India’s two wealthiest industrialists, Mukesh Ambani and Gautam Adani, have exited Bloomberg’s $100 Billion Club this year. Both business tycoons have witnessed significant declines in their net worth, pushing them below the $100 billion mark.
Ambani’s Wealth Falls by $24 Billion
According to Bloomberg’s Billionaire Index, Mukesh Ambani’s wealth dropped by $24.1 billion between July and December. In July, Ambani’s net worth stood at $120.8 billion, which has now fallen to $96.7 billion. The decline has been attributed to underperformance in his retail and energy sectors. Moreover, reports indicate that the fall accelerated following his son Anant Ambani’s lavish wedding celebrations.
Adani’s Wealth Hit by Allegations
Gautam Adani’s wealth also witnessed a sharp decline. In November, the U.S. Department of Justice accused Adani of bribery and fraud in solar energy contracts, further impacting his net worth. Adani’s wealth fell from $122.3 billion in June to $82.1 billion. Earlier allegations from the Hindenburg Research report and subsequent fraud claims have financially weakened the Adani Group.
Growth Among Other Indian Billionaires
Despite Ambani and Adani’s setbacks, some other Indian billionaires saw significant growth in their wealth. In the first half of 2024, the total net worth of India’s top 20 billionaires increased by $67.2 billion. Key gainers include IT tycoon Shiv Nadar, whose wealth rose by $10.8 billion, and Savitri Jindal, with a $10.1 billion increase.
Economic challenges and various allegations have led to a decline in the net worth of Mukesh Ambani and Gautam Adani, causing their exit from the $100 Billion Club. However, the rise in wealth among other Indian billionaires highlights emerging economic opportunities and significant shifts within India’s business landscape.
