Billionaire Gautam Adani predicted Tuesday that China’s continued ascension as an economic power might face serious obstacles, warning that the country could deal with increasing isolation in coming years that might lure new investment elsewhere.
Gautam Adani, chairman of the Adani Group, speaks during a news conference in Mumbai, India, on … [+]
Adani, the world’s third-richest person, said during his keynote address Tuesday at the 20th Forbes Global CEO Conference in Singapore that global trends toward “increasing nationalism, supply chain risk mitigation and technology restrictions” could put a stopper on China’s growth.
The billionaire specifically pointed to China’s Belt and Road initiative, a Beijing-centered global infrastructure development plan that has faced resistance and thus far proved largely fruitless, as an example of the country’s growing isolation.
Increasing “housing and credit risks” also pose threats to China that could cause its economy to resemble Japan’s “lost decade” of the 1990s,” Adani said.
China’s economic pain could end up being a long-term problem, rather than a quick setback, according to Adani.
“While I expect all these economies will readjust over time—and bounce back—the friction of the bounce back looks far harder this time,” he said in his address.
Adani is bullish about the economic future of his native India, predicting its economy will grow to the third largest in the world by 2030 and will be “poverty-free” before 2050, with “the largest consuming middle class the world will ever see.”
We estimate Adani to be worth $140.9 billion, making him the third-richest person in the world, behind Elon Musk and Bernard Arnault. Adani is about $2 billion richer than Amazon founder Jeff Bezos.
Adani, 60, briefly became the world’s second-richest person earlier this month after a surge in the stock prices of several companies he owns through his Adani Group business empire. He became the wealthiest person in Asia in February under similar circumstances and has not given up that title. Much of Adani’s wealth stems from his holdings in port and infrastructure businesses, but his portfolio also includes significant holdings in real estate and media. Adani in 2020 became the majority owner of Mumbai International Airport, the second-busiest in India.
Who Is Gautam Adani? The Indian Billionaire Briefly Became The World’s No. 2 Wealthiest Person And Ranks Above Bezos And Gates (Forbes)
India’s Economy Will Grow To $30 Trillion: World’s Second Richest Person Gautam Adani’s Keynote Address At The Forbes Global CEO Conference 2022 (Forbes)
How China Is Losing Support For Its Belt And Road Initiative (Forbes)
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