As of December 2024, Indian billionaires Mukesh Ambani and Gautam Adani’s net worths have fallen below $100 billion, removing them from Bloomberg’s exclusive $100 billion club. Mukesh Ambani, chairman of Reliance Industries, currently holds an approximately $96.3 billion net worth.
This decline is attributed to underperformance in Reliance’s energy and retail sectors, slowing sales growth, and investor concerns over rising debt levels.
Gautam Adani, founder of the Adani Group, has experienced a more pronounced decrease in wealth, with his net worth dropping from $122.3 billion in June to $80.8 billion in December.
This significant reduction follows allegations of fraud and bribery, including a U.S. Department of Justice investigation announced in November, which have adversely affected investor confidence and the market value of Adani Group companies.
These developments highlight the volatility and challenges faced by major conglomerates in the current global economic landscape.
