New York, USA (CNN)– Jeff Bezos has just lost his place as the world’s second-richest person, slipping to third place as Indian business magnate Gautam Adani quickly climbed to the top of the Bloomberg Billionaires Index.
Elon Musk, still the richest person with $260 billion, may need attention, as it took Adani less than 10 months to reach number two after starting the year at 14.
It’s the first time that someone from Asia has ranked so high on Bloomberg’s list, which has long been dominated by tech entrepreneurs.
Adani’s $146.9 billion fortune, largely tied to Adani Group’s sprawling holdings, still lags well behind Musk’s $260 billion. The group operates a number of businesses including ports and coal which has flourished in recent years.
Shares of some Adani companies have jumped more than 1,000% since June 2020 – reflecting investor optimism about the conglomerate’s strength in areas such as infrastructure and renewable energy that Prime Minister Narendra Modi has prioritized development. Shares of leading company Adani Enterprises surged more than 115% in 2022.
In February, Adani overtook Indian businessman Mukesh Ambani to become the richest person in Asia.
Bezos’ net worth fell to $145.8 billion, according to Bloomberg, as technology stocks were hit hard amid a broader sell-off in shares on Friday. Amazon shares are down 3% in early trading, and the stock is down more than 25% this year.
The Amazon founder ranked first on the list previously, but his fortune was damaged after his divorce in 2019. A large portion of his wealth is linked to Amazon shares. According to Bloomberg, the sale in the tech sector has cut $45 billion from Bezos’ net worth since January.