Gautam Adani Now World's 3rd Richest

Meet the third-richest person in the world, Gautam Adani, a billionaire who dropped out of college. He has a net worth of $137 billion.

On the list of world wealthiest people, there is a new No. 3. 

On August 30, 2022, Indian billionaire Gautam Adani overtook French luxury goods tycoon Bernard Arnault.

Gautam Adani has passed Bernard Arnault of France in the ranking, and now only Elon Musk and Jeff Bezos of the US are ahead of him with fortunes totaling $137.4 billion.

It's the first time an Asian has made the top three on the list; even fellow countrymen Mukesh Ambani, the CEO of Reliance, and Jack Ma, the CEO of China, have never gotten that far.

According to the most recent index data, Ambani is ranked 11th with a total worth of USD 91.9 billion. 

Elon Musk & Jeff Bezos each have a net worth of $251 billion  153 billion dollars, respectively.

The 60-year-old Mr. Adani has invested the last few years in growing his coal-to-ports conglomerate by foraying into a variety of industries, including data centres, cement, media, and alumina.

As his empire has expanded to one of the world's largest conglomerates fuelling the remarkable wealth gains, concerns have grown over the rapid growth.

Some lawmakers and market watchers have also raised concerns over opaque shareholder structures and a lack of analyst coverage at Adani Group companies.

However, as the tycoon concentrated on areas that Prime Minister Narendra Modi views as essential to achieving India's long-term goals, the shares have soared—some of them by more than 1,000% since 2020, with valuations reaching 750 times earnings.

Adani firms will acquire 29.18% of NDTV and open the door to another 26% stake.