New Delhi: Reliance chairman Mukesh Ambani and Adani Group founder Gautam Adani, two of India’s richest billionaires and Asia’s richest people, have dropped out of Bloomberg’s $100 billion club for the year, the publication has reported.
According to Bloomberg, both Adani and Ambani are out of the company’s “elite centibillionaires club,” which comprises people with wealth exceeding $100 billion.
The report added that despite these setbacks, India’s top 20 billionaires, including tech mogul Shiv Nadar and steel magnate Savitri Jindal, have collectively added $67.3 billion to their wealth this year.
Why was Ambani dropped from Bloomberg’s $100 billion club?
Ambani’s personal wealth has declined due to underperformance in his conglomerate’s energy and retail businesses. As of December 13, Ambani’s fortune has dropped to $96.7 billion from $120.8 billion in July, when son Anant got married. Investors are concerned about rising debt that has affected Reliance’s stock performance, according to the Bloomberg Billionaire Index (BBI).
Why was Adani dropped from Bloomberg’s $100 billion club?
Adani’s conglomerate is facing a threat from the United States Department of Justice (DoJ) probe which in November launched an investigation into alleged bribery involving the Adani Group. Adani’s net worth has dropped from $122.3 billion in June to $82.1 billion now, as per the BBI. Adani has also been struck hard by the Hindenburg Research investigation and allegations of fraud.
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Uncertainty brought on by the impending government of US President-elect Donald Trump and the possibility of Elon Musk’s Starlink entering the Indian satellite broadband market might also pose a danger to India’s telecom companies, according to the research.
World’s Richest Families
With a wealth of $432.4 billion, the Walmart Waltons topped Bloomberg’s list of the world’s richest families in 2024, surpassing both the Middle Eastern royal families and the wealthiest individual in the world, Elon Musk.
From India, the Ambanis and Mistrys of Shapoorji Pallonji made the list at eighth and 23rd spots, respectively. Due to its exclusion of all first-generation riches and single-heir fortunes, Adani was not included in the list.
