The second-placed Bernard Arnault of Louis Vuitton, who owns Louis Vuitton, knocked Gautam Adani down to third place on the Forbes real-time billionaires list on Wednesday. There is roughly $1 billion separating the two.
Mr. Adani’s net worth decreased by $1.27 billion to $140.2 billion as a result of a severe sell-off in Indian benchmark equities indices, whereas Bernard Arnault’s wealth increased to $141.2 billion.
Even as Wall Street stocks plunged deeper into a bear market, with the S&P 500 experiencing its worst run since the start of 2020, Elon Musk’s wealth increased further to $259.8 billion, far ahead of Bernard Arnault and Gautam Adani.
However, the decline in Indian stocks has been more pronounced; on Wednesday, domestic benchmarks declined for a seventh straight session as policymakers at the Federal Reserve reiterated their commitment to an aggressive approach in the face of rising recession concerns.
This resulted in the wealth of domestic investors being eroded, as evidenced by the recent drop in Gautam Adani’s net worth.
On the Forbes wealthy list, Mukesh Ambani of Reliance was ranked eighth, and Amazon CEO Jeff Bezos was ranked fourth.
Aryan Jakhar works as an Editor-in-Chief at The Shining Media. Also, he is an editor at YouthPolitician (digital media situated in Taiwan). He writes his opinions on social issues at YouthKiAwaaz and also on his blogger website.