Who Is The Richest Indian Of 2024? Mukesh Ambani & Gautam Adani Out Of Bloomberg $100 Billion Club

India's two wealthiest businessmen, Reliance Industries CMD Mukesh Ambani and Adani Group chairman Gautam Adani, have fallen out of Bloomberg's elite "centibillionaires club" in 2024. The club comprises individuals with personal fortunes exceeding $100 billion. Both billionaires faced business challenges this year, causing their net worth to dip below the coveted mark, according to Bloomberg's latest report on the world's richest individuals.

Billionaire Fortunes

While Ambani and Adani saw declines in their fortunes, India's richest individuals collectively experienced a positive year. The top 20 billionaires in the country added a combined $67.3 billion to their net worth since January 2024. Notable gainers included tech magnate Shiv Nadar, who saw his fortune surge by $10.8 billion, and industrialist Savitri Jindal, who added $10.1 billion to her wealth.

Mukesh Ambani

Mukesh Ambani's personal wealth, which stood at $120.8 billion in July when his son Anant Ambani tied the knot in a high-profile wedding, has since dropped to $96.7 billion as of December 13, according to the Bloomberg Billionaire Index (BBI).

Reliance Industries, the flagship of Ambani's business empire, faced underperformance in its energy and retail segments. Rising debt levels in the conglomerate added to investor concerns, exerting downward pressure on the valuation of Ambani's holdings.

Despite these setbacks, Reliance remains one of India's most prominent and diversified companies, with interests ranging from petrochemicals and retail to telecommunications. However, maintaining investor confidence amid business headwinds will be critical for Ambani's recovery in 2025.

Gautam Adani

For Gautam Adani, the challenges were even more severe. His personal wealth plummeted from $122.3 billion in June to $82.1 billion by December 13, according to the BBI. The steep decline followed a series of controversies and external investigations.

In November, the US Department of Justice (DoJ) launched a probe into Adani Group's operations, raising concerns about the conglomerate's governance and potential legal consequences. This probe compounded the lingering effects of allegations made earlier in the year by Hindenburg Research, which accused the group of fraud and stock price manipulation. Adani Group has strongly denied these allegations, but the damage to market confidence has been substantial.

The ongoing uncertainties have curtailed the momentum of Adani's businesses, which span ports, energy, and infrastructure. For now, Adani's fortune stands far below its peak, underscoring the lingering impact of these challenges.

Global & Domestic Threats

Bloomberg's report also highlighted external risks that could affect India's corporate giants in the coming year. Among these is the potential entry of Elon Musk's Starlink into India's satellite broadband market, which could pose a significant challenge to domestic telecom players, including Reliance Jio.

Additionally, uncertainties surrounding US President-elect Donald Trump's administration have added to the global economic unpredictability, potentially influencing foreign investments and business dynamics in India.

World's Richest Families

While individual fortunes faced challenges, the Ambani family maintained its position among the world's wealthiest dynasties. The Walmart Waltons secured the top spot on Bloomberg's Richest Families 2024 list with a wealth of $432.4 billion, surpassing even Elon Musk's individual net worth and Middle Eastern royal families.

The Ambani family ranked eighth on the list. The Mistry family of Shapoorji Pallonji also made the cut, ranking 23rd.

Notably, Gautam Adani did not appear on the list as Bloomberg excluded first-generation wealth and single-heir fortunes from its rankings.