Reliance Industries chairman Mukesh Ambani has once again climbed to the top as Asia’s richest man after dethroning Gautam Adani. Ambani became a centibillionaire, with his net worth crossing the $100 billion mark on Friday.
Mukesh Ambani, who has dropped down to the 13th position on the Bloomberg Billionaire Index, is now the richest man in India once again with a net worth of $102 billion on Friday, adding nearly $3 billion to his net worth in the span of 24 hours.
This massive net worth gain and joining the $100 billion club comes after Reliance shares soared on the Indian stock market on Thursday, making Ambani $2.8 billion richer than the day before, according to Bloomberg data.
Reliance Industries Limited (RIL) shares 22 percent from a low in October 2023, after the firm released its quarterly profits (Q3) reports. Mukesh Ambani owns 42 percent stake in the company, leading to his net worth increasing significantly after a spike in the share price.
Just a week ago, Ambani was trailing behind Gautam Adani on the Bloomberg Index with a net worth of $96 billion, while the Adani Group chairman became the richest person in Asia with a net worth of $96.7 billion.
Including Ambani, there are only 12 people across the globe who are a part of the $100 billion club such as Bill Gates, Mark Zuckerberg, and Jeff Bezos. Elon Musk, the richest person in the world, is the only one to have a net worth more than $200 billion.
Reliance market cap crosses ₹18 lakh crore
Over the last five trading sessions on the Indian stock market, Reliance Industries share prices have surged over 3 percent, with the stock recording a 12 percent increase over the past month.
Reliance market capitalisation on Thursday crossed ₹18 lakh crore, leading to Ambani moving up a spot on the global rich list. Not just RIL, but Jio Financial Services (JFSL) also majorly contributed to Mukesh Ambani’s wealth gain.
On Thursday, JFSL recorded a growth of 4.6 percent, closing at ₹251.50 with a market capitalisation of nearly ₹1.6 lakh crore on the Bombay Stock Exchange. While JFSL’s growth on the stock market has remained slow since the demerger last year, it remains India’s third-largest shadow lender by market value.