Gautam Adani has moved up to third place in the world’s wealth rankings. The 60-year-old business entrepreneur ranks third on the list, behind Elon Musk and Jeff Bezos, with a net worth of $137 billion, according to the most recent Bloomberg Billionaires data.

While Jeff Bezos, the creator and CEO of Amazon, has a total net worth of $153 billion, Tesla CEO Elon Musk has a total net worth of $251 billion. Gautam Adani has eclipsed Bernard Arnault, a co-founder of LVMH Moet Hennessy Louis Vuitton, a leader in luxury fashion and a French business titan.

This is the first time an Asian has appeared among the top three richest persons in the world. Other wealthy Asians, like Chinese-born Jack Ma of the Alibaba Group and Indian tycoon Mukesh Ambani, have not attained this level of wealth, according to the Bloomberg article.

The Adani Group, the largest port operator in the nation, was co-founded by Gautam Adani. The organization is reportedly the biggest coal trader in the nation. According to the Bloomberg profile of Asia’s richest person, Adani Enterprises recorded $5.3 billion in revenue for the year ending March 31, 2021.

With the disclosure that the Adani enterprises are planning to buy 29 percent holdings in NDTV, one of India’s main news networks, the enormous conglomerate made headlines last week. The acquisition, according to NDTV, is contingent on the approval of market regulator SEBI, which the conglomerate has rejected.

Furthermore, the Adani Group is significantly overleveraged and may fall into a debt trap, according to recent analysis by Fitch group unit CreditSights.

Since the beginning of the global health crisis, investors have bet on his capacity to expand his firm in areas that Indian Prime Minister Narendra Modi has identified as being particularly important for development, and his fortune has expanded rapidly. According to Bloomberg, Adani has also profited from a rise in coal consumption, which has accelerated his rise in recent months.

In February, Adani passed fellow businessman Mukesh Ambani of India to claim the title of richest person in the area. His rise in the worldwide wealth rankings coincides with certain 1%ers giving up more of their fortune.

Bill Gates, co-founder of Microsoft (MSFT), restated his plan to drop “off of the list of the world’s richest individuals” in July when he said he would donate $20 billion to the endowment of the Bill and Melinda Gates Foundation. According to Bloomberg’s ranking, Gates is presently the fifth richest person in the world, with a net worth of $117 billion.

Adani has been enhancing his status in India in other ways as well. He caused a stir last week by declaring a hostile takeover attempt on New Delhi Television, a significant broadcaster (NDTV). AMG Media Networks, a division of Adani’s conglomerate, is pursuing the sale.

However, the group’s media foray comes at a time when analysts are worried about its debt-fueled rapid expansion. One of the most reputable news networks in the nation, NDTV, has expressed concern about the move’s potential impact on its editorial freedom.

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