Mukesh Ambani's net worth crosses $100 billion, dethrones Gautam Adani as Asia's richest man

Reliance Industries Chairman, and Managing Director Mukesh Ambani. (ANI)

Reliance Industries chairman Mukesh Ambani has once again climbed to the top as Asia’s richest man after dethroning Gautam Adani. Ambani became a centibillionaire, with his net worth crossing the $100 billion mark on Friday.

Mukesh Ambani, who has dropped down to the 13th position on the Bloomberg Billionaire Index, is now the richest man in India once again with a net worth of $102 billion on Friday, adding nearly $3 billion to his net worth in the span of 24 hours.

This massive net worth gain and joining the $100 billion club comes after Reliance shares soared on the Indian stock market on Thursday, making Ambani $2.8 billion richer than the day before, according to Bloomberg data.

Reliance Industries Limited (RIL) shares 22 percent from a low in October 2023, after the firm released its quarterly profits (Q3) reports. Mukesh Ambani owns 42 percent stake in the company, leading to his net worth increasing significantly after a spike in the share price.

Just a week ago, Ambani was trailing behind Gautam Adani on the Bloomberg Index with a net worth of $96 billion, while the Adani Group chairman became the richest person in Asia with a net worth of $96.7 billion.

Including Ambani, there are only 12 people across the globe who are a part of the $100 billion club such as Bill Gates, Mark Zuckerberg, and Jeff Bezos. Elon Musk, the richest person in the world, is the only one to have a net worth more than $200 billion.

Reliance market cap crosses ₹18 lakh crore

Over the last five trading sessions on the Indian stock market, Reliance Industries share prices have surged over 3 percent, with the stock recording a 12 percent increase over the past month.

Reliance market capitalisation on Thursday crossed ₹18 lakh crore, leading to Ambani moving up a spot on the global rich list. Not just RIL, but Jio Financial Services (JFSL) also majorly contributed to Mukesh Ambani’s wealth gain.

On Thursday, JFSL recorded a growth of 4.6 percent, closing at ₹251.50 with a market capitalisation of nearly ₹1.6 lakh crore on the Bombay Stock Exchange. While JFSL’s growth on the stock market has remained slow since the demerger last year, it remains India’s third-largest shadow lender by market value.

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