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.
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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.
{{/usCountry}}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.
{{/usCountry}}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.
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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.