Reliance Industries chairman Mukesh Ambani has ascended once more to the summit of Asia’s wealthiest individuals, surpassing Gautam Adani. On Friday, Ambani achieved centibillionaire status, with his net worth crossing $100 billion, marking a notable rise to the 13th position on the Bloomberg Billionaire Index.
This surge in wealth follows a substantial gain in Reliance Industries Limited (RIL) shares on the Indian stock market. The company’s shares surged by 22 percent since October 2023, primarily driven by robust Q3 profit reports. Mukesh Ambani, holding a 42 percent stake in RIL, witnessed a significant uptick in his net worth due to the spike in share prices
Ambani’s net worth rose by nearly $3 billion within 24 hours, reaching $102 billion on Friday. Just a week earlier, he trailed behind Gautam Adani, but the recent market developments have propelled him back to the top spot among Indian billionaires.
The global elite $100 billion club, which now includes Ambani, features luminaries like Bill Gates, Mark Zuckerberg, and Jeff Bezos. Elon Musk remains the wealthiest person globally, boasting a net worth exceeding $200 billion.
Reliance Industries’ market capitalization surpassed ₹18 lakh crore on Thursday, contributing significantly to Ambani’s ascent on the global rich list. The company’s share prices recorded a 3 percent surge in the last five trading sessions and a remarkable 12 percent increase over the past month.
Notably, Jio Financial Services (JFSL) played a crucial role in Ambani’s wealth surge. JFSL witnessed a growth of 4.6 percent, closing at ₹251.50, with a market capitalization of nearly ₹1.6 lakh crore on the Bombay Stock Exchange. Despite a gradual growth pace since the demerger last year, JFSL stands as India’s third-largest shadow lender by market value.
