Self-made billionaire Gautam Adani has overtaken renowned investor Warren Buffett to become the world's fifth-richest person, according to the Forbes Real-Time Billionaires List.
With a net worth of $122.8 billion, the Adani Group chairman edged out Mr Buffet, chairman of Berkshire Hathaway, on Monday to join the top five billionaires club for the first time, the rich list showed. Mr Buffett, known as the "Oracle of Omaha", has a net worth of $121.7bn.
The top four richest billionaires in the world remain unchanged, with Tesla chief executive and founder Elon Musk, who is currently locked in a takeover bid for Twitter, retaining his number one ranking with a net worth of $269.7bn.
Amazon founder Jeff Bezos is the world's second-wealthiest person with a net worth of $170.2bn. He is followed by Bernard Arnault, chairman of French luxury group LVMH, with a personal fortune of $166.8bn, and Microsoft founder Bill Gates in fourth place with $130bn.
Reliance Industries chairman Mukesh Ambani is the world's eighth-richest person with a net worth of $103bn, according to the real-time Forbes index.
In total, there are 2,668 billionaires in the world, down from a record of 2,755 in 2021, Forbes said in its annual 2022 World Billionaires List. The list was released last month and used stock prices and exchange rates from March 11 to calculate the net worth of the world’s richest people.
“In all, 329 people fell off the billionaires list this year — the most since the 2009 financial crisis,” Forbes said at the time.
“The United States still has more billionaires than any other country, with 735, up from 724 last year,” it added. “China remains second, with 607, including Hong Kong and Macau, followed by India (166), Germany (134) and Russia (83).”
Meanwhile, the combined net worth of the world’s richest people slipped 3 per cent to $12.7 trillion over the past year, from a record $13.1tn in 2021. This was driven by the Russia-Ukraine crisis, Covid-19 pandemic and volatile stock markets, Forbes said in the annual report.
In February, Mr Adani, 59, was named the wealthiest person in Asia with a net worth of $88.5bn and ranked as the 10th-richest person in the world at the time, Bloomberg reported.
However, Mr Adani is one of the worlds' biggest wealth-gainers this year, adding more than $40bn to his fortune as shares of his listed companies skyrocketed, according to Forbes.
Mr Adani is a first-generation entrepreneur who began his career as a diamond trader in Mumbai in the 1980s, before helping to run his brother’s plastics business in the state of Gujarat.
In 1988, he set up Adani Enterprises — the group’s flagship company — as an agri-commodities trader.
Over the past 20 years, the group has diversified into ports, power generation and distribution, airports, data centres and digital services.
In November, the Adani Group committed to invest $70bn by 2030 across its green-energy value chain to become the world’s largest renewable energy producer.
The company is also accelerating plans for its solar-energy portfolio and ports business to be carbon neutral by 2025.
Top 10 richest people in the world
- Elon Musk: $269.7bn
- Jeff Bezos: $170.2bn
- Bernard Arnault: $166.8bn
- Bill Gates: $130bn
- Gautam Adani: $122.8bn
- Warren Buffett: $121.7bn
- Larry Ellison: $107.6bn
- Mukesh Ambani: $103bn
- Larry Page: $102.4bn
- Sergey Brin: $98.5bn
Source: Forbes Real-Time Billionaires List
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World’s top 12 youngest billionaires under 30 — in pictures
UAE currency: the story behind the money in your pockets
RESULT
Manchester United 1 Brighton and Hove Albion 0
Man United: Dunk (66' og)
Man of the Match: Shane Duffy (Brighton)
Brief scores:
Everton 0
Leicester City 1
Vardy 58'
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Company%20Profile
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Killing of Qassem Suleimani
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
1971: The Year The Music Changed Everything
Director: Asif Kapadia
4/5
England Test squad
Joe Root (captain), Moeen Ali, James Anderson, Jonny Bairstow (wicketkeeper), Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Dawid Malan, Jamie Porter, Adil Rashid, Ben Stokes.
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
Abu Dhabi racecard
5pm: Maiden (Purebred Arabians); Dh80,000; 1,400m.
5.30pm: Maiden (PA); Dh80,00; 1,400m.
6pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (PA); Group 3; Dh500,000; 1,600m.
6.30pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (Thoroughbred); Listed; Dh380,000; 1,600m
7pm: Wathba Stallions Cup for Private Owners Handicap (PA); Dh70,000; 1,400m.
7.30pm: Handicap (PA); Dh80,000; 1,600m
The specs
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 760Nm
Price: Dh898,000
On sale: now
The biog
DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
