In a surprising turn of events, two of India’s wealthiest individuals, Gautam Adani and Mukesh Ambani, have fallen out of Bloomberg’s prestigious $100 billion club in 2024. Both billionaires, who have long been among the richest in Asia, are facing significant business challenges that have impacted their fortunes. While Ambani’s Reliance Industries is grappling with slowing growth and rising debt, Adani’s empire is under scrutiny due to a U.S. Department of Justice (DoJ) probe, further compounding the fallout from the Hindenburg Research report earlier this year.
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The Decline of India’s Richest Billionaires
According to the Bloomberg Billionaire Index (BBI), Mukesh Ambani’s net worth, which stood at $120.8 billion in July 2024, has now dropped to $96.7 billion as of December 13. This decline is attributed to underperformance in Reliance’s energy and retail businesses, coupled with concerns over the company’s rising debt levels. Ambani’s wealth took a hit despite the company’s efforts to expand its telecom and retail footprint.
For Gautam Adani, the challenges are even more severe. His net worth, which was $122.3 billion in June, has plummeted to $82.1 billion. The sharp decline is largely due to the ongoing U.S. Department of Justice investigation, announced in November, which has created uncertainty around the Adani Group’s operations. This comes on the heels of the Hindenburg Research report, which accused the Adani Group of alleged fraud and stock manipulation earlier in the year. While Adani has denied the allegations, the fallout has been significant, with his companies losing market value and investor confidence.
As a result, both Ambani and Adani are no longer part of Bloomberg’s “elite centibillionaires club”, which includes individuals with a net worth exceeding $100 billion.
India’s Richest See Mixed Fortunes
Despite the setbacks for Ambani and Adani, India’s wealthiest individuals as a group have seen their fortunes grow in 2024. According to Bloomberg, the top 20 richest Indians added a combined $67.3 billion to their net worths since January. The biggest gainers include:
- Shiv Nadar (Tech Mogul): Added $10.8 billion
- Savitri Jindal (Steel Tycoon): Added $10.1 billion
This growth highlights the resilience of India’s economy and the success of other sectors, even as some of its largest conglomerates face challenges.
Global Competition and Emerging Threats
The challenges for Ambani and Adani are not limited to their current business struggles. The report also highlights potential threats from global players and geopolitical uncertainties:
- Elon Musk’s Starlink: The potential entry of Musk’s satellite broadband service into India could disrupt the country’s telecom market, posing a challenge to Reliance Jio’s dominance.
- U.S. Political Uncertainty: The upcoming administration of U.S. President-elect Donald Trump has added a layer of unpredictability to global markets, which could impact Indian businesses with international exposure.
World’s Richest Families: Where Do Indians Stand?
While Ambani and Adani have faced setbacks, the Ambani family continues to hold its place among the world’s wealthiest families. According to Bloomberg’s Richest Families 2024 list, the Walmart Waltons top the rankings with a staggering wealth of $432.4 billion, surpassing even Elon Musk’s individual net worth.
From India, the Ambanis secured the eighth spot, while the Mistrys of Shapoorji Pallonji ranked 23rd. Notably, Gautam Adani did not feature on the list, as it excludes first-generation wealth and single-heir fortunes
Conclusion
The year 2024 has been a challenging one for Gautam Adani and Mukesh Ambani, two of India’s most prominent billionaires. While both have dropped out of Bloomberg’s $100 billion club, their influence and contributions to India’s economy remain significant. As they navigate these challenges, the broader landscape of India’s wealthiest individuals continues to evolve, with other billionaires like Shiv Nadar and Savitri Jindal making significant gains.
The coming months will be crucial for both Ambani and Adani as they work to address their respective business hurdles and regain their positions among the world’s wealthiest individuals.
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FAQs
1. Why did Gautam Adani and Mukesh Ambani drop out of the $100 billion club?
Both billionaires faced significant business challenges in 2024. Mukesh Ambani’s Reliance Industries struggled with slowing growth in its energy and retail segments, along with rising debt concerns. Gautam Adani’s wealth was impacted by a U.S. Department of Justice probe and the fallout from the Hindenburg Research report, which accused his group of alleged fraud and stock manipulation.
2. How has Gautam Adani’s net worth changed in 2024?
Gautam Adani’s net worth dropped from $122.3 billion in June 2024 to $82.1 billion in December 2024, according to the Bloomberg Billionaire Index. This decline is attributed to the DoJ investigation and the lingering effects of the Hindenburg Research allegations.
