New Delhi: Billionaires Gautam Adani and Mukesh Ambani dropped out of the world’s top 10 billionaires list as their net worth declined below the $100 billion mark, according to Bloomberg data. The 2 Indian billionaires’ net worth slipped below the $100 billion mark even as Tesla CEO Elon Musk recently became the first billionaire in history to cross the $400 billion net worth mark.
Ambani and Adani’s wealth decline may be attributed to their core businesses which may be facing financial struggles, according to the report. Reliance Industries chairman Mukesh Ambani’s fortune dwindled to $96.7 billion from $120.8 billion in July, according to the Bloomberg Billionaires Index.
Mukesh Ambani net worth
Underperformance by RIL’s core businesses, namely energy and retail, was the major reason behind the slippage in Ambani’s wealth, according to the report. RIL’s stock price was under pressure owing to concerns raised around rising debt levels. The company’s exports have been hit by rising demand for Chinese goods as well as a decline in retail spending.
Gautam Adani net worth
Gautam Adani’s net worth declined to $82.1 billion from $122.3 billion in June after the US Department of Justice launched a probe into alleged kickbacks offered by Adani Group to Indian officials for lucrative securing renewable power distribution contracts. To be sure, Adani Group has denied these allegations and clarified that Gautam Adani and his nephew, Adani Green Energy chief Sagar Adani were not accused of bribery by the US DoJ and the US SEC.
Overall, Indian billionaires continued to turn richer despite chopping financial markets with HCL founder Shiv Nadar and India’s richest woman Savitri Jindal reporting an over $10 billion rise in net worth. India’s top 20 billionaires became richer by $67.3 billion this year, according to the Bloomberg Billionaires Index. While Mukesh Ambani is ranked 17th on the list, Adani Group founder and chairman Gautam Adani is ranked 19th on the Bloomberg Billionaires Index.
Billionaires Gautam Adani and Mukesh Ambani fell out of the world’s top 10 billionaires list owing to a decline in their respective net worths below the $100 billion mark, according to the Bloomberg Billionaire’s List. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
