World's Richest 2024: Mukesh Ambani, Gautam Adani out of Bloomberg $100 billion club amid business challenges

World's Richest 2024: India's richest billionaires and among Asia's richest people, Reliance CMD Mukesh Ambani and Adani Group chairman Gautam Adani, have both dropped out of the Bloomberg's $100 billion club for the year, amid a number of business challenges, according to the publication.

Overall however, India's richest saw their net worths increase. The top 20 have added $67.3 billion since January 2024 — with the biggest gainers being tech mogul Shiv Nadar ($10.8 billion) and Savitri Jindal ($10.1 billion), it added.

Challenges Abound

According to the report, Ambani's personal wealth took a hit as his conglomerate's energy and retail businesses underperformed. Investors are concerned about rising debt and his fortune which stood at $120.8 billion in July — when son Anant got married, has now reduced to $96.7 billion as of December 13, according to the Bloomberg Billionaire Index (BBI).

For Adani, the troubles are more deeper. His conglomerate is facing threat from a United States Department of Justice (DoJ) probe that could freeze any momentum as uncertainity extends. The investigation announced in November pulled Adani's net worth from $122.3 billion in June to $82.1 billion now, as per the BBI. Further for Adani, hits from the Hindenburg Research report while alleged fraud have been heavy.

As such, Bloomberg reported that both Adani and Ambani are out of its “elite centibillionaires club”, comprising those with wealth exceeding $100 billion.

The report also noted that uncertainity due to the upcoming administration of US President-elect Donald Trump; and world's richest man Elon Musk's Starlink's potential entry in India’s satellite broadband market could also threaten India's telecom players.

World's Richest Families

The Walmart Waltons took the first spot on Bloomberg's Richest Families 2024 list with a wealth of $432.4 billion — exceeding even the world's richest person, Elon Musk's individual net worth and the Middle East royal families.

From India, the Ambanis and Mistrys of Shapoorji Pallonji made the list at eighth and 23rd spots, respectively. Adani was not on the list as it excluded all first-generation wealth and single-heir fortunes.