Self-made billionaire Gautam Adani has overtaken renowned investor Warren Buffett to become the world's fifth-richest person, according to the Forbes Real-Time Billionaires List.
With a net worth of $122.8 billion, the Adani Group chairman edged out Mr Buffet, chairman of Berkshire Hathaway, on Monday to join the top five billionaires club for the first time, the rich list showed. Mr Buffett, known as the "Oracle of Omaha", has a net worth of $121.7bn.
The top four richest billionaires in the world remain unchanged, with Tesla chief executive and founder Elon Musk, who is currently locked in a takeover bid for Twitter, retaining his number one ranking with a net worth of $269.7bn.
Amazon founder Jeff Bezos is the world's second-wealthiest person with a net worth of $170.2bn. He is followed by Bernard Arnault, chairman of French luxury group LVMH, with a personal fortune of $166.8bn, and Microsoft founder Bill Gates in fourth place with $130bn.
Reliance Industries chairman Mukesh Ambani is the world's eighth-richest person with a net worth of $103bn, according to the real-time Forbes index.
In total, there are 2,668 billionaires in the world, down from a record of 2,755 in 2021, Forbes said in its annual 2022 World Billionaires List. The list was released last month and used stock prices and exchange rates from March 11 to calculate the net worth of the world’s richest people.
“In all, 329 people fell off the billionaires list this year — the most since the 2009 financial crisis,” Forbes said at the time.
“The United States still has more billionaires than any other country, with 735, up from 724 last year,” it added. “China remains second, with 607, including Hong Kong and Macau, followed by India (166), Germany (134) and Russia (83).”
Meanwhile, the combined net worth of the world’s richest people slipped 3 per cent to $12.7 trillion over the past year, from a record $13.1tn in 2021. This was driven by the Russia-Ukraine crisis, Covid-19 pandemic and volatile stock markets, Forbes said in the annual report.
In February, Mr Adani, 59, was named the wealthiest person in Asia with a net worth of $88.5bn and ranked as the 10th-richest person in the world at the time, Bloomberg reported.
However, Mr Adani is one of the worlds' biggest wealth-gainers this year, adding more than $40bn to his fortune as shares of his listed companies skyrocketed, according to Forbes.
Mr Adani is a first-generation entrepreneur who began his career as a diamond trader in Mumbai in the 1980s, before helping to run his brother’s plastics business in the state of Gujarat.
In 1988, he set up Adani Enterprises — the group’s flagship company — as an agri-commodities trader.
Over the past 20 years, the group has diversified into ports, power generation and distribution, airports, data centres and digital services.
In November, the Adani Group committed to invest $70bn by 2030 across its green-energy value chain to become the world’s largest renewable energy producer.
The company is also accelerating plans for its solar-energy portfolio and ports business to be carbon neutral by 2025.
Top 10 richest people in the world
- Elon Musk: $269.7bn
- Jeff Bezos: $170.2bn
- Bernard Arnault: $166.8bn
- Bill Gates: $130bn
- Gautam Adani: $122.8bn
- Warren Buffett: $121.7bn
- Larry Ellison: $107.6bn
- Mukesh Ambani: $103bn
- Larry Page: $102.4bn
- Sergey Brin: $98.5bn
Source: Forbes Real-Time Billionaires List
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World’s top 12 youngest billionaires under 30 — in pictures
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Game is on BeIN Sports
Short-term let permits explained
Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
Switching%20sides
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Thor: Ragnarok
Dir: Taika Waititi
Starring: Chris Hemsworth, Tom Hiddleston, Cate Blanchett, Jeff Goldblum, Mark Ruffalo, Tessa Thompson
Four stars
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The UAE's journey to space
if you go
The flights
Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return.
The trek
Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required.
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
UAE currency: the story behind the money in your pockets
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