Ambani and Adani Out of Bloomberg’s $100 Billion Club Amid Financial Challenges
Adani remains optimistic, stating that challenges only strengthen the group.
Mumbai: Mukesh Ambani, chairman of Reliance Industries, and Gautam Adani, chairman of the Adani Group, two of India’s wealthiest business magnates, have dropped out of Bloomberg’s $100 billion club this year due to setbacks affecting their respective business empires.
According to Bloomberg's Billionaires Index, India's 20 wealthiest individuals collectively added $67.3 billion to their fortunes in 2024, with technology tycoon Shiv Nadar seeing the largest increase at $10.8 billion, followed closely by Savitri Jindal, whose family owns the Jindal Group, with a gain of $10.1 billion. However, Ambani and Adani, once stalwarts of the centibillionaire club, faced significant headwinds that impacted their net worth.
Ambani’s Decline Linked to Energy and Retail Challenges
Mukesh Ambani, Asia's richest man, saw his wealth peak at $120.8 billion in July, coinciding with a high-profile family wedding. However, weaker performance in Reliance Industries' energy sector and sluggish consumer demand in its retail business contributed to a decline. Rising debt levels have also raised concerns among investors. As of December 13, Ambani’s fortune stood at $96.7 billion, knocking him out of the centibillionaire club.
Adani Hit by Probes and Stock Market Woes
Gautam Adani, whose business empire has faced scrutiny on multiple fronts, saw his net worth drop from a peak of $122.3 billion in June to $82.1 billion as of December. A US Department of Justice investigation into alleged bribery within the Adani Group, following the fallout from last year’s Hindenburg Research report, has affected the group's ability to secure funding and new contracts. Despite denying all allegations, Adani has been forced to address regulatory challenges that have hurt stock prices and investor confidence.
Adani remains optimistic, stating that challenges only strengthen the group. However, the ongoing scrutiny has undoubtedly added pressure to his business operations, impacting his standing in the global billionaire rankings.
Shifting Dynamics Among India’s Wealthiest
While Ambani and Adani grapple with financial challenges, other Indian billionaires have flourished. Shiv Nadar and Savitri Jindal have made significant gains, showcasing resilience in sectors such as technology and industrial manufacturing. The contrasting fortunes highlight the shifting dynamics among India's elite as they navigate global economic uncertainties and domestic business challenges.
As Ambani and Adani work to stabilize their empires, their exit from the $100 billion club underscores the volatility of even the largest fortunes in an ever-evolving global economic landscape.