After unseating Gautam Adani, the chairman of Reliance Industries, Mukesh Ambani, has ascended to the top once more as the richest person in Asia. Ambani’s net wealth surpassed $100 billion on Friday, making him a centibillionaire. With a net worth of $102 billion on Friday, Mukesh Ambani—who has fallen to the 13th spot on the Bloomberg Billionaire Index—is once again the richest person in India, having gained roughly $3 billion in only a single day.
Reliance shares surged on the Indian stock market on Thursday, making Ambani $2.8 billion richer than the previous day, according to Bloomberg data. This enormous net worth gain and entry into the $100 billion club follows. Following the announcement of the company’s quarterly profits (Q3) results, Reliance Industries Limited (RIL) shares saw a 22 percent increase from its October 2023 low. Due to his 42 percent ownership of the business and the subsequent rise in share price, Mukesh Ambani’s net worth has increased dramatically.
Mukesh Ambani: The Richest Asian
A week ago, Ambani’s net worth of $96 billion was lagging behind Gautam Adani’s on the Bloomberg Index, while the chairman of the Adani Group rose to the top of the Asian richest list with a $96.7 billion net worth. Only 12 individuals worldwide, including Ambani, belong to the $100 billion club, which also includes Jeff Bezos, Mark Zuckerberg, and Bill Gates. The only person in the world with a net worth greater than $200 billion is Elon Musk.
The market value of Reliance exceeds ₹18 lakh crore
Reliance Industries’ share price has risen more than 3 percent over the last five trading sessions on the Indian stock market. In the last month, the stock has increased by 12 percent. As a result of Reliance’s market capitalization surpassing ₹18 lakh crore on Thursday, Ambani was able to climb the global wealthy list. In addition to RIL, Jio Financial Services (JFSL) also played a significant role in increasing Mukesh Ambani’s wealth.
JFSL saw a 4.6 percent increase on Thursday, closing at ₹251.50 on the Bombay Stock Exchange, giving it a market capitalization of around ₹1.6 lakh crore. JFSL is still the third-largest shadow lender in India by market value, despite its stock market growth remaining modest since the demerger last year.