Mukesh Ambani gets his ‘richest Indian’ crown back with a wealth of $104.4 billion

Mukesh Ambani gets his ‘richest Indian’ crown back with a wealth of $104.4 billion
Mukesh AmbaniBCCL
  • After a brief period, Mukesh Ambani is back to being the richest Indian.
  • The Reliance Industries’ honcho has seen his company’s market capitalisation surge more than 25% in the last three months.
  • Mukesh Ambani’s rival, Gautam Adani, on the other hand, has seen his group companies’ value decline by over 16%.
Mukesh Ambani is the richest Indian once again, beating his rival Gautam Adani after several weeks of being in the second position. In the last few months, Gautam Adani had been India’s richest man after a massive surge in Adani Group company stocks. Now, Mukesh Ambani is back to the No.1 position.

Ambani regaining the top position is driven by a rebound in the Reliance Industries stock – which is up by more than 25% since early March.

Mukesh Ambani gets his ‘richest Indian’ crown back with a wealth of $104.4 billion
Reliance Industries share priceBSE / Business Insider India / Flourish

According to the Forbes rich list, Mukesh Ambani’s wealth stood at $104.4 billion, gaining $6.2 billion in the last one day. On the other hand, Gautam Adani’s wealth stood at $100.7 billion.

According to Bloomberg Billionaires Index, Ambani’s wealth stood at $99.7 billion, while Gautam Adani’s stood at $98.7 billion. Adani now stands at the 9th place – a little over a month ago, he was tied with Bill Gates as the fourth richest person in the world.

Just a few days ago, Adani crashed out of the $100 billion club. Since his peak, Adani has lost nearly $25 billion in wealth, but he still has 10 times more wealth than what he had two years ago.

Mukesh Ambani added an average of $2 billion wealth per month in 2022

According to Forbes, Mukesh Ambani is the sixth richest person in the world, adding $10 billion to his wealth in the first five months of 2022.

Born in Yemen, Ambani took over the reins of Reliance Industries from his father Dhirubhai Ambani in 2002, after the latter passed away. Since then, the share price of Reliance Industries has surged from ₹42 to ₹2,800 today, with several instances of bonus shares and stock splits during the period.

Both Adani and Ambani run conglomerates with interests across multiple sectors within and outside India. Ambani's interests include energy, telecom, retail and media. He is also looking to expand his interests in high-end tech innovation that can transform both his consumer-facing businesses.

Adani, on the other hand, has been strengthening his FMCG brands with a legacy in power, infrastructure - and has recently added cement and media to the many interests that he holds.
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