At $96.4 billion, Mukesh Ambani is India’s richest and 11th in world
Mukesh Ambani, chairman of Reliance Industries, India’s most valuable company, continues to be the richest man in India with a net worth of $96.4 billion, according to the Bloomberg Billionaires Index as of August 11. He is also the 11th richest in the world.
Ambani, 66, reclaimed the top spot in the list of Indian billionaires in January after Adani Group chairman Gautam Adani’s wealth took a knock following an adverse report by US-based short seller Hindenburg Research.Market TailwindsThe strong performance of the Indian stock market has boosted Indian billionaires’ wealth. The benchmark Sensex has risen 7.3% since the start of the year.
Gautam Adani and Radhakishan Damani are the only ones among the top 15 billionaires to see a wealth decline in the current year.Big and BiggerReliance shares have surged 10% since January 1, boosting Ambani’s wealth. Jio Financial Services, RIL’s demerged financial services unit, is likely to be listed at the end of this month.Sharp FallIn September last year, Adani became the second-richest person in the world, surpassing Amazon founder Jeff Bezos with a net worth of $147 billion.
His net worth has eroded nearly $57 billion so far this year after his 10 listed firms lost $104 billion in market capitalisation since January 25.Retail WoesRadhakishan Damani, India’s second-richest person in early 2020, is currently ranked tenth. His net worth declined by $2.4 billion in 2023 to $16.9 billion following the fall in the share price of Avenue Supermarts.Global OrderTesla founder Elon Musk continues to occupy the world’s richest person position.
His wealth rose by $87 billion in 2023 to $224 billion. French billionaire Bernard Arnault, owner of luxury group LVMH, with a net worth of $191
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