Embattled Indian billionaire Gautam Adani has tumbled out of the world’s top 20 richest people list after shedding another $10.7 billion of his net worth, as the market value of the Adani Group companies has been halved in a stock rout that started last week, according to the Bloomberg Billionaires Index.
The Adani Group chairman has had $59.2 billion wiped from his personal fortune since last week, when US investor Hindenburg Research accused companies owned by the Indian tycoon of “brazen” market manipulation and accounting fraud.
Shares in Adani Group companies plummeted on Thursday after the conglomerate cancelled its 200 billion Indian rupee ($2.43 billion) share sale, citing “volatile market conditions”, extending the decline in the market value of its associated 10 businesses to $108 billion.
The size of the wipeout increased to more than $118 billion on Friday as the sell-off continues.
“After a fully subscribed FPO [follow-on public offer], yesterday’s decision of its withdrawal would have surprised many,” Mr Adani said in a video address to investors on Thursday.
“But considering the volatility of the market seen yesterday [Wednesday], our board strongly felt that it would not be morally correct to proceed with the FPO.”
However, Adani Group dollar bonds rallied on Friday as Mr Adani was said to be in talks with creditors to prepay some loans in a bid to restore confidence in his business empire, Bloomberg reported.
The notes also pared losses from earlier in the week as Goldman Sachs Group and JP Morgan Chase told some clients that Adani bonds can offer value due to the strength of certain assets, Bloomberg said.
India’s parliamentary proceedings were also adjourned for a second day on Friday over motions to debate the Adani Group fallout, following opposition sloganeering and demands for an investigation into the company's stock rout.
Mr Adani, a self-made billionaire, is now the world’s 21st-richest person with a net worth of $61.3 billion, a sharp drop from the peak of his wealth of $150 billion in September last year.
He was one of the biggest wealth-gainers in 2022, adding $42.2 billion to his net worth and overtaking centibillionaires such as Bill Gates and Warren Buffett on the Bloomberg Billionaires Index.
The tycoon started climbing the ranks of the world’s richest in April last year, when shares in his listed companies rocketed.
He ended 2022 as the world’s third-richest person with a fortune of $119 billion.
Mr Adani, a first-generation entrepreneur who began his career as a diamond trader in Mumbai in the 1980s, helped to run his brother’s plastics business in his home state of Gujarat before setting up Adani Enterprises — the group’s flagship company — as an agricultural commodities trader in 1988.
World's richest people in 2022 — in pictures
Meanwhile, Bernard Arnault, chairman of French luxury group LVMH, continues to hold the top spot on the Bloomberg Billionaires Index with a net worth of $193 billion. So far, this year, Mr Arnault has added $30.7 billion to his fortune.
Tesla co-founder and Twitter owner Elon Musk, who shed a whopping $138 billion from his personal fortune in 2022, is the world’s second-wealthiest person with a net worth of $174 billion.
Amazon founder Jeff Bezos is now the third-richest person with a net worth of $136 billion.
The world’s top 10 richest people
- Bernard Arnault — $193 billion
- Elon Musk — $174 billion
- Jeff Bezos — $136 billion
- Bill Gates — $115 billion
- Warren Buffett — $108 billion
- Larry Ellison — $102 billion
- Larry Page — $98.4 billion
- Sergey Brin — $94.6 billion
- Steve Ballmer — $94 billion
- Carlos Slim — $84.2 billion
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
Results
5pm: UAE Martyrs Cup (TB) Conditions Dh90,000 2,200m
Winner: Mudaarab, Jim Crowley (jockey), Erwan Charpy (trainer).
5.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,400m
Winner: Jawal Al Reef, Richard Mullen, Hassan Al Hammadi.
6pm: UAE Matyrs Trophy (PA) Maiden Dh80,000 1,600m
Winner: Salima Al Reef, Jesus Rosales, Abdallah Al Hammadi.
6.30pm: Sheikha Fatima bint Mubarak (IFAHR) Apprentice Championship (PA) Prestige Dh100,000 1,600m
Winner: Bainoona, Ricardo Iacopini, Eric Lemartinel.
7pm: Sheikha Fatima bint Mubarak (IFAHR) Ladies World Championship (PA) Prestige Dh125,000 1,600m
Winner: Assyad, Victoria Larsen, Eric Lemartinel.
8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1 Dh5,000,000 1,600m
Winner: Mashhur Al Khalediah, Jean-Bernard Eyquem, Phillip Collington.
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
Results
Stage Two:
1. Mark Cavendish (GBR) QuickStep-AlphaVinyl 04:20:45
2. Jasper Philipsen (BEL) Alpecin-Fenix
3. Pascal Ackermann (GER) UAE Team Emirates
4. Olav Kooij (NED) Jumbo-Visma
5. Arnaud Demare (FRA) Groupama-FDJ
General Classification:
1. Jasper Philipsen (BEL) Alpecin-Fenix 09:03:03
2. Dmitry Strakhov (RUS) Gazprom-Rusvelo 00:00:04
3. Mark Cavendish (GBR) QuickStep-AlphaVinyl 00:00:06
4. Sam Bennett (IRL) Bora-Hansgrohe 00:00:10
5. Pascal Ackermann (GER) UAE Team Emirates 00:00:12
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
AGL AWARDS
Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
Best Fans of the Year: Sharjah
Goal of the Year: Michael Ortega (Baniyas)
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
Key features of new policy
Pupils to learn coding and other vocational skills from Grade 6
Exams to test critical thinking and application of knowledge
A new National Assessment Centre, PARAKH (Performance, Assessment, Review and Analysis for Holistic Development) will form the standard for schools
Schools to implement online system to encouraging transparency and accountability
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