NANDITA.VENKATESAN@LIVEMINT.COM Business tycoon Gautam Adani, who on Tuesday became the world’s third-richest person, is among the 10 richest people in the world who have seen their net worth rise this year, a mint analysis by Bloomberg Billionaires Index revealed. Is.
With a net worth of $137.4 billion, Adani surpassed Louis Vuitton boss Bernard Arnault when the index was updated after the close of US trading hours on Monday.
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At the start of the year, Adani had a net worth of $76.1 billion, making him the 15th richest globally. The bulk of Adani’s fortune comes from the stake in publicly traded companies held by the group he founded.
Adani has achieved more this year ($60.9 billion) than any other billionaire in the top 500 list. His profit exceeds the net worth of all except 18 persons.
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The next biggest gainer was Swiss entrepreneur Guillaume Pousaz, who added $11.7 billion to his net worth over the same period.
As of Tuesday, 392 of the top 500 billionaires saw their net worth fall as stocks recovered sharply amid fears of red-hot inflation, a reversal of easing monetary policies, a Russo-Ukraine war and fears for much of this year. of an impending recession.
India had 18 billionaires in the top 500, of whom apart from Adani, only two—Reliance Industries chairman Mukesh Ambani and former Eicher Motors boss Vikram Lal, ranked 11th and 368th—increased their net worth this year.
While Ambani’s net worth grew by $1.96 billion, or 2%, the year-over-year change for Lal was $832 million, or 15%.
Wipro founder Azim Premji saw the sharpest drop in net worth among Indian billionaires, both in absolute and percentage terms: $16 billion, or 39% of his net worth this year. It was followed by Shiv Nadar of HCL Technologies, whose net worth declined by $9.9 billion, or 30%. Savitri Jindal, the only Indian woman billionaire on the list, lost 5% of her net worth.
Fears of a slowdown in Western markets have led to a steep fall in tech stocks this year, which these companies make up for.
The toast of the corporate circuit through the Covid pandemic with large-scale deployment of the Covishield vaccine as part of the vaccine rollout in India, has seen his net worth dip to less than $3.7 billion.
Net worth is calculated based on public information such as dividend income, share sales and the value of shareholdings in companies and fluctuates daily with the stock market.
The net worth of the top 500 billionaires has declined by 14% so far this year, but the gains made by Adani and Ambani put Indians on the list after a 4% increase. However, the fortunes of billionaires are not declining as fast now: the global top 500 has lost just 1% in the past three months, with 18 Indians gaining 7%.
This period saw little change in the net worth of billionaires in the US, while Canada saw the most significant increase of 13% between May and August. The US added six billionaires during this period, while China gained five billionaires.
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