Gautam Adani briefly became the world’s second-richest person 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.
But that reversed soon as Bernard Arnault’s wealth stood at $153.8 billion, pushing him to the second on the Forbes richest list, compared to Gautam Adani’s $153.5 billion.
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 back foot, 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.
According to Bloomberg, the rise of Gautam Adani’s wealth has boosted the country’s stocks and increased influence among emerging-market equities.