Indian billionaires Mukesh Ambani, Gautam Adani top wealth losers: Their combined net worth loss this year is..

  • Earlier this month, Mukesh Ambani surpassed Gautam Adani to take over as the richest Indian

Livemint
Updated23 Feb 2023, 01:00 PM IST
Gautam Adani, chairman of the Adani group; Mukesh Ambani, chairman and managing director of Reliance Industries Ltd
Gautam Adani, chairman of the Adani group; Mukesh Ambani, chairman and managing director of Reliance Industries Ltd

Indian industrialists Mukesh Ambani and Gautam Adani have been the biggest losers in terms of wealth in the world's richest list in 2023 so far. As per the data by the Bloomberg Billionaires Index, Adani has witnessed his wealth eroded by over $78 billion in year-to-date (YTD) terms whereas Ambani's net wealth has declined by more than $5 billion, with their combined loss of over $83 billion.

Earlier this month, Ambani surpassed Adani to take over as the richest Indian in the world. As per the index, Mukesh Ambani's net worth stands at $81.5 billion with 12th spot in the world's top billionaires list, as of 23 February 2023. Meanwhile, another Indian Gautam Adani's wealth stands at $42.7 billion, who has slipped to 29th spot in the index, falling from the ranks of world's second richest last year.

Shares of Adani Group's seven listed companies have been under pressure since the January 24 report by Hindenburg Research report that said it took a short position in certain securities of the group and accused of wrongdoings, which the Group has repeatedly dismissed as ‘baseless’. The uncertainties over sharp sell-off in conglomerate shares have also contributed to capital outflows from the Indian stock market.

Gautam Adani is the founder of conglomerate Adani Group, the largest port operator in India. The Ahmedabad, India-based infrastructure group is also India's largest closely held thermal coal producer and largest coal trader. Adani Group's interests span infrastructure, commodities, power generation and transmission and real estate. The Adani Group has been diversifying its business interests and last year bought cement firms ACC and Ambuja Cements from Switzerland's Holcim for $10.5 billion.

The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. Details about the calculations are provided in the net worth analysis on each billionaire’s profile page. The figures are updated at the close of every trading day in New York.

Mukesh Ambani chairs and runs Reliance Industries (RIL), which has interests in petrochemicals, oil and gas, telecom and retail. Almost 60% of Reliance Ind’s revenue comes from oil-refining and petrochemicals, though, the conglomerate has been reducing its dependence on oil-refining by diversifying into retail, telecommunications and technology, and is also pivoting into new energy business.

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First Published:23 Feb 2023, 01:00 PM IST
HomeNewsIndiaIndian billionaires Mukesh Ambani, Gautam Adani top wealth losers: Their combined net worth loss this year is..

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