Adani’s wealth grows most on India rich list | Economic Times

Mumbai: Gautam Adani’s personal wealth, as reflected in his share of the Adani Group market cap, has risen the most in 2020 when compared with other Indians of similar standing. Adani’s wealth has risen $19.4 billion so far in 2020 to $30.7 billion with six listed companies adding $ 27 billion (Rs 2.01 lakh crore) in market cap since January this year. Adani is the world's ninth-biggest wealth creator, ahead of Steve Ballmer, Larry Page and Bill Gates.Adani is closely followed by Mukesh Ambani of Reliance Industries whose personal wealth, as reflected in his share of the Reliance group market cap, rose by $16.9 billion. Elon Musk of Tesla leads the table with his wealth surging $92 billion to $120 billion so far in 2020; while Jeff Bezos (of Amazon) and Zhong Shanshan’s (of Nongfu Spring) wealth has risen by $68 billion and $57 billion, respectively.Gautam Adani’s billions have been made possible by surging share prices of Adani Green, Adani Enterprises, Adani Gas and Adani Transmission. Adani Green Energy shares have jumped 551 per cent in 2020, while Adani Gas and Adani Enterprises shares have rallied 103 per cent and 85 per cent, respectively. Adani Transmission and Adani Ports have gained 38 per cent and 4 per cent, respectively, during this period, while Adani Power declined by 38 per cent.Interestingly, Indian mutual funds have shown very little interest in Adani Group stocks despite the sharp run-up in share prices. Some mutual funds hold 4 per cent in Adani Ports and 1 per cent in Adani Enterprises but no shares of other companies.Gautam Adani who started his commodity trading business in 1988 at the age of 32, today owns ports, airports, energy, resources, logistics, agribusiness, real estate, financial services and defense businesses among others.