In a significant financial feat, Mukesh Ambani, the chairman of Reliance Industries, has once again secured the position of Asia’s richest person, surpassing the formidable Gautam Adani. Ambani’s net worth crossed the remarkable $100 billion mark on Friday, solidifying his status as a centibillionaire.
After briefly slipping to the 13th position on the Bloomberg Billionaire Index, Mukesh Ambani has rebounded to become the wealthiest individual in India. His net worth reached $102 billion on Friday, marking an impressive gain of nearly $3 billion within 24 hours. This surge in wealth follows a substantial rise in Reliance Industries’ shares on the Indian stock market.
The boost in Reliance Industries Limited (RIL) shares, climbing 22 percent since a low in October 2023, can be attributed to the release of the company’s quarterly profits (Q3) reports. As Ambani holds a 42 percent stake in RIL, the spike in share prices significantly contributed to the surge in his net worth.
A week ago, Ambani was trailing behind Gautam Adani with a net worth of $96 billion, while Adani briefly held the title of the richest person in Asia with a net worth of $96.7 billion. However, the recent rally in Reliance shares propelled Ambani back to the top spot.
Ambani’s achievement places him among the exclusive group of individuals who have crossed the $100 billion mark, joining the ranks of global figures like Bill Gates, Mark Zuckerberg, and Jeff Bezos. Elon Musk, currently the world’s richest person, remains the only individual with a net worth surpassing $200 billion.
The upward trajectory in Reliance Industries’ stock prices has been consistent over the last five trading sessions, witnessing a surge of over 3 percent. The stock has recorded an impressive 12 percent increase over the past month, contributing to Reliance’s market capitalization crossing ₹18 lakh crore.
Apart from Reliance Industries, Jio Financial Services (JFSL) has also played a pivotal role in Mukesh Ambani’s wealth accumulation. On Thursday, JFSL registered a growth of 4.6 percent, closing at ₹251.50 with a market capitalization of nearly ₹1.6 lakh crore on the Bombay Stock Exchange. Despite a relatively slow growth rate since the demerger last year, JFSL remains India’s third-largest shadow lender by market value.
Mukesh Ambani’s financial prowess continues to shape the landscape of India’s business magnates, showcasing the resilience and growth potential of his conglomerate, Reliance Industries.
Sources By Agencies