World's Richest 2024: Big shock for Ambani and Adani in $100 billion club

World's Richest 2024: The year 2024 was full of economic challenges for India's leading businessmen Mukesh Ambani and Gautam Adani. According to a recent report from Bloomberg, both billionaires are now out of the $100 billion club. Due to setbacks in his business empire, his wealth has suffered a major decline. Mukesh Ambani's Net Worth Decline: As of July 2024, Mukesh Ambani's net worth was $120.8 billion, which has declined to $96.7 billion in December 2024. The decline was due to weak performance and rising debt in Reliance Industries' retail and energy sectors. Apart from this, there has been increased concern among investors regarding the company's expansion and investment decisions. This decline in Ambani's wealth is roughly $24 billion less than it was at the time of his son Anand Ambani's marriage. Gautam Adani's Deterioration: The main reason for Gautam Adani's decline in fortunes was the report of the Hindenburg Research and the investigation by the US Department of Justice (DoJ). The allegations of fraud in the Hindenburg Report dealt a deep blow to the Adani Group's credibility. His net worth was $122.3 billion in June 2024, which declined to $82.1 billion by November 2024. The fall knocked him out of Bloomberg's “Centibillionaire Club.” Also Read: Bihar Government's “First Come, First Serve” scheme heralds crisis over India's telecom sector; US President-elect Donald Trump's policies and Elon Musk's Starlink entry into India could increase competition in the telecom sector. The Walton family of Walmart is the richest family in the world with a net worth of $432.4 billion. Mukesh Ambani is at the eighth position and Gautam Adhani is out of the list. Also read: Preeti Lopana: Google appoints Preeti Lopana as country manager and vice president in India The post World's Richest 2024: Big blow to Ambani and Adani in $100 billion club.