Business conglomerate Adani Group's chairman Gautam Adani is now the world's third-richest person after overtaking France's Bernard Arnault according to Bloomberg Billionaires Index.
With a total net worth of $137.4 billion (£117 billion), the 60-year-old Adani has surpassed the wealth of Louis Vuitton chairman Arnault and is now just behind business magnate Elon Musk and Jeff Bezos in the ranking. In the latest Bloomberg Billionaires Index, Reliance chief Mukesh Ambani is at number 11 with a total $91.9 billion (£78.2 billion) worth.
This is the first time an Asian person has broken into the top three of the Bloomberg Billionaires Index.
The index is a daily ranking of the world's richest people. Details about the calculations are provided in the net worth analysis on each billionaire's profile page. The figures are updated at the close of every trading day in New York.
The net worth of Elon Musk and Jeff Bezos are currently at $251 billion (£214 billion) and $153 billion (£130 billion), respectively.
Adani is a first-generation entrepreneur and the Adani Group comprises of seven publicly listed entities with businesses spanning energy, ports and logistics, mining and resources, gas, defence and aerospace and airports. In each of its business areas, the Group has established a leadership position in India.
The Adani Group is the third largest conglomerate (after Reliance Industries and the Tata Group) in India.
Listed Adani group companies are Adani Enterprises, Adani Green Energy, Adani Ports and Special Economic Zone, Adani Power, Adani Total Gas, and Adani Transmission.
Over the past five years, flagship company Adani Enterprises has invested heavily in new growth sectors that include airports, cement, copper refining, data centres, green hydrogen, petrochemical refining, roads and solar cell manufacturing.
Looking ahead, it plans to foray into the telecom space and has massive plans to grow its green hydrogen and airports businesses.
Recently, the Group also announced plans to set up a 4.1 mtpa integrated alumina refinery and a 30 mtpa iron ore beneficiation plant in the eastern Indian state of Odisha that could cost over Rs 580 billion (£6.2 billion).
As corporate social responsibility towards the community, the Adani Group had decided to contribute Rs 60,000 crore (£6.42 billion) towards charitable activities related to healthcare, education, and skill development, focussing especially on rural India, he told shareholders at the group's Annual General Meeting held in late July.
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