Jeff Bezos is no longer the second richest man in the world.
The founder of com Inc. surpassed on Friday the Indian industrialist Gautam Adani,
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 world’s richest man by a wide margin. He has a net worth of $264 billion, according to Bloomberg.
The upheaval in the rankings of the world’s richest people comes as stocks have slumped 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 measures of wealth. The S&P 500 is down 19% this year, and the tech-heavy Nasdaq Composite fared worse, down 27%.
Determining the exact net worth of the world’s richest people can too it’s difficult, in part because many of their farms are private.
Mr Adani, 60, is the chairman of the Adani Group, an India-based conglomerate involved in initiatives such as green energy, electricity and gas distribution. His fortune 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, which has long been dominated by US tech entrepreneurs.
Mr Adani’s net worth has risen by $70bn this year as shares of his group’s listed companies have risen. His green energy push 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 to acquire control of two Indian-listed cement companies. He called his company’s push into the cement industry “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 decline this year. Mr. Adani is the only one whose wealth has increased, according to Bloomberg’s ranking.
Mr. Bezos stepped down as Amazon’s chief executive last year and is now the company’s executive chairman. He owned 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, helping to reduce Mr Bezos’ wealth by $45.5 billion. He also founded the private space company Blue Origin LLC.
The 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 has been embroiled in a messy deal to buy Twitter Inc.
Twitter shareholders this week approved the $44 billion buyout deal that Mr. Musk is trying to walk away from. Mr. Musk and the company are embroiled in a legal dispute over the future of the deal.
Messrs. Bezos and Musk have interacted on Twitter before. Mr Musk mocked the Amazon founder when he surpassed him in net worth last year.
Amazon and Tesla did not respond to requests for comment from Mr. Bezos and Mr. Musk, respectively. The Adani Group did not respond to a request for comment from its chairman.
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It appeared in the September 17, 2022 print edition as “Adani overtakes Bezos as No. 2 richest person”.