Gautam Adani becomes the second-richest person in the world, surpasses Jeff Bezostext_fields
New Delhi: Indian billionaire Gautam Adani has become the second richest person in the world surpassing Amazon founder Jeff Bezos and LVMH owner Bernard Arnault. Last month, Adani had overtaken Arnault and become the third richest person.
He is currently worth $154.7 billion, reported Forbes. Adani has been steadily climbing the rich list for a while now.
Tesla chief Elon Musk remained the richest person with a net worth of $273.5 billion. While Arnault has moved up to the third spot, Bezos went from the second spot to the fourth spot on the rich list. Another Indian to make it to Fobes' list is Mukesh Ambani at the eighth spot with $92 billion.
The Adani Group started as a commodities trader in the late 1980s and then diversified from mines, ports, and power plants into airports, data centres, and defences. An aggressive expansion plan has been executed over the last few years.
After Adani Group made an aggressive move recently to acquire NDTV, CreditSights, a Fitch Group unit said that his ports-to-power-to-cement conglomerate is "deeply overleveraged" with the group predominantly using debt to invest aggressively across existing as well as new businesses.
"In the worst-case scenario, overly ambitious debt-funded growth plans could eventually spiral into a massive debt trap, and possibly culminate into a distressed situation or default of one or more group companies," said the report.