Why Ambani, Adani are out of Bloomberg's $100B club
Mukesh Ambani and Gautam Adani, two of Asia's richest, have dropped out of Bloomberg's elite centibillionaires club. The change comes as both billionaires faced multiple business challenges. However, India's richest have overall gained in net worth with the top 20 wealthiest Indians adding $67.3 billion since January 2024. Tech mogul Shiv Nadar gained $10.8 billion while Savitri Jindal added $10.1 billion to her fortunes during the period.
Ambani's wealth decline linked to Reliance's underperformance
Ambani's wealth decline is attributed to Reliance's energy and retail underperformance. His fortune fell from $120.8 billion in July—when his son Anant got married—to $96.7 billion by December 13, according to the Bloomberg Billionaire Index (BBI). Investors are worried about increasing debt in his conglomerate, which has added to this decline in his net worth.
Adani's net worth drops amid US investigation
Gautam Adani's problems have only worsened since the announcement of a US Department of Justice (DOJ) investigation in November. The probe has led to a decline in his net worth from $122.3 billion in June to $82.1 billion now, according to the BBI. Adani also bore the brunt of the Hindenburg Research report and fraud allegations, worsening his financial woes.
Uncertainties loom over India's telecom sector
Additional uncertainties arise from the incoming US President-elect Donald Trump's administration and Elon Musk's Starlink possibly entering India's satellite broadband market. These developments could further complicate matters for India's telco players, including those led by Ambani. It remains to be seen how these external factors further affect the fortunes of India's richest.
Ambanis, Mistrys feature in Bloomberg's Richest Families 2024 list
The Walmart Waltons topped Bloomberg's Richest Families 2024 list with a whopping $432.4 billion in wealth, even beating Elon Musk's individual net worth and the fortunes of Middle Eastern royal families. From India, the Ambanis came in at 8th, while the Mistrys of Shapoorji Pallonji took the 23rd spot on the list. Adani was omitted as first-generation wealth and single-heir fortunes were excluded from this ranking.
