Mukesh Ambani, the chairman of Reliance Industries, has regained his position as the richest person in Asia, surpassing Gautam Adani. This shift in wealth occurred as the value of his assets crossed the $100 billion mark, thanks to a significant increase in Reliance shares on the Indian stock market.
In a remarkable 24-hour period, Ambani’s net worth grew by nearly $3 billion, making him the wealthiest individual in India.
The surge in Reliance shares was triggered by the release of the company’s quarterly profits report. Ambani, who holds a substantial 42% stake in Reliance, experienced a notable boost in his net worth due to the rise in share prices. Just a week prior, he was trailing behind Gautam Adani in terms of wealth.
As of now, there are only 12 individuals globally who belong to the exclusive “$100 billion club,” which includes notable figures like Bill Gates, Mark Zuckerberg, and Jeff Bezos. The market capitalization of Reliance surpassed ₹18 lakh crore, contributing significantly to Ambani’s ascent on the global list of the wealthiest people.
The success of Jio Financial Services also played a pivotal role in Ambani’s substantial gain in wealth. This development marks a swift and notable change in Ambani’s financial standing and underscores the dynamic nature of wealth in the business world.