Business

Gautam Adani becomes Asia’s second richest man

With a net worth of $67 Billion, Adani surpassed Zhong Shanshan of China.

Ahmedabadi businessman Gautam Adani, became the second richest man in Asia, only behind Mukesh Ambani. On Thursday, Adani went past Zhong Shanshan, the head of China-based beverages-to-Pharma conglomerate. Globally Adani’s ranking is 14th richest. 

He has made his fortune in infrastructure, renewable energy, thermal energy and cooking oil. As of Thursday, Adani’s total net worth was $66.5 billion. Adani wealth surged $32.7 billion this year.

His sudden rise in fortune happened in the last year since May 2020, as the stock price of the six companies that he holds, reached new heights according to BSE data.

The sudden rise came through the market capitalisation of companies associated with him. Dalal street seems to love Adani and has helped him make a gigantic rise. From about $20 billion at the start of May last year, to nearly 115 billion, a growth of 600%. In the last year, the stock of Adani Total Gas has rallied 1,145%, the most among the 6 companies. Adani Enterprise has jumped 827%, Adani Transmission 617%, Adani Green Energy 433% and Adani Power 189%. The least of the gains was recorded in Adani Power stock that has rallied 142%. 

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