This Indian Billionaire Piled On More Wealth Than Elon Musk, Jeff Bezos Combined In 2021 – Benzinga – Benzinga

Indias super-rich are getting richer at a faster clip than their American peers likeTesla Inc(NASDAQ:TSLA) CEOElon MuskandAmazon.com, Inc(NASDAQ:AMZN) ChairJeff Bezos.

What Happened:Coal and green energy tycoonGautam Adani,Asias second-richest person, piled on $49 billion to his wealth in 2021 which is more than both what Musk and Bezos added in the same period, according to2022 M3M Hurun Global Rich List,reportedBusiness Standard, an Indian publication.

Indias richest manMukesh Ambani,whose Reliance conglomerate has interests spanning oil to retail, saw his wealth grow at 24% year-over-year. Adanis wealth soared 153% in comparison.

American billionaires were left trailing in terms of the pace of wealth gained. Musks wealth grew 4% to $202 billion, while Bezos' fell by 1% to $188 billion,reportedObserver, citing Hurun data.

See Also:How To Buy Tesla (TSLA) Shares

Why It Matters:Within a decade, Adanis wealth has risen 1,830%, while Ambanis has spiked 400%, according to the list.

The wealth gained by Indian billionaires in the last decade is nearly $700 billion on a cumulative basis, equivalent to Switzerlands GDP, Business Standard. quoted Hurun Managing DirectorAnas Rahman Junaidas saying.

India added 51 new billionaires in 2021 well behind China's 235 and the United States' 63,reportedQuartz India.

However, more than 46 million Indians fell into extreme poverty in 2020 alone, which is half of the worlds new poor, Quartz India reported, citing United Nations data.

The stark wealth inequality in India is a result of an economic system rigged in [favor] of the super-rich over the poor and [marginalized], according to Oxfam Indias Inequality Kills: India Supplement 2022 report.

Read Next:Think Elon Musk Is Getting Rich On The Green Energy Trend? Meet Indian Billionaire Gautam Adani

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This Indian Billionaire Piled On More Wealth Than Elon Musk, Jeff Bezos Combined In 2021 - Benzinga - Benzinga