Winning Bizness Desk

Mumbai. India’s top industrialists, Mukesh Ambani and Gautam Adani, have fallen out of the prestigious $100 billion (Rs 8.49 lakh crore) wealth club, according to a recent report by Bloomberg. The report attributes the decline in their fortunes to business challenges and market uncertainties, marking a significant shift in their financial standings. Ambani, Chairman of Reliance Industries and formerly Asia's richest man, has seen his wealth drop from $120.8 billion in July 2024, during his son Anant’s wedding, to $96.7 billion (Rs 8.21 lakh crore) as of December 13, 2024. The decline is primarily attributed to weaker performance in Reliance’s retail and energy divisions, coupled with concerns over rising corporate debt.

This development is a stark contrast to earlier trends in 2024 when India’s top 20 billionaires collectively gained $67.3 billion in wealth. Among them, IT magnate Shiv Nadar witnessed the largest increase of $10.8 billion, followed closely by Savitri Jindal with $10.1 billion.

Adani’s Troubles Worsen Amid Scrutiny

Gautam Adani, Chairman of the Adani Group, has faced even greater financial challenges. His wealth has plummeted from $122.3 billion in June 2024 to $82.1 billion (approximately Rs 7 lakh crore) by November. This sharp decline is linked to allegations of fraud highlighted in the Hindenburg Research report and ongoing investigations by the U.S. Department of Justice (DoJ).

These issues have created significant roadblocks for Adani’s business empire, diminishing investor confidence and leading to his exclusion from Bloomberg’s "Centibillionaire Club," which comprises individuals with wealth exceeding $100 billion.

Emerging Risks for Indian Telecom Sector

The Bloomberg report also highlights potential challenges for India’s major telecom companies. The entry of Elon Musk’s Starlink into the satellite broadband market, coupled with anticipated policy shifts under the administration of U.S. President-elect Donald Trump, could disrupt the telecom landscape in India.

Global Wealth Rankings

On the global front, the Walton family of Walmart has emerged as the world’s richest family in 2024, with a combined wealth of $432.4 billion. They have surpassed Middle Eastern royal families and Elon Musk, the world’s richest individual. In Bloomberg’s latest rankings, Mukesh Ambani is placed eighth, while the Mistry family of Shapoorji Pallonji Group is ranked 23rd. Gautam Adani, however, is no longer on the list due to its focus on first-generation wealth and single heirs. The decline in wealth for Ambani and Adani signifies a challenging period for these industrialists. As they navigate business hurdles and market pressures, their ability to adapt and rebuild will shape their future in the global wealth landscape.