Mukesh Ambani Returns to $100 Billion Club with RIL Stock Surge

The wealthiest individual in India and Asia witnessed a $2.8 billion increase in his wealth, reaching a total of $101.8 billion. This surge was propelled by a 2.6% rise in the shares of his flagship company, Reliance Industries Ltd, which closed at a historic high. Marking his return to the $100-billion club for the first time since June 2022, Ambani, the chairman of Reliance, holds a 42% stake in the company. Reliance Industries operates in diverse sectors such as energy, telecommunications, and retail. The company's shares have experienced a 22% increase since hitting a low point in October, following a notable rise in quarterly profit.

The billionaire is the 12th-richest person in the world, ahead of L’Oreal heir Francoise Bettencourt Meyers. With a fortune spanning oil refining to supermarkets, Ambani is an outlier among the world’s richest, who predominantly made their fortunes in tech. His rise up the wealth rankings has been steadier than the roller-coaster ride of his compatriot Gautam Adani, India’s former richest person. Adani lost more wealth than anyone else in 2023 after a withering short-seller attack and now sits two spots behind Ambani on the index.

At the age of 66, Ambani played a pivotal role in transforming Reliance into the largest company in India in terms of market value. Over the past few years, the company has expanded its focus from traditional fossil fuels to encompass technology and renewable energy. The inclusion of Reliance's financial services arm, Jio Financial Services Ltd., in the market last year contributed to a more diversified portfolio, further amplifying Ambani's sources of wealth.

While Jio shares have only gained about 1% since going public in August, the company remains India’s third-largest shadow lender by market value. The firm ultimately wants to develop India’s version of WeChat, a super app that centralizes online shopping, video streaming, digital financing and stock trading, people familiar with the plans have said. In its first set of earnings, since it was spun out of Reliance, Jio reported that quarterly profit doubled.

Ambani, who had a contentious succession dispute with his younger brother Anil nearly two decades ago, is now actively working to prevent a similar power struggle among his three children. He has delegated operational responsibilities to them. In the previous year, his eldest son Akash, a Brown University alumnus, assumed the role of chairman at the wireless operator Reliance Jio Infocomm Ltd. Simultaneously, his younger son Anant took charge of the group's renewable energy sector, while his daughter Isha, a graduate of Yale University and former McKinsey & Co consultant, oversees the group's retail business. All three were appointed to the board of Reliance in August of the previous year.