Mukesh Ambani Joins Centi-Billionaires Club as Reliance Industries’ Soars to Record Highs

Mukesh Ambani, the chairman of Reliance Industries Ltd (RIL), has entered the exclusive league of centi-billionaires, boasting a net worth surpassing $100 billion. Ambani’s wealth surged as Reliance Industries Ltd reached unprecedented highs, and other group companies experienced substantial gains.

As per Bloomberg Billionaires Index data, Mukesh Ambani added $2.76 billion in the previous trading session, elevating his wealth to $102 billion. Currently occupying the 12th position, Ambani is only $1 billion shy of Mexican business magnate Carlos Slim. Bloomberg’s Billionaires Index features only a dozen centi-billionaires.

Reliance Industries shares rose approximately 3%, reaching Rs 2,724.95 during Thursday’s trading session, settling eventually at Rs 2,718.40, marking a 2.58% increase. The total market capitalization of RIL surpassed the Rs 18.40 lakh crore mark. The stock recorded a 5% surge in the last two trading sessions and a 12% gain in the past month.

The recently demerged NBFC Jio Financial Services (JFSL) contributed to Mukesh Ambani’s growing fortunes, with a more than 4.6% gain, closing at Rs 251.50 on Thursday. Other listed entities under Ambani’s umbrella also witnessed positive momentum. Network18 Media Investment Ltd rose 10%, closing at Rs 130.81, showing a 45% rally in 2024. TV18 Broadcast Ltd achieved higher closing, gaining over 20% in the last five trading sessions, with a market capitalization exceeding Rs 11,100 crore. Similarly, Reliance Industrial Infrastructure Ltd (RIIL) observed a 7.2% gain, closing at Rs 1515.65, reflecting a 35% increase in a month.

Following the JFSL demerger from RIL, investors eagerly anticipate the primary offerings of Reliance Retail and Jio Platforms, hinted at by Ambani in past AGMs without official announcements.

On Bloomberg’s Billionaires Index, Elon Musk of Tesla maintains the top position with a wealth of $212 billion. Jeff Bezos of Amazon follows with $180 billion, and Bernard Arnault, a French business magnate, holds $164 billion. Among Indians, Gautam Adani stands at the 14th spot with a total wealth of $96.2 billion.