21 Jul 2022

Gautam Adani has overtaken Bill Gates to become the 4th richest person in the world

Indian businessman Gautam Adani has overtaken Microsoft co-founder Bill Gates to become the world's fourth-richest person, according to Forbes' Real-Time Billionaires List. The 60-year-old business magnate's net worth reached $115.5 billion on Thursday, eclipsing Mr. Gates' $104.6 billion fortune.
With $90 billion, compatriot Mukesh Ambani is at number 10 on the list.

Tesla and SpaceX founder Elon Musk, who was involved in a huge controversy after his attempt to buy Twitter only to later abandon it, tops the list with $235.8 billion.

The Adani Group chairman is known for turning a small commodities business into a conglomerate including ports, mines and green energy.

"Some of Adani Group's listed shares have soared more than 600% in the past two years on bets that its push for green energy and infrastructure will pay off as Prime Minister Modi looks to revive the $2.9 trillion economy and meet India's goal of zero carbon clean energy by 2070.” Bloomberg announced recently as he overtook Mr. Ambani as Asia’s richest man.

"In less than three years, Adani has gained control of seven airports and nearly a quarter of India's air traffic. His group now owns the country's largest airport operator, electricity generator and city gas seller in the private sector," the business intelligence agency said. he added.

Adani said on Thursday that the group had won a tender to privatize a port in Israel in partnership with Gadot.

The Port of Haifa is the largest of Israel's three main international seaports.

Adani Data Networks along with Reliance Jio, Bharti Airtel and Vodafone Idea have also applied to participate in the upcoming 5G auction. The spectrum auction, set to begin on July 26, may see aggressive bidding for some frequency bands.

Adani Group said on Saturday it was in the running to acquire spectrum, which it said would be used to create a private network to support its businesses from airports to energy as well as data centres.

On the occasion of Mr. Adani's 60th birthday last month, his family pledged to donate 60,000 crore rupees to various social causes.

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