Friday, September 9, 2022

The third richest man in the world behind Musk and Bezos is a college dropout whose fortune has surged $60 billion this year

Gautam_AdaniThe third richest man in the world, with a net worth of $137 billion, is Indian-born Gautam Adani. While other billionaires have watched their wealth deplete this year, Adani has surpassed his peers by making $60 billion this year alone.

Adani is the founder of Indian multinational conglomerate, Adani Group, which is the country’s biggest port operator. Additionally, the company has a hand in electric power generation and transmission, renewable energy, natural gas, infrastructure, airport operations and mining.

While the flagship entity, Adani Enterprises, has seen a 73% jump in consolidated net profit for the first quarter and a 225% surge in consolidated revenue, some have concerns regarding the debt-to-equity ratio. Some have described the empire as “deeply overleveraged,” while the official comment from Adani Group remains that its companies have successfully executed expansion plans over the past decade and are not concerned.

For more information see Barbara Kollmeyer “The third richest man in the world behind Musk and Bezos is a college dropout whose fortune has surged $60 billion this year” Yahoo! Finance, August 30, 2022.

Special thanks to David S. Luber (Florida Probate Attorney) for bringing this article to my attention.

https://lawprofessors.typepad.com/trusts_estates_prof/2022/09/the-third-richest-man-in-the-world-behind-musk-and-bezos-is-a-college-dropout-whose-fortune-has-surg.html

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