Gautam Adani, Elon Musk, Jeff Bezos and Bernard Arnault have been in a neck-to-neck fight when it comes to being world’s richest person.
The global billionaires list has been witnessing tough competition these days. The 60-year-old businessman Gautam Adani recently reached the second spot replacing Louis Vuitton boss Arnault in the rankings.
When it comes to rising economies and challenges ahead, a shift in China’s supply chains has affected India to a great extent. Gautam Adani recently completed a multi-billion dollar acquisition of two cement firms Ambuja Cement and ACC.
Gautam Adani on China’s supply chain restrictions
“China will feel increasingly isolated as rising nationalism, a shift in supply chains and technology restrictions threaten the world’s second-biggest economy, he said.
Notably, China is seen as the foremost champion of globalization. But it is now at an inflexion point. “It will look very different from what we had come to accept in a largely unipolar world,” Mr Adani added.
Moreover, China’s BRI has run into problems in several countries already. Gautam Adani made the stark remarks at a conference in Singapore recently.
I anticipate that China – which was seen as the foremost champion of globalization – will feel increasingly isolated. Increasing nationalism, supply chain risk mitigation, and technology restrictions will have an impact,” he said.
Since China’s Belt and Road initiative (BRI) was seen as a manifestation of its global ambitions. But the country’s resistance now makes it challenging.
While I expect all these economies will readjust over time – and bounce back – the friction to the bounce-back looks far harder this time,” Mr Adani said.
Gautam Adani on India vs China
The Adani conglomerate is now investing in renewables and digital space. On India, Gautam Adani said, “it has made India one of the few relatively bright spots from a political, geostrategic, and market perspective.”
India, he said, is on the path to be the world’s third largest economy by 2030. It recently became the fifth largest economy. When it comes to China’s semiconductor industry, feeds the growing needs of the AI world. The tiny computing components are used for the gadgets or systems that run on power.
“Over next 25 years, India will achieve 100 per cent literacy levels, eradicate poverty, have a population with a median age of just 38 years and become a nation that attracts the highest foreign investment as it goes from a USD 3 trillion economy to USD 30 trillion economy,” Mr Adani added.
Who is richer – Gautam Adani or Elon Musk?
The wealthiest 400 people in the USA are already feeling the stock market slowdown. Yet, looking at the bigger picture, the trillionaires or the most richest of the world are doing just fine.
Elon Musk is an estimated $60.5 billion richer—now after an 11 per cent rise in shares of Tesla.
While the Indian billionaire Gautam Adani lost around $7 billion. And Amazon founder Jeff Bezos overtook him as the second -richest man in the world.
Jeff Bezos reclaimed his No. 2 position in the Bloomberg Billionaires Index, just a day ago. Also, the recently-released IIFL Wealth Hurun India Rich List 2022 shows Adani creating wealth at an unprecedented speed of Rs 1,612 crore per day.