Chandigarh, December 16, 2024 (Punjab Khabarnama Bureau): 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.
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.
Summary: Ambani and Adani have exited Bloomberg’s $100 Billion Club due to recent business setbacks, marking a significant decline in their net worth and financial standing.