Mukesh Ambani’s Net Worth Crosses $100 Billion Mark Once Again

Mukesh Ambani, the chief of Reliance Industries Ltd and a billionaire, saw his wealth increase by $2.8 billion on Thursday, reaching a total of $101.8 billion. This marks his return to the $100-billion club, which he had previously been a part of until June 2022, According to the Bloomberg Billionaires Index,

The stocks of Reliance Industries Ltd., his main company, increased by 2.6 percent and ended the day at an all-time high.

Francoise Bettencourt Meyers, the heir to L’Oreal, is ranked lower than Ambani, who holds the 12th spot among the wealthiest individuals worldwide.

RIL’s overall market value has now surpassed Rs 18.40 lakh crore. It is worth mentioning that the stock saw a notable rise of 12 percent during the previous month.

Mukesh Ambani‘s recent increase in wealth can be attributed partially to the newly separated NBFC Jio Financial Services (JFSL). JFSL experienced a growth of more than 4.6 percent and ended at Rs 251.50 on Thursday, with a market value of approximately Rs 1.6 lakh crore on the Bombay Stock Exchange.

Ambani stands out among the wealthiest people globally due to his diverse wealth, ranging from oil refining to supermarkets, unlike the majority who primarily accumulated their fortunes in the technology industry.

Other companies in Ambani’s portfolio also showed positive growth. Network18 Media Investment Ltd experienced a 10% rise on Thursday, ending the day at Rs 130.81. This media company has seen a remarkable 45% increase in 2024 so far.

The ascent of his wealth rankings has been more consistent compared to the unpredictable fluctuation experienced by his fellow countryman, Gautam Adani.

In 2023, Adani experienced a significant decrease in wealth due to a harsh assault from short-sellers, resulting in them falling two positions behind Ambani in the index.

Mukesh Ambani possesses a 42 percent stake in a company that operates in various industries including energy, telecommunications, and retail, among others.

After the company announced an increase in quarterly profit, its shares rose by 22% from their lowest point in October.

Despite the fact that Jio shares have only seen a minimal increase of approximately 1 percent since their initial public offering in August, the company still holds its position as India’s third-largest shadow lender based on market value.

In a recent turn of events, Gautam Adani has reclaimed his position as the richest person in Asia, surpassing Mukesh Ambani, the chairman of Reliance Industries. This follows a tumultuous year in 2023, marked by the Hindenburg incident and a subsequent hearing at the Supreme Court.

As per the Bloomberg Billionaires Index, Adani’s wealth increased by $7.7 billion in just one day, reaching a total net worth of $97.6 billion. This allowed him to regain the highest ranking in the region, surpassing his Indian counterpart Mukesh Ambani.

According to the index, Ambani’s net worth was USD 97 billion, and he was slightly behind.

(The States Man)