Mumbai, December 16: Once dominant figures in the global wealth charts, Reliance CMD Mukesh Ambani and Adani Group chairman Gautam Adani have witnessed significant declines in their net worths, falling below the coveted USD 100 billion mark. Indian industrialists Ambani and Adani have both dropped out of Bloomberg's USD 100 billion club for the year, according to the publication.

It must be noted that India’s wealthiest individuals have seen a significant rise in their fortunes in 2024, with the top 20 adding a combined USD 67.3 billion to their net worth since January. Tech mogul Shiv Nadar and industrialist Savitri Jindal were the biggest gainers, with their net worths increasing by USD 10.8 billion and USD 10.1 billion, respectively. Gautam Adani Becomes Asia's Richest Person Again, Overtakes Mukesh Ambani With Net Worth of USD 111 Billion.

Mukesh Ambani Sees Dip in Net Worth

Ambani, the chairman of Reliance Industries, saw his wealth peak at USD 120.8 billion in July, but as of December, his net worth stands at USD 96.7 billion, according to the Bloomberg Billionaires Index (BBI). This sharp decline is attributed to challenges in his company’s core businesses. Reliance’s oil-to-chemicals segment has been adversely affected by falling demand and rising competition from Chinese exporters. Additionally, slower consumer spending has put pressure on its retail division. Growing concerns over Reliance’s increasing debt levels have further contributed to the drop in its stock value.

Despite these setbacks, Ambani is pivoting towards new growth areas such as digital services, renewable energy, and retail. The company has pursued ambitious ventures, including a media partnership with Walt Disney Co. and a collaboration with Nvidia Corp. to build AI infrastructure in India. Equity market strategist Kranthi Bathini of WealthMills Securities remains cautiously optimistic, noting that Reliance’s individual businesses continue to hold significant value, though its oil business remains under pressure. Gautam Adani Overtakes Mukesh Ambani to Become the Richest Person in India and Asia.

Steep Decline in Gautam Adani Net Worth

Gautam Adani, the head of the Adani Group, has seen an even steeper decline in his fortune. His net worth, which stood at USD 122.3 billion in June, plunged to USD 82.1 billion in December. The drop follows a series of controversies surrounding the group, including investigations into alleged bribery by the US Department of Justice (DoJ) and accusations of fraudulent practices from Hindenburg Research.

Adani has denied the allegations and, at a recent event, reassured stakeholders of his group’s commitment to regulatory compliance, stating, “Each challenge makes us stronger.” However, the ongoing investigations are expected to continue affecting the group’s market value.

The Ambani family remains a dominant force, ranking eighth on Bloomberg’s 2024 Richest Families list. In contrast, the Adani family did not feature on the list, as it excludes first-generation wealth. Globally, the Walton family of Walmart remains the wealthiest, with a staggering fortune of USD 432.4 billion, surpassing individual billionaires such as Elon Musk.

(The above story first appeared on LatestLY on Dec 16, 2024 05:52 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).