Currently, this billionaire is wealthier than Jeff Bezos

Gautam Adani

The second-richest person in the world, Jeff Bezos, is no longer the case.

The Indian businessman Gautam Adani, 512599 -1.26%, who has a net worth of $147 billion, surpassed the founder of Amazon.com AMZN -2.18% Inc. on Friday, according to the Bloomberg Billionaires Index, a list of the world’s wealthiest people.

Elon Musk, who continues to be the richest man in the world, is now only slightly behind Mr. Adani. Bloomberg estimates his net worth at $264 billion.

The shifting of the world’s richest people’s rankings

individuals coincides with the year-long decline in stock prices caused by rising interest rates and inflation. Since many of the world’s wealthiest individuals have at least a portion of their net worth entailed in the financial markets, stock market volatility and other holdings may have an impact on how wealthy they are seen to be. The tech-heavy Nasdaq Composite has suffered worse, plunging 27%, while the S&P 500 is down 19% for the year.

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Establishing the actual net worth of the world’s wealthiest people may also be difficult, owing to the fact that many of their possessions are secret.

Mr. Adani, 60, is the chairman of the Adani Group, an India-based conglomerate specialising in green energy, power, and gas distribution. In April, his net wealth surpassed $100 billion. Later that month, his personal worth surpassed Warren Buffett’s.

He is the first Asian to score so high on Bloomberg’s wealth index, which has traditionally been dominated by U.S. tech entrepreneurs.

Mr. Adani’s net worth has increased by $70 billion this year due to the surge in the value of his conglomerate’s publicly traded enterprises.

Jeff Bezos

Establishing the actual net worth of the world’s wealthiest people may also be difficult, owing to the fact that many of their possessions are secret.

Mr. Adani, 60, is the chairman of the Adani Group, an India-based conglomerate specialising in green energy, power, and gas distribution. In April, his net wealth surpassed $100 billion. Later that month, his personal worth surpassed Warren Buffett’s.

He is the first Asian to score so high on Bloomberg’s wealth index, which has traditionally been dominated by U.S. tech entrepreneurs.

Mr. Adani’s net worth has increased by $70 billion this year due to the surge in the value of his conglomerate’s publicly traded enterprises.

Mr. Bezos stepped down as Amazon’s CEO last year and is now the company’s executive chairman. According to FactSet, he holds about 10% of Amazon’s outstanding shares as of August 24. Amazon’s stock has lost more than a quarter of its value this year, adding to Mr. Bezos’ $45.5 billion wealth loss. He also launched Blue Origin LLC, a privately held space firm.

Elon Musk

Amazon and Tesla didn’t respond to requests for comment on behalf of Messrs. Bezos and Musk, respectively. Adani Group didn’t respond to a request for comment on behalf of its chairman.

Amazon and Tesla did not reply to calls for comment on Mr. Bezos’ and Mr. Musk’s behalf. Adani Group did not react to a request for comment on its chairman’s behalf.

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