While the turmoil in global markets in the first three months of 2022 has plunged the net worth of many wealthy individuals, for Indian industrialist Gautam Adani it has been the encore of the dream run he saw in the same period last year.
At the end of the first quarter of 2021, Gautam Adani made more wealth than any other individual on the planet surpassing the likes of Jeff Bezos of Amazon, Elon Musk of Tesla, and Warren Buffett of Berkshire Hathaway.
The Gujarat-born industrialist has seen a similar performance so far this year as his net worth has soared by $18.4 billion to $95 billion, the highest among Indians and the second-highest in the world, according to the latest data compiled by Bloomberg Billionaires’ Index.
The only person to make more wealth than Gautam Adani so far in 2022, is the famed investor Warren Buffett. Buffett’s net worth has swelled $21.1 billion, according to the Bloomberg Billionaires’ Index.
Unlike most pockets of the stock market that have been singed by the general decline in investors’ risk appetite due to prospects of higher interest rates, high inflation, and Russia’s war on Ukraine, Adani Group companies have had a strong first quarter.
Shares of Adani Enterprises, Adani Power, Adani Green Energy, Adani Total Gas, Adani Transmission, and Adani Wilmar have soared 12-103 percent in 2022. The only disappoint for the Group has been Adani Ports and Special Economic Zone, which has risen merely 1 percent so far this year in the face of brutal market turmoil.
In the same period, the Nifty 50 index is down 1 percent, while the Nifty 500 index has fallen more than 2 percent.
The biggest creator of delta in Gautam Adani’s portfolio has been the newly-listed Adani Wilmar. The stock has surged more than 100 percent from its listing price after making a firm debut on the bourses in February.
Following Adani Wilmar’s lead are two utility companies in Adani’s portfolio – Adani Power and Adani Transmission.
The power sector has largely been immune to the ravages of geopolitical tension in Europe and the vagaries of investors’ oscillating perceptions of inflation. The power sector has benefitted from the surge in demand due to a pick-up in economic activity throughout the September and December quarter.
Other major winners for the Group were Adani Enterprises, up 12 percent, and Adani Green Energy, which rose 45 percent.
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