Mukesh Ambani, a fellow countryman, comes in at number 10 on the list with $90 billion.
Digital Desk: According to Forbes' Real-Time Billionaires List, Indian entrepreneur Gautam Adani has passed Microsoft co-founder Bill Gates to become the fourth richest person in the world.
The 60-year-old business tycoon eclipsed Mr Gates, whose fortunes are valued at $104.6 billion, on Thursday with a net worth of $115.5 billion.
Elon Musk, the founder of Tesla and SpaceX, is at the top of the list with $235.8 billion. Musk has been at the centre of a heated debate since he tried to purchase Twitter but ultimately decided against it.
The chairman of the Adani Group is credited with growing a modest commodities trading company into a conglomerate with interests in mining, ports, and renewable energy.
When Mr Modi passed Mr Ambani to become the wealthiest person in Asia, according to a recent article by Bloomberg, "some of Adani Group's listed stocks have soared more than 600 per cent in the past two years on bets his push into green energy and infrastructure will pay off as PM Modi looks to revive the $2.9 trillion economy and meet India's carbon net-zero target by 2070," the article continued.
"Adani has taken over seven airports and nearly 25% of India's air traffic in just three years. The nation's principal airport operator, power generator, and independent city gas retailer are now under the hands of his organisation, "said the business news outlet.
On Thursday, Mr Adani announced that his company and Gadot had won the bid to privatise an Israeli port.
The Port of Haifa is the largest of Israel's three main international seaports.
Reliance Jio, Bharti Airtel, Vodafone Idea, and Adani Data Networks have all placed bids for the next 5G auction. For some frequency bands, the spectrum auction, which begins on July 26, may produce competitive bids.
The Adani Group announced on Saturday that it is in a spectrum bidding war and intends to utilise the winnings to build a private network to support its several enterprises, including data centres, airports, and power.
Mr Adani's family promised to donate Rs 60,000 crores to several nonprofit organisations in honour of Mr Adani's 60th birthday last month.
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