India’s billionaire club is once again in the spotlight, with Mukesh Ambani emerging as the top gainer in recent months. Backed by a strong rally in Reliance Industries and Jio Financial Services, Ambani’s net worth has surged by nearly $20 billion, taking him from a March low of around $81 billion to over $100 billion.
This sharp rebound has propelled Mukesh Ambani into the list of the world’s top 16 richest individuals, according to Bloomberg data analysed by Moneycontrol. While his wealth is still about 20% below his all-time high of $120.8 billion recorded on July 8, 2024, the recovery has been nothing short of remarkable.
Reliance and Jio Stocks Fuel the Comeback
The revival in Ambani’s wealth is largely attributed to the 25% jump in Reliance Industries stock and a 29% rise in Jio Financial Services shares from their recent lows. This market performance has played a pivotal role in rebuilding investor confidence in the Tata-Group peer and boosting Ambani’s global ranking among billionaires.
Adani Follows Closely with $14.5 Billion Jump
Gautam Adani, India’s second-richest man, also saw his fortune rise significantly. His net worth climbed by over $14.5 billion to reach $77.5 billion. However, despite this gain, Adani’s net worth remains 57% below his record high of $120.8 billion, hit on June 3, 2024.
Other Billionaires Join the Rally
Several other Indian tycoons joined the wealth surge:
Dilip Shanghvi of Sun Pharma saw his net worth rise by $4.9 billion to $28.8 billion, just 10% short of his peak.
Sunil Mittal of Bharti Airtel gained $4.9 billion, reaching $27.4 billion, only 1% below his record.
Radhakishan Damani of DMart added $4.8 billion, bringing his total to $31.7 billion. He remains 27% below his previous high.
Savitri Jindal, India’s richest woman, increased her wealth by $4.6 billion to $36.4 billion, 16% off her record.
Shiv Nadar of HCL Technologies grew by $4.5 billion to $22.8 billion, still 18% short of his peak.
Some Reach New Highs
Lakshmi Mittal (ArcelorMittal) and Uday Kotak (former MD, Kotak Mahindra Bank) have not only recovered their earlier losses but have also hit fresh all-time highs, with $22.8 billion and $16.6 billion, respectively.
IndiGo co-founders Rakesh Gangwal and Rahul Bhatia also bounced back from January lows, with their net worths now nearing record levels at $7.1 billion. Likewise, Vikram Lal of Eicher Motors has achieved a new personal high, while Murali Divi of Divi’s Laboratories is just 4% below his peak from December 2024.
Not All Billionaires Have Recovered
While many are celebrating gains, some high-profile billionaires are still far from recovery:
Pankaj Patel of Zydus Lifesciences and KP Singh of DLF are each 45% below their peak valuations.
Cyrus Poonawalla of Serum Institute is down 27% from his high.
Mangal Prabhat Lodha (Macrotech Developers) and Nusli Wadia (Britannia Industries) are 22% off their record net worths.
In summary, the recent stock market rally has brought significant relief to India’s billionaire circle, with Mukesh Ambani and Gautam Adani leading the wealth rebound. However, the journey back to record highs remains uneven, with some prominent names still trailing behind.
