Gautam Adani surpasses Buffett to become fifth-richest person: Forbes

Adani's estimated $123.7-billion net worth makes him the richest person in India

Gautam Adani, chairman of Indian conglomerate, has become the fifth-richest person in the world by overtaking American investor Warren Buffett, according to Forbes.

Adani, 59, had an estimated net worth of $123.7 billion as of Friday’s market close, more than the $121.7-billion fortune of 91-year-old legendary investor Buffet, according to the business magazine.

The Adani group, a port-and-energy conglomerate with seven publicly traded companies in India, contibutes most in its chairman’s net worth. The group has seven listed companies, including Adani Enterprises, Adani Ports, Adani Power, Adani Total Gas, Adani Green Energy, Adani Transmission and Adani Wilmar.

Adani’s fortune was worth $8.9 billion just two years ago. In March 2021, his wealth spiked to an estimated $50.5 billion and the fortune almost doubled to $90 billion in March 2022 as Adani Group stocks rose even further.

His fortune began to take off at the start of the Covid-19 pandemic, with the expansion of the Adani Group through major acquisitions like the 2020 purchase of a 74 per cent stake in Mumbai International Airport, India's second-busiest airport, and the $3.5-billion buyout of Softbank’s renewable energy unit In India. On Friday, Adani agreed to buy Ocean Sparkle, India’s largest marine services company, in a $220-million deal.

Earlier this month, Abu Dhabi’s International Holding Co, run by the brother of the United Arab Emirates’ crown prince, invested $2 billion in three of Adani’s green-energy-focused firms

The four world tycoons ahead of Adani on the billionaire list now are Microsoft co-founder Bill Gates ($130.2 billion), Bernard Arnault ($167.9 billion), Jeff Bezos ($170.2 billion), and Elon Musk ($269.7 billion).