India's richest billionaires, Gautham Adani and Mukesh Ambani, the heads of the Adani and Ambani groups of industries, respectively, have both dropped out of Bloomberg's $100 billion club for the year amid several business challenges.
Overall, however, India's richest saw their net worth increase. The top 20 have added $67.3 billion since January 2024 — with the biggest gainers being tech mogul Shiv Nadar ($10.8 billion) and Savitri Jindal ($10.1 billion), according to the Bloomberg Billionaire Index (BBI).
According to the report, Ambani's personal wealth took a hit as his conglomerate's energy and retail businesses underperformed. Investors are concerned about rising debt and his fortune, which stood at $120.8 billion in July, when his son Anant got married, has now reduced to $96.7 billion.
For Adani, the troubles are deeper. His conglomerate is facing a threat from a United States Department of Justice (DoJ) probe that could freeze any momentum as uncertainty extends. The investigation announced in November pulled Adani's net worth from $122.3 billion in June to $82.1 billion now. Further, hits from the Hindenburg Research report while alleged fraud have been heavy for Adani.
As such, Bloomberg reported that both Adani and Ambani are out of its “elite centibillionaires club”, comprising those with wealth exceeding $100 billion.
The report also noted that uncertainty due to the upcoming US administration led by Donald Trump; and the world's richest man Elon Musk's Starlink's potential entry in India’s satellite broadband market could also threaten India's telecom players.
The Walmart Waltons took the first spot on Bloomberg's Richest Families 2024 list with a wealth of $432.4 billion. From India, the Ambanis and Mistrys of Shapoorji Pallonji made the list at eighth and 23rd spots, respectively. Adani was not on the list as it excluded all first-generation wealth and single-heir fortunes.
