Reliance Industries Chairman Mukesh Ambani has re-entered the elite club of the world’s hundred billionaires, according to the Bloomberg Billionaires Index. His net worth rose by $2.8 billion on Thursday to reach $101.8 billion driven by Reliance shares jumping to record highs.
The oil-to-telecom behemoth was up 2.6% helping Ambani reclaim centi-billionaire status after six months. He is currently ranked as the 12th richest person globally, overtaking French billionaire Francoise Bettencourt Meyers.
The rally in Reliance shares since late 2022 has mirrored the jump in the company’s quarterly earnings mostly led by the robust performance of its energy and telecom ventures. The recent listing of Reliance’s financial services arm, Jio Financial Services Ltd. has also expanded Ambani’s diverse business portfolio spread across energy, digital services, and retail sectors amongst others.
While Ambani accounts for 42% ownership in Reliance today, his children Akash, Isha, and Anant have also taken on leadership roles across its wireless, retail, and renewable energy operations as part of a succession plan. All three have also been inducted into the company’s board.
The 65-year-old tycoon is the only non-tech billionaire among the top 15 richest globally, underscoring how he has transformed Reliance from its oil refining origins into an Indian conglomerate with tech and green energy capabilities lately. Mukesh Ambani remains India’s undisputed richest person, nearly $60 billion ahead of infrastructure tycoon Gautam Adani who bore the biggest wealth erosion globally in 2023.
