India’s Top Richest Billionaires: Mukesh Ambani & Gautam Adani Are Not in the $100 Billion Club This Year

Two of India’s most prominent tycoons, Mukesh Ambani, chairman of Reliance Industries, and Gautam Adani of the Adani Group, are no longer members of the $100 billion net worth club this year, as reported by a leading publication. Both business magnates have faced significant challenges, leading to a sharp decline in their personal fortunes.

Despite these setbacks, India’s wealthiest individuals have seen a collective rise in their fortunes. The top 20 billionaires added $67.3 billion to their net worths in 2024, driven primarily by technology pioneer Shiv Nadar, who gained $10.8 billion, and industrialist Savitri Jindal, whose fortune grew by $10.1 billion.

The report explained that Ambani’s wealth suffered due to underperformance in Reliance’s energy and retail sectors, compounded by investor concerns over rising debt. His net worth, once $120.8 billion in July during his son Anant’s wedding, has declined to $96.7 billion as of mid-December.

Adani’s situation appears even more precarious. His group faces a U.S. Department of Justice investigation that began in November, causing widespread uncertainty and halting his business momentum. This scrutiny has slashed his net worth from $122.3 billion in June to $82.1 billion in December, according to the report.

The analysis also pointed out looming challenges for India’s telecom and technology sectors. The incoming U.S. administration under President-elect Donald Trump and the potential entry of Elon Musk’s Starlink into India’s satellite broadband market could disrupt existing players and reshape the competitive landscape.

On a global scale, the Walmart Walton family secured the top spot in the 2024 Richest Families list with a combined fortune of $432.4 billion, surpassing even Elon Musk’s personal net worth and that of the wealthiest royal families in the Middle East.

From India, the Ambani family and the Mistry family of Shapoorji Pallonji ranked eighth and 23rd on the list, respectively. Gautam Adani did not feature, as the ranking excluded first-generation billionaires and single-heir fortunes.

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