The second-richest person in the world, Jeff Bezos, has just dropped to third place as Indian business tycoon Gautam Adani rapidly advances up Bloomberg’s Billionaire Index.
With $260 billion in his bank account, Elon Musk, who is still the richest person in the world, may need to be careful.
After beginning the year in position 14, Adani climbed from there to position 2 in less than ten months.
Since white tech entrepreneurs have long dominated Bloomberg’s list, a person from Asia has never placed so high on the list.
Adani’s $146.9 billion fortune, largely tied up in holdings of his sprawling Adani Group conglomerate, still trails well behind Musk’s $260 billion. The group operates a range of businesses including ports and coal that have thrived in recent years.
Shares of some Adani companies have jumped more than 1,000% since June 2020 — reflecting investor optimism about the conglomerate’s strength in areas like infrastructure and renewable energy that Prime Minister Narendra Modi has prioritized for development. Shares of his flagship Adani Enterprises are up more than 115% in 2022.
In February, Adani overtook fellow Indian tycoon Mukesh Ambani to become Asia’s wealthiest person.
Bezos’s net worth slumped to $145.8 billion, according to Bloomberg, as tech stocks were hit hard amid a broader equities selloff Friday. Amazon shares fell 3% in early trading, and the stock is down more than 25% this year.
The Amazon founder previously ranked No. 1 on the list, but his wealth took a hit after his 2019 divorce. Much of his wealth is tied up in Amazon stock. According to Bloomberg, the tech selloff has shaved $45 billion off Bezos’ net worth since January.