Mukesh Ambani enters $100bn club, surpasses Adani as Asia's richest
What's the story
Mukesh Ambani, the Chairperson of Reliance Industries, has once again pipped Gautam Adani, the Chairperson of Adani Group, to become Asia's richest person.
This comes after a significant increase in Reliance Industries (RIL) shares, pushing Ambani's estimated net worth to $99bn.
He now ranks 12th on the Bloomberg Billionaires Index. Adani, who last week surpassed Ambani, has slipped to rank 14th.
Per Forbes's Real-Time Billionaires list, Ambani has entered the $100bn club with a current net worth of $105.2bn
Details
RIL shares and market capitalization reach new milestones
Ambani's wealth surge is due to a 5.4% rise in RIL shares over the past two trading sessions, with shares reaching an all-time high of Rs. 2,724.95.
This increase led to RIL's market capitalization surpassing Rs. 18 lakh crore.
In 2021, RIL separated its NBFC arm, Jio Financial Services (JFSL), into a distinct listed entity, and JFSL's stock also rose by 5.56% in the last two sessions.
What Next?
Ambani's vision for RIL
During RIL's 2022 Annual General Meeting, Ambani shared his vision of doubling the company's market value by 2027, marking the end of its "golden decade."
To achieve this, the listing of Jio and Reliance Retail is essential.
Additionally, shares of other Ambani-owned companies have seen significant growth, with Network18 rising 45% in a week and TV18 Broadcast increasing 24% in five trading sessions.
Details
Adani Group shares declined today
Meanwhile, Adani Group's shares saw a decline today, lowering Adani's overall net worth.
Adani Energy Solutions, Adani Enterprises, and Adani Power fell by 0.62%, 0.46%, and 0.24%, respectively.
Adani Green declined by 0.56%, Adani Ports too saw a dip of 0.85%, Adani Wilmar declined by 0.15%, and Adani Total Gas fell by 0.7%.
On the Bloomberg Billionaires Index, Adani's net worth is $96.8bn while on Forbes's Real-Time Billionaires list, he is at the 16th rank with a $79.4bn net worth.