Ambani, Adani Drop Out of $100 Billion Club, Bloomberg Report Reveals

Mukesh Ambani and Gautam Adani, India's business magnates, have both fallen off Bloomberg's esteemed "Centibillionaire Club," which tracks the net worth of individuals surpassing $100 billion. According to the latest Bloomberg report, their fortunes have severely dented in 2024 on account of a series of business setbacks and growing investor concern.

Declining Fortunes of Ambani

Reliance Industries Chairman Mukesh Ambani, once Asia’s richest man, saw his wealth plummet from $120.8 billion in July 2024 to $96.7 billion by December. Analysts attribute this drop to weaker-than-expected performance in Reliance’s retail and energy divisions, as well as concerns over the company’s increasing debt. Although Ambani remains one of India’s richest individuals, stepping out of the $100 billion club marks a substantial shift from his earlier financial status.

Adani’s Mounting Troubles

Gautam Adani’s situation is even more precarious. The Adani Group Chairman’s net worth declined sharply from $122.3 billion in June 2024 to $82.1 billion by November, primarily influenced by a U.S. Department of Justice (DoJ) probe and lingering effects of Hindenburg Research’s allegations of fraud. These setbacks forced Adani out of the centibillionaire bracket, putting his group’s rapid expansion plans on hold as investors reassess the conglomerate’s stability.

Broader Wealth Trends

While Ambani and Adani’s fortunes receded, India’s top 20 billionaires collectively added $67.3 billion in net worth this year. Shiv Nadar (HCL founder) and Savitri Jindal (OP Jindal Group) each saw gains exceeding $10 billion. Internationally, the report highlighted the Walton family’s unrivaled lead with a combined fortune of $432.4 billion, overshadowing even global tech leaders like Elon Musk. Meanwhile, Bloomberg noted that its wealth listings exclude certain first-generation or single-heir fortunes, which is why Adani does not appear in its latest family wealth rankings.