While Gautam Adani added almost $3 billion in every month of the fiscal, the wealth of Mukesh Ambani surged by $12.30 billion in the last one year.
India’s top ten billionaires have added a whopping $76.02 billion to their net worth so far in FY22, which stands at $341.29 billion as of Wednesday.
Interestingly, the combined net worth of country’s rich is now valued at 10.4% of the nation’s market capitalisation. All listed companies together have market cap of $3.27 trillion, Bloomberg data showed. The fortune of Gautam Adani swelled the most in FY22 and close on the heels was Mukesh Ambani. While Gautam Adani added almost $3 billion in every month of the fiscal, the wealth of Mukesh Ambani surged by $12.30 billion in the last one year. With valuations of Adani group stocks going through the roof, his net worth has jumped more than 13-fold over the last two years.
In absolute terms, Azim Premji and Radhakishan Damani have also seen their fortunes increasing by $8.13 billion and $6.17 billion, respectively, as the shares of Wipro and Avenue Supermarts rallied about 45% over the last one year.
At $34.07 billion addition in FY22, the net increase in Adani’s net worth was higher than that of Jeff Bezos and Bernard Arnault. While Jeff Bezos has lost $4.05 billion in FY22 so far, the net worth of Bernard Arnault increased by $20.29 billion. The world’s richest person — Elon Musk — has seen an increase of $43.57 billion in his assets, according to the Bloomberg Billionaires Index. As per the index, there are 12 individuals in India, who boast of a net worth of over $11.5 billion, including Kumar Birla of Aditya Birla Group and Sunil Mittal of Bharti Airtel.
What’s more! The net worth of the richest people has surged at a faster pace than the overall equity market’s return. While the Nifty50 yielded a compound annual growth rate (CAGR) of 13.5% between FY19-FY22, the combined net worth of the top 10 jumped by 30.2% during the same period.
With his investments in green energy yielding handsome returns, Adani has leapfrogged his rank from eight in FY20 to the second richest person in India. In February, he had even overtaken Mukesh Ambani to briefly claim the richest person of Asia.
https://www.financialexpress.com/economy/billionaire-index-indias-top-10-richer-by-76-billion-in-fy22/2464457/
