Mukesh Ambani, Gautam Adani Drop Out Of Coveted $100 Billion Club Amid Rising Business Challenges

India's wealthiest billionaires, Mukesh Ambani, Chairman of Reliance Industries, and Gautam Adani, Chairman of the Adani Group, have both exited Bloomberg's $100 billion club for 2024 due to various business challenges, according to the publication.

Despite these setbacks, the overall wealth of India's richest individuals has increased. The top 20 billionaires collectively added $67.3 billion since January 2024, with tech tycoon Shiv Nadar gaining $10.8 billion and industrialist Savitri Jindal adding $10.1 billion, the report highlighted.

Mounting Challenges

Ambani's net worth declined as Reliance's energy and retail divisions underperformed, exacerbating concerns over rising debt. His wealth, which peaked at $120.8 billion in July during the wedding of his son Anant Ambani, dropped to $96.7 billion as of December 13, according to the Bloomberg Billionaires Index (BBI).

For Adani, the situation is even more challenging. A probe by the United States Department of Justice (DoJ), announced in November, has compounded uncertainty and stalled the conglomerate's progress. Adani's net worth, which was $122.3 billion in June, has now fallen to $82.1 billion, per the BBI. Earlier, his fortune had already taken significant hits following allegations of fraud in the Hindenburg Research report.

Bloomberg noted that both Ambani and Adani are no longer part of its "elite centibillionaire club," comprising individuals whose net worth exceeds $100 billion.

The report also flagged external factors that could further impact Indian businesses, including uncertainty surrounding the incoming administration of US President-elect Donald Trump and the potential entry of Elon Musk's Starlink into India's satellite broadband market, which could pose challenges for the country's telecom giants.

World's Wealthiest Families

The Walmart Walton family secured the top spot on Bloomberg's *Richest Families 2024* list, with a combined wealth of $432.4 billion - surpassing even Elon Musk's individual net worth and the fortunes of Middle Eastern royal families.

From India, the Ambanis ranked eighth, while the Mistry family of Shapoorji Pallonji secured the 23rd position. Adani did not feature on the list as it excludes first-generation and single-heir wealth.