Gautam Adani has added more billions to his wealth than any one else in the world this year on the back of investor excitement around his ports-to-power plants conglomerate.
The net worth of Adani has jumped $16.2 billion in 2021 to $50 billion, according to the Bloomberg Billionaires Index. This has made him the year’s biggest wealth gainer, beating even Elon Musk, who has tussled with Jeff Bezos in 2021 for the title of world’s richest. Shares of all Adani group stocks, except one, have rallied at least 50% this year.
The surge in wealth dwarfs the $8.1 billion added by Adani’s compatriot and the richest person in Asia, Mukesh Ambani. It also underscores the rising heft of the self-made billionaire, who has lured investment from Total to Warburg Pincus. Adani has been rapidly expanding his conglomerate, adding ports, airports, data centres and coal mines in India, while doggedly proceeding with his controversial Carmichael coal project in Australia.
Adani Total Gas has jumped almost 97% this year, while the flagship Adani Enterprises has advanced 87%. Adani Transmission is up 77%. Adani Power and Adani Ports have gained more than 50% this year.