India's Gautam Adani overtakes Bill Gates to become world's fourth-richest person
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Indian billionaire Gautam Adani built his empire on agri-trading, coal and ports.
PHOTO: AFP
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AHMEDABAD (BLOOMBERG) - Indian billionaire Gautam Adani has displaced Microsoft co-founder Bill Gates to become the world's fourth-richest person.
Mr Adani's net worth surged to US$112.5 billion (S$156.5 billion) on Thursday (July 21), surpassing Mr Gates by US$230 million, according to the Bloomberg Billionaires Index.
The Indian tycoon has added US$36 billion to his fortune this year, more than anyone else, while Mr Gates' has shrunk as he sped up philanthropic giving and tech shares sold off.
Mr Adani, who built his empire on agri-trading, coal and ports, has been moving up a wealth ranking traditionally dominated by US technology entrepreneurs. He has been rapidly diversifying into green energy, airports, data centres, digital services and media, aligning his strategy with Indian Prime Minister Narendra Modi's nation-building agenda.
Firms in his eponymous group have attracted global investors, including private equity firm Warburg Pincus and France's TotalEnergies, boosting their shares.
The first-generation entrepreneur and college dropout, who started off with an agri-trading firm in the late 1980s, has amassed almost all of his wealth in the past two years as his push to diversify intensified. He became a centibillionaire in April, joining the elite club that includes Tesla chief executive Elon Musk and Amazon founder Jeff Bezos.
In November, he pledged to invest US$70 billion across the green energy value chain by 2030 - a commitment that is often criticised by environmentalists given his group's investment in developing the Carmichael coal mine project in Australia.
Most recently, he has been exploring potential partnerships with Aramco, including the possibility of buying a stake in the Saudi petroleum giant; acquired Holcim's cement businesses in India for US$10.5 billion; and signed a pact with South Korean steel producer Posco to explore business opportunities.
In April, Adani Enterprises, the group's flagship firm, said it had established a new media subsidiary, signalling his ambitions to tap the fast-growing local entertainment market.
His ascent coincided with a philanthropic boost by some of the world's richest people. Mr Gates said earlier this month that he is sending US$20 billion to his foundation, which would more than cover the US$15 billion he and his former wife promised in 2021. Last year's pledge was accounted for in the wealth index when he made the announcement, and US$5 billion more was added to that liability for the new promise, dropping Mr Gates' net worth to just below Mr Adani's.
Investment guru Warren Buffett, who has fallen to No. 7 on the ranking, has donated more than US$35 billion to the charity, including US$3.1 billion in June alone.
Mr Adani has also increased his charitable giving. In June, to mark his 60th birthday, he pledged to donate US$7.7 billion to a variety of social causes.
