What is Gautam Adani's Net Worth?
Gautam Adani is an Indian entrepreneur with a net worth of $101 billion. He is the founder and chairman of Adani Group, a multinational conglomerate. He has also served as the president of the Adani Foundation. Adani has been recognized as the richest person in Asia and one of the richest individuals globally. By early 2022, his net worth was $75 billion, ranking him 13th in the world. In five months, his net worth surged by $50 billion, making him the fastest-growing billionaire of that period. On April 26, 2022, his net worth reached $125 billion, surpassing Warren Buffett to become the fifth richest person in the world. Adani has been one of the richest people in India for over a decade.
Early Life and Education
Born on June 24, 1962, in Ahmedabad, Gujarat, India, Gautam Adani is one of eight children. He attended Sheth Chimanlal Nagindas Vidyalaya in Ahmedabad for his early education. Later, he pursued a commerce degree at Gujarat University but dropped out in his second year.
Career Beginnings
In 1978, Adani moved to Mumbai to work as a diamond sorter for Mahendra Brothers. His brother Mansukhbhai later invited him to manage operations at a newly acquired plastics unit in Ahmedabad. This venture marked Adani's entry into global trading through PVC imports. By 1985, he began importing primary polymers for small-scale industries.
Adani Group
In 1988, Adani founded Adani Group, starting with commodity trading under Adani Enterprises. The group soon established its own port in Mundra, aiding its trading operations. The liberalization of India's economy in 1991 significantly boosted Adani Group, allowing it to diversify into textiles, metals, and agricultural products. In 1999, coal trading was introduced, leading to a focus on infrastructure assets like ports, power plants, and mines. The group entered power generation in 2006 and now operates in 50 countries with annual revenues exceeding $15 billion.
Adani Enterprises, the holding company, comprises Adani Airport Holdings (airport operations), Adani Wilmar (food processing), and Adani Road Transport (road development). Other subsidiaries include Adani Cement, AdaniConneX, Adani Defence & Aerospace, Adani Mining, Adani Solar, Adani Water, and Adani Welspun Exploration. Former subsidiaries like Adani Ports & SEZ, Adani Power, Adani Transmission, Adani Green Energy, and Adani Gas have since been demerged.
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Sports Initiatives
Adani Group is also involved in numerous sports initiatives. The Garv Hai program, launched before the 2016 Summer Olympics, aims to support Indian athletes, focusing on archery, boxing, wrestling, shooting, and athletics. Beneficiaries include boxer Shiva Thapa and wrestler Deepak Punia. The group also established the Surguja Football Academy in Chhattisgarh and holds naming rights to Adani Arena in Rockhampton, Australia, and the pavilion end of Narendra Modi Stadium in Ahmedabad.
Controversies
The Adani Group has faced several controversies. In 2014, it encountered backlash for a $21.5 billion mining and rail project in Queensland, Australia's Galilee Basin, opposed by environmental activists. Despite some banks refusing to finance it, the project was approved by the Australian government. In 2010, Adani Enterprises Managing Director Rajesh Adani was arrested on tax evasion charges. In 2017, Indian customs officials accused the group of diverting funds to overseas tax havens, including a shell company in Dubai.
Philanthropy
Established in 1996, the Adani Foundation focuses on sustainable development in India, covering education, healthcare, sustainable living, and community infrastructure. It operates schools for underprivileged children and supports institutions like Adani Vidyalayas and Navchetan Vidyalaya. In higher education, it founded the Gujarat Adani Institute of Medical Sciences, the first public-private educational partnership in Gujarat.
The Foundation's initiatives include Udaan (educational trips), SuPoshan (combating malnutrition), and Saksham (vocational training). In response to the COVID-19 pandemic, it donated $13 million to the PM CARES Fund and made substantial contributions to regional relief funds.
Personal Life
Gautam Adani is married to Priti Adani. He has experienced significant challenges, including a kidnapping in 1998 and being caught in the 2008 terrorist attacks at the Taj Mahal Hotel in Mumbai.
