Once members of Bloomberg’s $100 billion club, Mukesh Ambani and Gautam Adani left the club when their fortunes plummeted below $100 billion due to market failures, legal issues, and economic difficulties.
Due to a number of business difficulties, Gautam Adani, the chairman of the Adani Group, and Mukesh Ambani, the chairman and managing director of Reliance Industries, both of whom are among the richest people in Asia and India, have left Bloomberg’s $100 billion club this year, the news outlet reported.
According to Bloomberg’s wealth index, the wealth of the 20 richest people in India has increased by $67.3 billion since the year began, making many of the country’s wealthiest people even wealthier. The biggest profits were made by Savitri Jindal, whose family owns the Jindal Group, with a rise of $10.1 billion, and technology tycoon Shiv Nadar, who contributed $10.8 billion.
Obstacles to advancement
Both Gautam Adani and Mukesh Ambani are battling issues that are having an impact on their personal riches and corporate empires. The profitability of Ambani’s retail and energy businesses has been hampered by investor worries over growing debt.
Although it hasn’t been as noticeable, Ambani, the richest person in Asia, has suffered a decrease in his fortune. In July, he had a grandiose family wedding and his fortune reached its pinnacle of $120.8 billion. Reliance, his company, has seen difficulties, too, such as reduced retail consumer demand and lower profitability from its energy division. As of December 13, his worth was $96.7 billion, according to Bloomberg.
As their fortunes have dipped below the $100 billion threshold, Ambani and Adani have both left the “centibillionaire club,” according to the Bloomberg Billionaires Index.
Adani has received unwelcome worldwide attention as a result of a November investigation into alleged bribery by US authorities. This follows a study released last year by US short-seller Hindenburg Research, which accused his group of engaging in fraudulent activities. Adani has refuted the accusations in spite of these assertions and is steadfast in his defense of his business, vowing strict adherence to regulations. “Every challenge makes the company stronger,” he said.
As 2024 draws near, it is anticipated that these accusations would continue to affect Adani Group’s stock values. Adani took steps to improve the company’s financial standing after the Hindenburg scandal, and as a result, its net value reached a height of $122.3 billion in June. However, his wealth has since diminished to $82.1 billion, according to Bloomberg’s index.
“He’s now worth $82.1 billion, and those gains have now evaporated after the US allegations that he oversaw bribes to Indian government officials,” Bloomberg said.
