Mukesh Ambani and Gautam Adani, who are among India’s richest industrialists, have suffered a major setback. The year 2024 was full of economic challenges for both these industrialists. According to the latest report by Bloomberg, Reliance Industries Chairman Mukesh Ambani and Adani Group Chairman Gautam Adani are now out of the $100 billion club. The huge decline in the wealth of both of them in recent months has not only thrown them out of the club, but has also created new challenges for their business empire. Why the decline?
Mukesh Ambani’s wealth was 120.8 billion dollars in July 2024, which has now come down to about 96.7 billion dollars in December 2024. This decline is mainly due to the weak performance of Reliance Industries’ retail and energy divisions and increasing debt.
Let us tell you, there has been increased concern among Ambani’s investors about the company’s business expansion. . This level of his wealth has decreased by about 24 billion dollars compared to the time of his son Anant Ambani’s marriage in July.
Gautam Adani’s condition is more serious
The investigation of the US Department of Justice (DoJ) and the report of Hindenburg Research have a major contribution in the decline in Gautam Adani’s wealth. The allegations of fraud in the Hindenburg report greatly damaged the image of the Adani Group. Adani’s wealth was $122.3 billion in June 2024, which has now come down to just $82.1 billion in November 2024. This decline has put Adani in Bloomberg’s “Centibillionaire Club”
Pressure on India’s telecom industry
Bloomberg’s report has also talked about a possible threat to India’s telecom companies. . The policies of US President-elect Donald Trump and the entry of Elon Musk’s company Starlink in India may create new challenges in the telecom sector.
World’s Richest Families
Walmart’s Walton family tops the list of the world’s richest families with a net worth of $432.4 billion. Mukesh Ambani is at eighth place in this list, while Adani has been kept out of this list.
Concrete steps will have to be taken
Mukesh Ambani and Gautam. The decline in Adani’s wealth could prove to be a turning point for Indian industry. Investors and industry experts believe that both the industrialists will have to take strategic steps to stabilize their business empires.
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