Reliance shares jump to push Mukesh Ambani to top of global billionaire gainers list

Reliance Industries chairman Mukesh Ambani has become the world's biggest billionaire wealth gainer by adding $6.3 billion to his fortune in a single day. Forbes' Real-Time Billionaires list showed his wealth increased by 7.85 per cent in the ranking update on November 2.

Wealth Rankings

This jump pushed Ambani to the number 23 spot on the global list with a wealth of $88.8 billion. He is now the richest Indian, staying ahead of Gautam Adani who ranked at number 26 with a wealth of $79.12 billion. Ambani's one-day wealth increase was much higher than other global billionaires on the list. Spanish retail billionaire Amancio Ortega came in second by adding $1.7 billion, while China's Zhong Shanshan added $1.5 billion.

Stock Rally

The wealth surge came during a major rally in Reliance Industries shares. The stock jumped 11.6 per cent on Monday to mark its strongest trading session in over six years. It closed at the day's high to become the biggest gainer on the benchmark Nifty 50 index. This market jump followed the company's September-quarter results which showed a 40.6 per cent year-on-year increase in consolidated net profit to Rs 25,548 crore.

Business Performance

Stronger refining and petrochemical margins alongside better profits at the telecom business Jio drove the earnings growth. Refining core earnings surged 68 per cent, and Jio Platforms' core earnings rose 16.6 per cent. These results beat analyst expectations and built strong investor trust in the oil-to-chemicals and digital services units, even though retail profit stayed under pressure. Forbes notes that Ambani runs a $125 billion revenue company spanning petrochemicals, oil and gas, telecom, retail, media, and financial services.

Context

Mukesh Ambani's late father Dhirubhai Ambani started Reliance as a small textile manufacturer in 1966. After his father passed away in 2002, Mukesh and his brother Anil split the family empire. Today, Mukesh Ambani's three children—Akash, Isha, and Anant—serve on the Reliance board and lead different business units.