Market rout pushes Gautam Adani down to No. 4 on Forbes rich list after $22 bn loss in fortnight

Billionaire Gautam Adani, whose wealth skyrocketed to bring him the glory of being the world’s second richest, has slid down to the No. 4 spot on the global billionaires’ list after losing around $22 billion in a fortnight.

French luxury retail king Bernard Arnault returns to the No.2 spot on the Forbes Real-time Billionaires’ List while Amazon founder Jeff Bezos leaves behind Adani to seize the No. 3 spot with a $138.2-billion fortune.

On September 16, when Adani had made it to No. 2 for the first time, his wealth was estimated around $155.7 billion. Latest data showed the figure to be around $133.3 billion, a loss of $22.4 billion in around a fortnight.


Tesla founder Elon Musk continues to sit tight on the No. 1 position. With a net worth estimated to be around $249.9 billion, he is way ahead of his nearest competitor Aranult family, worth $141.9 billion.

The ongoing rout in the equity market, triggered by the outcome of the US Fed policy meeting, had its bearing on Adani’s fortune.

September has been the worst month for Indian stocks so far in the calendar year with a loss of over 5% on the index.
Most Adani Group stocks were trading under pressure on Friday with losses going up to 4%. With a market capitalisation of around Rs 20 lakh crore, the ports-to-power conglomerate is India's most valued business house.

The recently released IIFL Wealth Hurun India Rich List 2022 showed that Adani has been creating wealth at an unprecedented rate of Rs 1,612 crore per day.

In the last five years, the Ahmedabad-based businessman’s wealth, fuelled by acquisitions and organic growth, has increased by an astounding 1,440%.