Gautam Adani became the world’s second-richest person on Monday on the Real-Time Billionaires List compiled by Forbes, but was see-sawing between number two and number three on the list, similar to the pattern seen on Friday.
After Indian markets closed on Monday, Mr Adani’s net valuation rose by $1,4 billion to $153.5 billion, surpassing Louis Vitton’s Bernard Arnault, whose wealth dropped by $1.8 billion to $153.4 billion, according to Forbes.
On Monday, Indian equities recovered from last week’s market mayhem and were higher in a volatile session, swinging between gains and losses, defying a broad global risk-off sentiment.
World equities were tensed and on the backfoot, and the dollar firmed in anticipation of looming and broadest rate hikes from major central banks set to meet this week.
On Friday, Gautam Adani had briefly overtaken Bernard Arnault, but a bloodbath in domestic equities pushed him to the third spot ahead of Amazon founder Jeff Bezos.
The rise of Gautam Adani’s wealth has boosted the country’s stocks and increased their influence among emerging-market equities, according to Bloomberg.