, who remains the richest man in the world by a wide margin. His fortune is $264 billion, according to Bloomberg.

The upheaval in the rankings of the world’s richest people comes 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 financial markets, meaning volatility in stocks and other holdings can affect their wealth. The S&P 500 is down 19% this year, and the tech-heavy Nasdaq Composite underperformed, falling 27%.

Jeff Bezos is now only the third richest person in the world.


photo:

Billy Bennight/Zuma Press

Figuring out the exact net worth of the world’s richest can, too 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 distribution, electricity and gas. He net worth reached $100 billion in April. Later that month his personal fortune surpassed that of Warren Buffett.

He is the first person from Asia to rank so high on Bloomberg’s wealth index, long dominated by American tech entrepreneurs.

Mr. Adani’s net worth has risen by $70 billion this year as shares of his conglomerate’s publicly traded businesses have risen. His push for green energy comes as Indian Prime Minister Narendra Modi has emphasized infrastructure development and renewable energy.

Earlier this year, his company closed a $10.5 billion deal acquires control of two Indian listed cement companies. He called his firm’s push into the cement industry “another vindication of our belief in our nation’s growth story.”

Mr Adani’s climb up the wealth ladder is in contrast to many of the world’s richest people. Nine of the 10 richest people have seen their wealth decline this year; Mr. Adani is the only one whose wealth has grown, according to Bloomberg’s ranking.

Mr. Bezos stepped down as Amazon’s CEO last year and is now the company’s executive chairman. He owned almost 10% of Amazon’s shares outstanding as of Aug. 24, according to FactSet. Amazon shares have lost more than a quarter of their value so far this year, contributing to a decline in Mr. Bezos’ $45.5 billion fortune. He also founded the private space company Blue Origin LLC.

Elon Musk remains the richest man in the world by a comfortable margin.


picture:

Jim Watson/Agence France-Presse/Getty Images

The net worth of Mr. Musk, who manages

Tesla Inc.

and who also founded the space exploration company SpaceX, is down $6.4 billion this year. Mr. Musk is involved in a botched purchase deal

Twitter Inc.

Twitter shareholders this week approved the $44bn acquisition deal struck by Mr Musk has tried to abandon. Mr. Musk and the company are embroiled in a legal battle over the future of the deal.

Messrs. Bezos and Musk have interacted on Twitter in the past. Mr. Musk mocked the Amazon founder when it surpassed him in net worth last year.

Amazon and Tesla did not respond 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.

Write to Alison Prang at [email protected]

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It appeared in the September 17, 2022 print edition as “Adani overtakes Bezos as No. 2 richest man”.

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