India’s top business magnates, Mukesh Ambani and Gautam Adani, have both experienced a decline in their net worths, falling below the $100 billion mark. Mukesh Ambani, chairman of Reliance Industries, and Gautam Adani, founder of the Adani Group, are grappling with challenges that have impacted their businesses and personal fortunes.
According to Bloomberg, the broader struggles in their core industries have contributed to these declines. However, India’s top 20 billionaires collectively added $67.3 billion to their wealth this year, with Shiv Nadar and Savitri Jindal recording the highest gains.
Decline in Mukesh Ambani’s Wealth
Mukesh Ambani’s net worth, which stood at $120.8 billion in July, has dropped to $96.7 billion as of December 13, according to the Bloomberg Billionaires Index (BBI). Reliance’s core businesses, especially energy and retail, have underperformed, while rising debt levels have raised investor concerns.
The oil-to-chemicals division has faced declining demand, competition from Chinese exports, and reduced consumer spending in retail operations. To counter these challenges, Reliance is pivoting toward renewable energy, digital platforms, and retail brands.
The company has partnered with Walt Disney Co. and Nvidia Corp. to diversify its ventures. An $8.5 billion media collaboration with Disney aims to dominate India’s streaming sector, while the Nvidia alliance focuses on building AI infrastructure. Despite setbacks, analysts remain optimistic about Reliance’s long-term potential.
Challenges for Gautam Adani
Gautam Adani’s net worth has plummeted from $122.3 billion in June to $82.1 billion in December, primarily due to allegations and investigations affecting investor confidence. The U.S. Department of Justice recently launched an inquiry into alleged bribery involving the Adani Group, adding to the fallout from the Hindenburg Research report accusing the conglomerate of fraud—a claim Adani has denied.
Adani has reiterated the group’s commitment to compliance but continues to face scrutiny. These challenges threaten the momentum regained earlier this year after efforts to rebuild trust and stabilize finances.
India’s Business Landscape
The declines have removed Ambani and Adani from the exclusive “centibillionaire” club, though both remain dominant figures in the Indian economy. Meanwhile, the entry of Elon Musk’s Starlink into India’s satellite broadband market poses new challenges for Reliance Jio’s telecom operations.
Globally, the Ambani family ranked eighth on Bloomberg’s Richest Families list, with the Mistrys of Shapoorji Pallonji at 23rd. The Walmart Waltons retained the top spot with $432.4 billion in wealth.
As India’s richest leaders face evolving challenges, their ability to innovate and adapt will determine their future trajectories. While Ambani focuses on diversification, Adani will prioritize regaining investor trust and resolving ongoing investigations.