Gautam Adani, an Indian Billionaire surpasses Bill Gates and is titled the world's fourth-richest person. Adani's net worth surged to $112.5 billion on Thursday, crossing the Microsoft Corp co-founder by $230 million, according to the Bloomberg Billionaire Index. This year, the Indian entrepreneur has gained $36 billion to his wealth, more than any other, while Gates has dropped as he increased his charity contributions and tech shares sold down.
Adani, who created his business via agri-trading, coal, and ports, has been climbing the wealth ladder, which has historically been dominated by US IT innovators. He's been aggressively diversifying into green energy, airports, data centers, digital services, and media, aligning his plan with the nation-building objective of Indian Prime Minister Narendra Modi. Firms in his namesake company have attracted worldwide investors such as TotalEnergies SE of France and Warburg Pincus, raising their stock prices.
In the late 1980s, the first-generation entrepreneur and college dropout who initiated an agri-trading firm accumulated almost all of his income in the past two years as his force to diversify intensified. In April, he became a centi-billionaire, joining the elite club that includes the richest people like Jeff Bezos and Elon Musk.
He pledged to invest $70 billion across the green energy value chain by 2030 in November. Given his group's interest in building the Carmichael coal mining project in Australia, environmentalists frequently question his devotion.
Most recently, he has been exploring potential partnerships with Aramco, including the possibility of purchasing a stake in the Saudi petroleum giant, acquiring Holcim Ltd's cement businesses in India for $10.5 billion, and signing an agreement to explore business opportunities with South Korean steel producer Posco.
In April, Adani Enterprises Ltd, the group's main company, announced the formation of a new media division, announcing its intentions to penetrate the rapidly expanding local entertainment business.
His rise coincided with a charitable boost from some of the world's wealthiest individuals. Gates said earlier this month that he will donate $20 billion to his foundation, more than covering the $15 billion he and his ex-wife committed in 2021. When he made the announcement, last year's pledge was accounted for in the wealth index, and $5 billion was added to that obligation for the current promise, bringing Gates' net worth to slightly below Adani's.
Warren Buffett, who has dropped to seventh place on the list, has contributed more than $35 billion to charity, including $3.1 billion in June alone.
Adani's charity contributions have also grown. On his 60th birthday in June, he committed to contributing $7.7 billion to a range of charitable projects.