Mukesh Ambani, the chairman of Reliance Industries, has dethroned Gautam Adani to become Asia’s richest man once more. Ambani became a billionaire on Friday, when his net worth surpassed $100 billion.
Mukesh Ambani, who had slid to 13th place on the Bloomberg Billionaire Index, is once again India’s richest man, with a net worth of $102 billion as of Friday, having added over $3 billion in the previous 24 hours.
This significant net worth increase and entry into the $100 billion club comes after Reliance shares jumped on the Indian stock market on Thursday, leaving Ambani $2.8 billion richer than the day before, according to Bloomberg statistics.
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 Industries share prices have risen by more than 3% during the previous five trading days on the Indian stock market, with the stock up 12% in the last month.
On Thursday, Reliance’s market capitalization reached ₹18 lakh crore, propelling Ambani to the world wealthy list. Not only did RIL add significantly to Mukesh Ambani’s riches, but so did Jio Financial Services (JFSL).
On Thursday, JFSL closed at ₹251.50 with a market capitalization of approximately ₹1.6 lakh crore on the Bombay Stock Exchange, representing a 4.6 percent gain. JFSL’s stock market growth has been modest since the demerger last year, but it remains India’s third-largest shadow lender by market value.
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