Indian Billionaires Ambani, Adani Exit the $100 Billion Club

Indian billionaires Mukesh Ambani and Gautam Adani have exited the exclusive $100 billion net worth club, as reported by Bloomberg. The decline in their personal wealth is attributed to challenges in their respective business ventures and market-related setbacks.

Bloomberg highlighted that Ambani’s energy and retail businesses underperformed compared to market expectations. In July, Ambani’s net worth peaked at $120.8 billion. However, significant expenditures, including nearly $600 million on his son Anant Ambani’s wedding, affected his financial standing. Recently, Ambani has shifted focus to digital platforms and retail brands, though growth and profits in the retail sector have slowed.

Similarly, Adani’s net worth saw a decline after allegations of bribery involving Indian officials surfaced in the U.S., compounding earlier setbacks from the Hindenburg report. In June, his wealth reached $122.3 billion but later fell below the $100 billion mark due to legal and reputational challenges faced by his business empire.