Mukesh Ambani and Gautam Adani Exit Bloomberg’s $100 Billion Club Amid Financial Challenges
India’s richest billionaires, Mukesh Ambani and Gautam Adani, have exited Bloomberg’s exclusive $100 billion club following significant business setbacks. Ambani, Chairman of Reliance Industries, saw his net worth dip from $120.8 billion in July to $96.7 billion by December 2024, primarily due to underperformance in the retail and energy sectors. Adani’s fortune, on the other hand, plummeted from $122.3 billion in June to $82.1 billion amid a U.S. Department of Justice investigation, fallout from the Hindenburg Research report, and allegations of fraud, creating major uncertainty around his conglomerate.
Despite this, India’s top billionaires have collectively added $67.3 billion to their net worth in 2024. Shiv Nadar, the IT magnate, gained $10.8 billion, while Savitri Jindal’s wealth rose by $10.1 billion, making them the year’s biggest gainers. Ambani and Adani’s exclusion from the centibillionaire club highlights a challenging year for some of India’s largest corporate houses, even as other business leaders reaped substantial gains.
Globally, the Walmart Waltons retained the title of the world’s richest family in 2024 with a net worth of $432.4 billion, surpassing Middle Eastern royal families and Elon Musk, whose fortune surged beyond $400 billion. On Bloomberg’s richest families list, India’s Ambani family ranked eighth, while the Mistry family of Shapoorji Pallonji came in at twenty-third. Adani, excluded from this list due to single-heir criteria, faces continued challenges as global economic and regulatory pressures mount.
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