Mukesh Ambani re-enters the $100 billion club

12 Jan 2024

Mukesh Ambani re-enters the $100 billion club

Mukesh Ambani, the prominent figure in India’s business landscape, has reclaimed his position in the exclusive $100 billion club. On Thursday, 11 January 2024, the chairman of Reliance Industries Ltd. witnessed his wealth surge by $2.8 billion, reaching an impressive $101.8 billion. This milestone marks Ambani’s return to centi-billionaire status, a position he held in June 2022, according to the Bloomberg Billionaires Index.

Ambani’s ascent is attributed to a 2.6% increase in the shares of his flagship company, Reliance Industries Ltd., culminating in a record-high closing. As the controlling owner with a 42% stake in the conglomerate, Ambani oversees diverse business sectors, including energy, telecommunications, and retail. The company’s shares have demonstrated resilience, surging by 22% since a low point in October 2023, driven by a notable rise in quarterly profits.

Please refer to the chart below to get month-by-month figures of Mukesh Ambani’s net worth (source: Bloomberg Billionaire’s Index).

Mukesh Ambani net worth ( Jan 2023-Jan 2024)

Ranked as the 12th-richest individual globally, Mukesh Ambani surpasses L’Oreal heir Francoise Bettencourt Meyers in wealth. A notable characteristic of Ambani’s financial journey is his unique portfolio, spanning from oil refining to supermarkets. In contrast to many of the world’s wealthiest, who predominantly hail from the tech industry, Ambani’s consistent rise stands out.

Gautam Adani, India’s former richest person, experienced a tumultuous decline in wealth during 2023 due to a harsh short-seller attack. Ambani, in contrast, has maintained a more stable trajectory, securing a higher position than Adani on the wealth index.

At 66, Ambani has played a pivotal role in shaping Reliance Industries into India’s largest company by market value. The company’s strategic shift from fossil fuels to technology and renewable energy has contributed to its enduring success. The recent listing of Reliance’s financial services unit, Jio Financial Services Ltd., has further diversified Ambani's wealth sources.

Jio Financial Services Ltd., despite a modest 1% increase since its public offering in August 2023, remains India’s third-largest shadow lender by market value. The company aims to establish India’s equivalent of WeChat, consolidating online shopping, video streaming, digital financing, and stock trading. In its latest earnings report post-spin-off, Jio revealed a doubling of quarterly profits.

In a move to ensure a seamless transition of power, Ambani has entrusted operational responsibilities to his three children. Eldest son Akash, a graduate of Brown University, now chairs wireless operator Reliance Jio Infocomm Ltd. Younger son Anant oversees the group’s renewable energy endeavors, while daughter Isha manages the group’s retail business. All three assumed positions on Reliance’s board in August 2023.

Mukesh Ambani’s remarkable re-entry into the $100 billion club underscores his enduring influence and strategic foresight in navigating the ever-evolving landscape of global business.

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