2024-12-16 08:40:02 :
The world’s richest man in 2024: Reliance CMD Mukesh Ambani, India’s richest billionaire and Asia’s richest man, and Adani Group chairman Gautam Adani have both exited amid a series of business challenges, the publication reported Bloomberg’s $100 billion club this year.
But overall, the net worth of India’s richest people has increased. The top 20’s revenue has increased by $67.3 billion since January 2024, with the biggest increases going to tech tycoons Shiv Nadar ($10.8 billion) and Savitri Jindal ($10.1 billion), the report added.
Challenges abound
Reports say Ambani’s personal wealth has taken a hit due to underperformance of his group’s energy and retail businesses. Investors are worried about rising debt and his wealth, which stood at $120.8 billion in July as of Dec. 13 when son Anant got married, according to the Bloomberg Billionaires Index (BBI) decreased to $96.7 billion.
For Adani, the trouble is deeper. His group is facing the threat of a U.S. Justice Department investigation that could freeze any momentum as uncertainty grows. The investigation announced in November reduced Adani’s net worth to $82.1 billion today from $122.3 billion in June, according to the BBI. Additionally, the Hindenburg study and alleged fraud hit hard for Adani.
Therefore, Bloomberg reported that neither Adani nor Ambani belongs to the “elite billion club”, which consists of people with wealth exceeding $100 billion.
The report also pointed out that there is uncertainty due to the upcoming inauguration of US President-elect Donald Trump; the possible entry of the world’s richest man Elon Musk’s Starlink into the Indian satellite broadband market may also threaten India of telecommunications operators.
richest family in the world
The Walton family ranks first on Bloomberg’s 2024 list of the richest families with a fortune of $432.4 billion, even surpassing the personal net worth of the world’s richest man, Elon Musk, and the royal family of the Middle East.
The Mistrys of Ambanis and Shapoorji Pallonji from India were ranked 8th and 23rd respectively. Adani does not appear on the list because it excludes all first-generation wealth and wealth from a single heir.
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