Gautam Adani’s Wealth Surpasses Warren Buffett’s, Becomes 5th Richest Person

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Gautam Adani’s Wealth Surpasses Warren Buffett’s, Becomes 5th Richest Person
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Industrial mogul and chairperson of the port and energy conglomerate Adani Group, Gautam Adani has surpassed the marquee investor Warren Buffett to become the 5th richest person in the world, with an estimated net worth of $123.7 billion, while Buffett's net worth stood at $121.7 billion, as of Friday’s close.

The 59-year old industrialist is the biggest wealth-gainer in 2022, adding $43 billion to his wealth in the year, with his portfolio jumping by a whopping 56.2%.

Adani is the founder and chairman of Adani Group, with businesses spread across multiple segments including energy, edible oil, airports, power generation and distribution, among others.

There are 7 companies listed under the Adani Group, including Adani Power (NS: ADAN ), Adani Total Gas (NS: ADAG ), Adani Green Energy (NS: ADNA ), Adani Transmission (NS: ADAI ), Adani Enterprises (NS: ADEL ), Adani Ports and Special Economic Zone (NS: APSE ), and the recently listed edible oil major Adani Wilmar (NS: ADAW ).

These subsidiary companies have zoomed from 19-195% in 2022 so far, while shares of ​​Adani Wilmar have rallied 235% compared to its issue price and Adani Power has surged 170%.

Recently, the Abu Dhabi-based investment firm International Holding Company (IHC) announced to invest $2 billion in three companies of Adani Group, including Adani Green Energy.

The Adani Group firm is backed by some of the most revered financing names and capital raising companies and has one of the largest renewable portfolios in the world.

The Group announced buying India’s largest marine services company Ocean Sparkle for $220 million on Friday.

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