Gautam Adani ranked first on Forbes’ 2022 list of India’s richest people.
Forbes estimated Adani’s fortune at about $150 billion in its 2022 India-focused ranking. His wealth was linked to the Adani Group, a conglomerate with interests in ports, logistics, power generation, renewable energy, infrastructure and other industries. Rapid increases in the value of several Adani Group companies helped propel him above Mukesh Ambani in that edition.
The ranking captured a period of exceptionally fast growth in Adani’s estimated fortune. Forbes’ methodology marks public-company stakes to market prices, so a rising share price can add billions on paper without an equivalent cash payment. The reverse is also true: a market decline can quickly reduce a reported fortune.
This result is separate from Forbes’ global annual ranking, which uses a particular worldwide cutoff date and may order Indian billionaires differently. National lists and global lists should therefore not be compared without checking their publication dates and methodologies.