Adani, who built his empire on agri-trading, coal and ports, has been moving up a wealth ranking traditionally dominated by US tech entrepreneurs. He’s been rapidly diversifying into green energy, airports, data centres, digital services and media, aligning his strategy with Indian Prime Minister Narendra Modi’s nation-building agenda. Firms in his eponymous group have attracted global investors including France’s TotalEnergies and Warburg Pincus, boosting their shares.
The first-generation entrepreneur and college dropout who started off with an agri-trading firm in the late 1980s has amassed almost all of his wealth in the past two years as his push to diversify intensified.
His ascent coincided with a philanthropic boost by some of the world’s richest people. Gates said earlier this month that he’s sending $US20 billion to his foundation, which would more than cover the $US15 billion he and his ex-wife promised in 2021. Last year’s pledge was accounted for in the wealth index when he made the announcement, and $US5 billion more was added to that liability for the new promise, dropping Gates’s net worth to just below Adani’s.
Warren Buffett, who’s fallen to No. 7 on the ranking, has donated more than $35 billion to the charity, including $US3.1 billion in June alone. Adani has also increased his charitable giving. In June, to mark his 60th birthday, he pledged to donate $US7.7 billion to a variety of social causes.
his Adani mine is tax free for few years