Reliance Industries Ltd chief and billionaire Mukesh Ambani on Thursday saw his wealth climb USD 2.8 billion to USD 101.8 billion, returning to the USD 100-billion club for the first time since June 2022, according to the Bloomberg Billionaires Index.
The shares of his flagship, Reliance Industries Ltd., rose 2.6 per cent to close at a record high.
Ambani is the 12th-richest person in the world, ahead of L’Oreal heir Francoise Bettencourt Meyers.
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The total market capitalisation of RIL has reached the Rs 18.40 lakh crore mark. Notably, the stock experienced a 12 per cent increase in the past month.
The recently demerged NBFC Jio Financial Services (JFSL) also contributed to Mukesh Ambani’s recent wealth surge. JFSL observed a gain of over 4.6 per cent, closing at Rs 251.50 on Thursday, with a market capitalisation close to Rs 1.6 lakh crore on the Bombay Stock Exchange.
With a fortune spanning oil refining to supermarkets, Ambani is an outlier among the world’s richest, who predominantly made their fortunes in tech.
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Other entities within Ambani’s portfolio also demonstrated positive momentum. Network18 Media Investment Ltd witnessed a 10 per cent increase on Thursday, closing at Rs 130.81. The media counter has displayed an impressive 45 per cent rally in the year 2024 thus far.
His rise up the wealth rankings has been steadier than the roller-coaster ride of his compatriot Gautam Adani.
Adani lost more wealth than anyone else in 2023 after a withering short-seller attack and now sits two spots behind Ambani on the index.
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Mukesh Ambani owns 42 per cent of the company with businesses in the energy, telecommunications and retail sectors, among others.
The company’s shares climbed 22 per cent from a low in October after the firm reported a jump in quarterly profit.
While Jio shares have only gained about 1 per cent since going public in August, the company remains India’s third-largest shadow lender by market value.
Recently, after a roller-coaster ride in 2023 due to Hindenburg, and a couple of days after the hearing at the Supreme Court, Gautam Adani is back to being Asia’s wealthiest person surpassing chairman of Reliance Industries Mukesh Ambani.
According to Bloomberg Billionaires Index, Adani’s net worth rose USD 7.7 billion in a day to USD 97.6 billion, reclaiming the top spot in the region from Indian compatriot Mukesh Ambani.
Notably, Ambani was trailing by a narrow margin with a net worth of USD 97 billion, the index showed.
