Both the billionaires are facing many challenges.
The wealth (net worth) of Mukesh Ambani and Gautam Adani, the country’s richest and among the world’s top billionaires, has slipped below $ 100 billion in the last few months. Reliance Industries Limited Chairman Mukesh Ambani and Adani Group founder Gautam Adani are facing many challenges. The decline in the duo’s wealth comes amid widespread financial struggles in their core businesses, The Economic Times reported, citing Bloomberg.
20 billionaires collectively added $67.3 billion to their wealth
Despite all this, India’s top 20 billionaires have collectively added $67.3 billion to their wealth this year, according to the report, which shows the resilience of the country’s wealthy elite. Industrialist Shiv Nadar and steel magnate Savitri Jindal led the gains, adding $10.8 billion and $10.1 billion to their net worth, respectively. According to the Bloomberg Billionaires Index, Mukesh Ambani’s net worth, which stood at $120.8 billion at the time of his son Anant Ambani’s grand wedding in July, has declined to $96.7 billion as of December 13.
Gautam Adani’s net worth and troubles
Gautam Adani has to face even more serious challenges. According to Bloomberg Billionaires Index, Gautam Adani’s wealth has fallen from $ 122.3 billion in June to $ 82.1 billion in December. This huge decline comes after several allegations and investigations. The US Justice Department started an investigation into alleged bribery related to the Adani Group last November. The Hindenburg report accused the group of fraud, a claim Adani has consistently denied. Adani recently addressed bribery allegations, saying that every challenge against the company makes us stronger. The allegations and the ongoing investigation are expected to have a material impact on the group’s market value and operations in the coming year.
India’s place in the global list
Mukesh Ambani and Gautam Adani have been shining on the global platform. The Ambanis are ranked eighth in Bloomberg’s list of the richest families of 2024, while the Mistrys of Shapoorji Pallonji are ranked 23rd. Adani is not included in this list. Globally, Walmart Walton retained the top position with assets of $432.4 billion. This is even more than the personal net worth of Elon Musk.
Ambani’s investments in renewable energy, digital platforms and media partnerships signal Reliance’s long-term strategy to diversify its portfolio. Adani’s focus will be on regaining investor confidence and resolving the allegations against his group.
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