Mukesh Ambani Overtakes Gautam Adani To Reclaim Richest Indian Crown As He Joins $100B Club

Mukesh Ambani, India’s and Asia’s wealthiest individual, has re-entered the elite circle of centibillionaires. His net worth surged by $2.8 billion (₹23,235 crore) to reach $101.8 billion (₹8.45 lakh crore), propelled by a 2.6% rise in shares of Reliance Industries, his flagship company, which hit a record high. This marks Ambani's first return to the $100-billion club since June 2022, according to the Bloomberg Billionaires Index.

What Happened? Ambani, holding a 42% stake in Reliance, has witnessed his company's stock soar 22% since October following a substantial increase in quarterly profits. Reliance’s diverse portfolio spans energy, telecommunications, and retail, contributing to Ambani’s status as the 12th richest person globally, surpassing L'Oreal heir Francoise Bettencourt Meyers.

Mukesh Ambani, unlike many of his wealthy tech peers, has built his wealth across diverse sectors, including oil refining and supermarkets. His ascent up the wealth ladder has been steadier than that of Gautam Adani, the fellow Indian billionaire who experienced significant financial challenges in 2023.

See also: Top 10 Richest People In India In January 2024

That said, Gautam Adani recently experienced a resurgence in his fortunes, even surpassing Mukesh Ambani as India’s richest person for a brief period last week, following a surge in Adani Group stocks.

A strong family legacy: Ambani, 66, has steered Reliance to become India’s largest company by market value, branching out from its fossil-fuel base to technology and renewable energy. The recent public listing of Jio Financial Services Ltd. diversified his wealth sources further.

As Ambani navigates succession planning, he has entrusted operational responsibilities to his children. His eldest son, Akash, now chairs Reliance Jio Infocomm Ltd., while Anant spearheads the renewable energy sector, and daughter Isha manages the retail division, reflecting a strategic approach to family involvement in the business.

Read next: Paytm Founder Touts Perplexity AI As Superior To ChatGPT, Bard For Certain Use Cases: Here’s Why

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