Powered by a tremendous increase in Adani Group equities, billionaire Gautam Adani will close the year not just as the world's third richest person, but also as the top gainer, earning more billions than anybody else on earth in 2022.
According to the Bloomberg Billionaires Index, which counts the world's 500 richest individuals, Adani will be $47 billion richer in 2022. At the bottom of the list is Tesla CEO Elon Musk, who, while being richer than Adani and the world's No. 2, lost $114 billion this year.
Adani, the 60-year-old Ahmedabad-based billionaire, is ranked third on the rich and powerful list, trailing Musk ($156 billion) and French luxury retail tycoon Bernard Arnault ($163 billion).
Adani, who is currently Asia's busiest dealmaker, has been on an acquisition binge, acquiring businesses in industries as diverse as media and cement.
The coal-to-edible-oils conglomerate is close to the end of its takeover of television broadcaster NDTV NSE -3.80%. It acquired Ambuja Cement and ACC NSE -0.17% earlier this year, making it India's second-largest cement maker.
Adani Group stocks have delivered outstanding returns to investors this year, with four of the company's seven equities providing up to 200% of multibagger returns.
The group's total market capitalization has nearly doubled in the last year, reaching Rs 18.6 lakh crore in mid-December from Rs 9.6 lakh crore in 2021.
5 qualities that define Adani
The unusual Gujarati business tycoon, who dropped out of a south Mumbai college in 1978, began his career as a modest diamond merchant on Dhanji Street before establishing Adani Exports, which was subsequently rebranded Adani Enterprises NSE -0.38%.
According to author RN Bhaskar, in Adani's new biography released by Penguin, five characteristics distinguish him from many other entrepreneurs throughout the world:
1) According to the biography, Adani's refusal to receive capital from an investing public until a firm has begun to earn revenue has fostered a sense of devotion for him.
2) The second is his ability to establish and maintain relationships. The book Gautam Adani: Reimagining Business in India and the World claims that he dislikes backing out of any promise he has made. Nor does he try to buy out or squeeze out his own partners.
3) According to the author, the third point that sets Adani apart from many other Indian industrialists is that he does not prevent others from growing or competing with him.
4) The fourth element is that he is persuaded that growth may be secured when the business group's goals are strongly matched with national interests.
5) The fifth and last aspect mentioned in the book is Adani's regard for fair play.Bhaskar also explains, "On certain occasions, when he wished to buy out a shareholder, he paid him more than the market price."
© Vygr Media Private Limited 2022. All Rights Reserved.
