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Tags Current Affairs

Centibillionaire’s club

Date: 12 April 2022 Tags: Reports & Indices

Issue

Billionaire Indian businessman Gautam Adani has entered the exclusive centibillionaire’s club after his net worth reached $100 billion.

 

Background

Adani is the only Indian on this exclusive list. The latest wealth report was published by Bloomberg Billionaire’s Index.

 

Details

  • Centibillionaire is term that is used to refer to individuals whose net worth is $100 billion or more.

  • The term gained traction after Amazon founder Jeff Bezos increased his wealth to $112 billion in 2017. Even though Bill Gates had already achieved the feat in 1999, the term was not used.

  • The list kept increasing and after Facebook founder Mark Zukerberg joined the list in 2020, it stood at four.

  • Apart from Jeff Bezos and Mark Zukerberg, the members of the list are SpaceX founder Elon Musk, the CEO of LVMH Bernard Arnault, and Warren Buffett of Berkshire Hathaway.

  • The list today has 10 members. Adani is at the tenth position on the list. He is behind Oracle’s Larry Ellison by $3 billion.

 

Adani Group

  • Adani Group has interests ranging from ports, Green Energy, mining, infrastructure etc. He is the biggest gainer in the Bloomberg Billionaire’s index this year.

  • Majority of Adani’s wealth was accumulated in the past two years due to a shift to green energy and infrastructure. This landed him investments from companies including France’s Total SE and Warburg Pincus.

 

Volatility

The Centibillionaire’s list is volatile to changing situation. It is dependent on market capitalization and share value of their stocks.

 

Bloomberg Billionaire’s Index

  • Bloomberg Billionaire’s Index is the daily tracking of the world’s 500 richest people. However, it excludes the company’s own founder Michael Bloomberg.

  • The ranking was formulated to provide a transparent and accountable presentation of the world’s richest people.

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