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Gautam Adani, the richest man in India, gets replaced on the Forbes list by French luxury king Arnault

Gautam Adani, Bernard Arnault and Jeff Bezos

In Forbes’ Real-time Billionaires List, Gautam Adani has moved down two places. The industrialist from Ahmedabad, who rose to the second-richest position in the world, fell behind e-commerce tycoon Jeff Bezos and French luxury retail tycoon Bernard Arnault.

With a wealth of $249.9 billion, Elon Musk, CEO of Tesla, continues to lead the list, followed by Arnault ($142.2 billion), Bezos ($138.2 billion), and Adani ($136 billion). Mukesh Ambani, the second-richest person in India, is ranked eighth on the list with an overall net worth of $84.6 billion.

Since a few months ago, Adani has been in the news for all the right reasons. The industrialist has experienced a dramatic climb in the last several years, going from being the sole Indian among Times’ 100 most influential people to becoming India’s richest person.

In the wake of a number of events, including the US Federal Reserve raising interest rates in an effort to contain inflation, the Indian market witnessed some equities shooting down after a tumultuous stock market run.

The Adani Group is the umbrella organisation for a number of businesses, including those engaged in the energy, port, and gas industries. Adani recently disclosed that the company plans to invest $100 billion over the next ten years, with 70% going towards green energies.

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