Mukesh Ambani Reclaims Title as Asia’s Richest Person

Reliance Industries chairman Mukesh Ambani has regained his position as Asia’s wealthiest individual, surpassing Gautam Adani. Ambani’s net worth crossed the impressive $100 billion milestone on Friday.

Reliance Stock Surge leads Ambani to the Top:

Despite briefly slipping to the 13th position on the Bloomberg Billionaire Index, Ambani’s net worth surged to $102 billion after a remarkable $3 billion increase within 24 hours. 

This financial feat was attributed to the soaring performance of Reliance Industries Limited (RIL) shares on the Indian stock market.

RIL shares experienced a remarkable 22 percent surge since October 2023, following the release of the Q3 profits report. 

Mukesh Ambani, holding a substantial 42 percent stake in the company, saw a significant net worth boost due to the share price spike.

Swift Ascent to the $100 Billion Club:

Just a week prior, Ambani lagged behind Gautam Adani, but the recent surge propelled him into the elite $100 billion Club, joining luminaries like Bill Gates and Mark Zuckerberg. Currently, only 12 individuals globally have attained this extraordinary financial milestone.

Reliance Market Cap Surpasses ₹18 Lakh Crore:

Over the last five trading sessions, Reliance Industries witnessed a 3 percent surge in share prices, contributing to a 12 percent increase over the past month. 

The market capitalization of Reliance on Thursday crossed ₹18 lakh crore, solidifying Ambani’s ascent on the global rich list.

Jio Financial Services (JFSL) Adds to Wealth Surge:

JFSL, a subsidiary of Reliance, played a pivotal role in Ambani’s wealth surge. 

With a 4.6 percent growth on Thursday, JFSL closed at ₹251.50, boasting a market capitalization of nearly ₹1.6 lakh crore on the Bombay Stock Exchange. 

Despite a relatively slow market growth since its demerger last year, JFSL remains India’s third-largest shadow lender by market value.

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