Billionaire Gautam Adani on Monday became the world’s second-richest person on the real-time billionaires list compiled by Forbes, after a brief stint on Friday, as Indian equities on Monday averted a broad sell-off in global risk assets.
Mr. Adani’s net valuation rose by $2.1 billion to $154.1 billion on Monday, according to Forbes, surpassing Louis Vuitton’s Bernard Arnault, whose wealth fell by $2.6 billion to $152.6 billion.
On Monday, Indian equities recovered from last week’s market catastrophe and were higher in a volatile session, swinging between gains and losses, defying a broader global risk-off sentiment.
World stocks were tense and on the back foot, and the dollar strengthened on anticipation of further broad rate hikes from major central banks meeting this week.
On Friday, Gautam Adani briefly overtook Bernard Arnault but a bloodbath in home equity pushed him to third place ahead of Amazon founder Jeff Bezos.
According to Bloomberg, the rise of Gautam Adani to the second richest person in the world has given rise to the country’s stocks and increased his influence in emerging market stocks.