Gautam Adani jumps back to third spot on Forbes billionaires list

As Indian stocks rallied for the second week, Gautam Adani reclaimed the third spot on the Forbes’ Real-Time Billionaires List, overtaking Amazon founder Jeff Bezos again.

As Indian equity benchmarks rallied on Monday, Gautam Adani’s wealth rose to $131.9 billion on the back of $314-million gain, taking him behind Louis Vitton’s Bernard Arnault, who remained at the second spot on the Forbes list with a net worth of $156.5 billion.

Also read: Adani group to invest $150 billion in pursuit of $1 trillion valuation

Amazon suffers weak holiday sales

The Forbes list showed a sharp fall in Jeff Bezos’ wealth to $126.9 billion after Amazon predicted weak holiday sales last Thursday due to inflationary pressures on the economy, sending shares of the world’s largest retailer plummeting in after-hours trading.

The Adani group has presence in a diverse range of sectors such as energy, power distribution, ports, renewable energy, infrastructure, data centres and aerospace.

List mimics global turbulence

The rankings have been swinging back and forth in recent weeks, mirroring the turbulence in the broader global equities markets.

Also read: Adani Group gets unified licence to offer telecom services in India

In September, Adani had become the world’s second richest man surpassing Arnault but soon dropped to fourth position after Arnault and Bezos. The difference between the three is around $ 30 billion.

Twitter’s new CEO Elon Musk continues to be on the top with a net worth of 223.8 billion.