Mukesh Ambani rejoins $100 billion club as Reliance stock surges record 2.6%

The richest person in India — and in Asia — saw his wealth climb $2.8 billion to $101.8 billion Thursday, as shares of his flagship, Reliance Industries Ltd., rose 2.6% to close at a record high. 

He’s returning to the $100-billion club for the first time since June 2022, according to the Bloomberg Billionaires Index.

Ambani, Reliance’s chairman, owns 42% of the company, which has businesses in the energy, telecommunications and retail sectors, among others. 

Its shares have climbed 22% from a low in October after the firm reported a jump 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.

Ambani, 66, has helped build Reliance into India’s largest company by market value. 

In recent years, the business has diversified beyond its fossil-fuel origins toward technology and renewable energy.

The listing last year of Reliance’s financial services unit, Jio Financial Services Ltd., helped to broaden the sources of Ambani’s wealth even further.