India's richest man Adani has moved into second place on the world's richest list, overtaking Amazon founder Jeff Bezos

At the start of the year, Adani was ranked 14th on the Bloomberg Billionaires Index, but today he has a fortune of $146.8 billion, second only to Tesla CEO Elon Musk's $263.9 billion.

Bezos is now understood to be just $19m behind Adani after a fresh round of tech stock selling on Friday hit the fortunes of America's richest again. As a result, changes in the wealth rankings could be short-lived, depending largely on Amazon's stock price, which is down nearly 28% this year.

Start with who Adani, India's richest man, is. Adani is the founder of the Adani Group, India's largest domestic infrastructure company. The group operates a range of businesses, including ports and coal, which have boomed in recent years. Among them, the coal business is one of the most core businesses of Adani Group. Currently, Adani Group almost monopolizes India's coal import trade, with a market share of more than one-third. Currently, Adani Group has seven listed companies, some of which have seen their share prices rise by more than 1000% since 2020, while Adani Enterprises LTD's share price has risen by more than 115% in 2022.

So the coal man's fortunes have risen. According to the latest Bloomberg Billionaires data, Tam Adani has a net worth of $146.8 billion (more than 1 trillion yuan), which is more than luxury goods guru Bernard Arnault, Amazon founder Jeff Bezos, and just behind Tesla CEO Elon Musk ($263.9 billion). Became the first Asian to break into the list at No. 2. Remember, at the start of 2022, Adani was ranked only 14th on the Bloomberg Billionaires Index. Earlier in the beginning of 2020, his net wealth was only $6.5 billion, but now it has risen to $146.8 billion, a cumulative increase of 21 times in just two years. In the first eight months of this year, it raked in $61 billion, or roughly $1.75 billion a day. This wealth is rising at an eye-watering rate.

Bezos is now worth just $19 million behind Adani.

The main reason is that Amazon's stock price is down 27.4% this year, and the divorce has taken a bite out of the wealth.

Since January, Bezos' fortune has dropped by more than $45 billion. Bezos was the richest man in the world for years, but his net worth plummeted after his 2019 divorce, which gave his ex-wife a 4% stake in Amazon. In 2020, Amazon reaped an e-commerce dividend from the pandemic, growing by 40% almost every quarter. Its 2020 revenue reached $386 billion, up 38% from the previous year; Net income was $21.3 billion, up 84%. In 2021, the growth was slower but acceptable: Amazon's net sales for the year were $469.8 billion, up 22% from the previous year; Net income rose to $33.4bn. Amazon posted a rare quarterly loss going into 2022. In the first quarter of 2022, Amazon's total sales were $116.4 billion, up 7.2% year over year, already the worst growth rate in recent years. The second quarter not only dragged down the growth rate further, but also recorded two consecutive quarterly losses, which is the first time since 2014. As Amazon's "good years" fade, the next step will be a knife hanging over the company's head. One is going up, the other is going down. That's what's happening. But these for us ordinary people, seems to be out of reach.

With Wall Street in control, Bezos needs a new gimmick to boost the stock price, and Adani, India's richest man, won't have an easy time holding the world's richest man record for a short time. We can trace the entrepreneurial process of India's richest man, from which we can see that India's macroeconomic reform has brought historical development opportunities for him. Adani's bulk commodity trade and port business are closely related to the development of India. From the diamond trade to the coal business, to private ports, airport operations, city gas distributors, etc. Now, the Adani Group has pledged to invest $70 billion in green energy, aiming to become the world's largest producer of renewable energy. Adani's business got its start in the 1990s, making his first fortune as a diamond trader before moving on to the coal business. At that time, the great impact on India's economy, and the collapse of the Soviet union caused by learning the Soviet model basic depleted reserves the rouble, India in order to avoid national bankruptcy, India's finance minister, began to the international monetary fund and world bank loan, it also opens the monopoly capital in the us and Europe the prelude to establish new economic colonial system in India. In 1991, India and China went down two different paths. China chose to establish its own manufacturing system with a whole industrial chain, and to attract investment from the southeast coast to build factories. After a difficult process of reform, opening up and entrepreneurship, China established its own complete industrial chain and industrial chain and became the factory of the world. However, India chose to directly develop service industry without manufacturing industry. The IMF and the World Bank attached many political conditions to the Indian government when granting loans, including India's market economy policy and its external reform and opening up. On July 24, 1991, then-Finance Minister Manmohan Singh announced major moves to cut tariffs and encourage trade, essentially opening the economy to the outside world.

In the boom that followed liberalisation, India's economy grew by more than 8%. In southern India, a Taiwan-backed Wistron factory for Apple is making good economic gains, India is the world's largest generic drug supplier, Serum Institute of India is the world's largest vaccine maker, and an Indian exchange is rising... Indian elites learn English and computers to provide human resources for large US and European factories to set up administrative operation centers in India. Indian white-collar workers receive high salaries while drinking coffee and tapping computers gracefully. Indian elites working for foreign companies are in love with Netflix, shopping on Amazon and hoping their children will get a better education in the US and Europe so they can emigrate.

Adani in India market economic reform environment began to use the money you earn in the coal business investment in port development, with private port can expand overseas trade so as to establish a monopoly commodities business ecosystem, the Indian government by the international monetary fund and world bank conditions cannot be attached to the monopoly capital involved in India's national constraint monopoly the territory of the people's livelihood, This formed a new economic colonization of India by Western capital. India's well-developed service sector is dependent on the real economy of Western countries. During the three-year pandemic, we have seen massive unemployment and the return of the middle class to poverty in India. This is a reaction to the impact of the recession in Western countries on India's supporting service sector. But Adani's private ports and commodity trade are riding a wave of brisk foreign trade after India adopted a policy of coexisting with the coronavirus pandemic at the start of the year. Adani carefree counted himself just see of ocean-going ships and container, he lives to 1.3 billion Indian national security, no matter how hard the livelihood of the people, how the country's economic fluctuations, the Indian people all need to live and work, from adani port and a container ship entering India need pay tolls, it is a very lucrative business. Bezos and amazon's boss is facing the global economic downturn on the amazon platform growth trend, the influence of mass compliance against China since 2021 China's cross-border electricity and amazon store after the loss of hundreds of billions of dollars, China's cross-border electricity has been independent station operation reform, from the United States capital controls amazon in order to control the political and legal risk. As capital markets watch Amazon's market size and deal flow shrink, it's natural to opt for a conservative investment strategy. All in all, hope our Indian friend can hold on to his position as the world's richest man. Adani's business is a barometer of India's economic recovery which will help prevent a humanitarian crisis in India.