Gautam Adani, from India, is already the third richest man in the world

(CNN Business) – Gautam Adani was indeed the richest man in Asia. He is also now the world’s third-richest person, surpassing LVMH Chairman Bernard Arnault and becoming the first Asian person to hold the position, according to Bloomberg’s Billionaires Index.

According to the index, Adani, which runs one of the largest conglomerates in India, is now worth about $137 billion.

That’s after this week’s increase put him behind Tesla CEO Elon Musk and Amazon founder Jeff Bezos, whose fortunes are estimated at $251 billion and $153 billion, respectively.

Like other billionaires around the world, Adani has seen her fortune skyrocket during the pandemic.

The founder of the Adani Group, which bears his name, controls companies ranging from ports and aviation to solar and coal.

His fortune has grown exponentially since the start of the global health crisis, with investors betting that he can grow his business in sectors that Indian Prime Minister Narendra Modi has prioritized development. Adani has also benefited from a rebound in coal use, which has driven it up in recent months, according to Bloomberg.

In February, Adani overtook Indian businessman Mukesh Ambani to become the richest person in the region.

Its rise in global wealth rankings comes as some of the world’s 1% members give up more resources.

In July, Microsoft co-founder Bill Gates announced that he would commit $20 billion to the Bill and Melinda Gates Foundation, reiterating his intention to drop “from the list of the world’s richest people”. Gates is currently the fifth richest person in the world, according to the Bloomberg Index, with a net worth of $117 billion.

Within India, Adani has made a name for itself in other ways.

Last week it announced a hostile attempt to acquire influential television network, New Delhi Television (NDTV). The operation is carried out by AMG Media Networks, a unit of the Adani Group.

However, the group’s entry into the media comes at a time when its rapid debt-driven expansion has become a concern for analysts. The move also raised concerns about the future editorial freedom of NDTV, one of the country’s most respected news networks.

Diksha Madhok contributed to this report.

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