The Bloomberg‘s Billionaires Index, a rank of the world’s richest people, shows that Indian tycoon Gautam Adani has surpassed Amazon.com founder Jeff Bezos as the richest person in the world, with a net worth of $147 billion (as per the Bloomberg Billionaires Index as of September 17, 2022).

Elon Musk, who remains to be the world’s richest man, is now only slightly above Adani. Bloomberg estimates his net worth at $264 billion (as per the Bloomberg Billionaires Index as of September 17, 2022).

A shift has occurred in the list of the richest people in the world as stocks have slumped this year amid rising interest rates and inflation. Since many of the world’s richest people have at least a portion of their net worth invested in the financial markets, stock market volatility and other holdings may have an impact on how wealthy they are seen to be.

The tech-heavy Nasdaq Composite has suffered worse, plunging 27%, while the S&P 500 is down 19% for the year.

The fact that many of the richest people in the world have private holdings makes it difficult to calculate their exact net worth.

The 60-year-old Adani is the head of the Adani Group, a business conglomerate with operations in gas distribution, green energy, and power production. In April, his net wealth surpassed $100 billion. Later that month, he surpassed Warren Buffett in terms of personal worth.

He is the first Asian to hold such a high position on Bloomberg‘s Billionaire Index, which has long been dominated by American tech entrepreneurs.

As shares of the publicly traded companies owned by Adani’s company have increased, his net worth has increased by $70 billion this year. He is promoting green energy at a time when Indian Prime Minister Narendra Modi has stressed infrastructure and renewable energy development.

As compared to many of the richest people in the world, Adani’s journey up the financial ladder stands out. According to Bloomberg‘s ranking, only Adani has increased his wealth this year, while nine of the ten richest people have seen their net worth drop.

Last year, Bezos resigned as Amazon‘s CEO to serve as the company’s executive chairman. The value of Amazon’s shares has dropped by more than 25% so far this year, which has resulted in a $45.5 billion reduction in Bezos’ net worth. Also, he founded the privately held space company Blue Origin LLC.