World’s Richest 2024 Rankings: Ambani, Adani Drop Out of $100 Billion Club

India’s billionaire tycoons, Mukesh Ambani and Gautam Adani, have lost their positions in Bloomberg’s elite $100 billion club, according to the World’s Richest 2024 Rankings. Amid challenges impacting their business empires, their net worths have seen a significant decline.

Mukesh Ambani’s Declining Wealth

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, has faced setbacks due to slowing growth in the energy and retail sectors. Rising debt has further fueled investor concerns. Ambani’s fortune, which stood at $120.8 billion in July 2024, has dropped to $96.7 billion, according to the Bloomberg Billionaire Index 2024.

Reliance Industries, which has long been a leader in energy and retail, is now under pressure as global uncertainties and debt restructuring affect its performance.

Gautam Adani’s Deeper Troubles

Gautam Adani’s wealth has suffered an even sharper decline, from $122.3 billion in June to $82.1 billion in December 2024. Adani’s empire is grappling with the fallout of a US Department of Justice (DoJ) probe, announced in November, which has stalled momentum for his conglomerate.

Adding to his troubles, the earlier Hindenburg Research report alleging fraud delivered heavy blows to Adani’s businesses. The uncertainty has removed Adani from Bloomberg’s elite centibillionaires club, highlighting the fragile position of his business ventures.

Walmart Waltons Lead World’s Richest Families

The Walmart Waltons continue to dominate as the world’s richest family, boasting a combined wealth of $432.4 billion. This puts them ahead of individual billionaires like Elon Musk, the world’s richest person.

From India, the Ambani family ranks eighth, while the Mistry family of Shapoorji Pallonji secures the 23rd spot on Bloomberg’s Richest Families 2024 list. Interestingly, the Adani family is absent, as the list excludes first-generation wealth and single-heir fortunes.

Overall Gains for India’s Richest

Despite the setbacks for Ambani and Adani, India’s wealthiest have seen their net worths grow. The top 20 richest Indians added $67.3 billion in 2024, driven by gains from tech mogul Shiv Nadar, who added $10.8 billion, and Savitri Jindal, with $10.1 billion in gains.

Emerging Challenges for India’s Billionaires

Bloomberg’s report also highlighted external threats to India’s telecom sector. Elon Musk’s Starlink satellite broadband venture could disrupt local players, while global uncertainties under the administration of US President-elect Donald Trump add to the risks.

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