Ambani and Adani exit Bloomberg’s $100 Billion Club amid business setbacks

Reliance CMD Mukesh Ambani and Adani Group chairman Gautam Adani, two of Asia’s wealthiest individuals and India’s richest billionaires, have both left Bloomberg’s $100 billion club for the year due to various business setbacks, the website reports.

The wealthiest people in India, however, reported a gain in their net worth overall. Since January 2024, the top 20 have gained $67.3 billion, with IT tycoon Shiv Nadar ($10.8 billion) and Savitri Jindal ($10.1 billion) making the most gains, the report said.

Also read: Mukesh Ambani’s Reliance Industries seeking record ₹25,500 crore loan to settle dues: Report

Obstacles in the way

As per the Bloomberg list, Ambani’s personal fortune suffered when the retail and energy divisions of his company fared poorly. His wealth, which was $120.8 billion in July, when son Anant got married, has dropped to $96.7 billion as of December 13, according to the Bloomberg Billionaire Index (BBI), which has investors worried about growing debt.

The issues are more serious for Adani. A US Department of Justice (DoJ) investigation is threatening his conglomerate and might halt any progress as uncertainty grows. According to the BBI, Adani’s net worth dropped from $122.3 billion in June to $82.1 billion as a result of the November probe. Adani has also been struck hard by the Hindenburg Research investigation and allegations of fraud.

According to Bloomberg, Adani and Ambani are thus no longer members of the “elite centibillionaires club,” which is made up of those who have more than $100 billion in fortune.

Uncertainty brought on by the impending government of US President-elect Donald Trump and the possibility of Elon Musk’s Starlink entering the Indian satellite broadband market might potentially pose a danger to India’s telecom companies, according to the research.

Richest Families in the World

With a net worth of $432.4 billion, the Walmart Waltons topped Bloomberg’s list of the world’s richest families in 2024, surpassing both the Middle Eastern royal families and the richest person in the world, Elon Musk.

Also read: How SpaceX insider deal helped Elon Musk’s wealth soar beyond $400 billion mark

The Ambanis and the Mistrys of Shapoorji Pallonji, both from India, came in at number eight and twenty-three on the list. Due to the exclusion of all first-generation riches and single-heir fortunes, Adani was not included in the list.

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