Mukesh Ambani re-enters $100B club amid wealth surge
What's the story
A recent market rally has massively swelled the net worth of Indian billionaires, with Mukesh Ambani leading the pack.
The chairman of Reliance Industries has seen his wealth swell to over $100 billion, nearly a $20 billion jump from a March low of around $81 billion.
Ambani's wealth surge now makes him one of the top 16 richest in the world.
Stock surge
Ambani's wealth recovery linked to stock rebound
Ambani's fortune plummeted to arond $80 billion on March 4 after a major correction in Indian markets.
The recent recovery in his net worth can largely be attributed to a strong rebound in Reliance Industries and Jio Financial Services stocks.
The stocks have risen 25% and 29% from their April and March lows, respectively.
Despite the recovery, Ambani's current net worth remains about 20% below the record high of $120.8 billion on July 8, 2024.
Wealth increase
Gautam Adani and other billionaires also see significant gains
India's second-richest individual, Gautam Adani, has gained significantly with his net worth rising by more than $14.5 billion to $77.5 billion.
Despite the recovery, his net worth remains 57% lower than its peak of $120.8 billion on June 3, 2024.
Other major gainers were Sun Pharmaceutical's Dilip Shanghvi and Bharti Airtel's Sunil Mittal whose net worth rose by over $4.9 billion from March lows to $28.8 billion and $27.4 billion, respectively.
Wealth rise
Other billionaires also experience wealth increase
Radhakishan Damani, Savitri Jindal, and Shiv Nadar have also witnessed massive wealth increases.
Their net worths jumped by $4.8 billion, $4.6 billion, and $4.5 billion to $31.7 billion, $36.4 billion, and $22.8 billion, respectively.
ArcelorMittal's Lakshmi Mittal and Kotak Mahindra Bank's Uday Kotak have completely rebounded from earlier losses with net worths now at record highs of $22.8 billion and $16.6 billion, respectively—up $3.7 billion and $3.1 billion from their January 2025 lows.
Wealth disparity
Some billionaires still below record valuations
Despite the overall wealth surge, many billionaires still remain far off from their peak valuations.
Zydus Lifesciences's Pankaj Patel and DLF's KP Singh are both 45% off their peaks of $12.3 billion and $20.9 billion reached in August 2024 and April 2024, respectively.
Net worth of Serum Institute of India's chairman Cyrus Poonawalla is down by 27%, while Macrotech Developers' Mangal Prabhat Lodha and Britannia Industries' Nusli Wadia are each about 22% off their record net worths.