Ambani controls Reliance Industries, owner of the world's largest oil refining complex. The Mumbai-based conglomerate's other businesses include polymer and chemical manufacturers, and the group had revenue of more than $100 billion in the year to March 2024. The billionaire also owns the Mumbai Indians cricket team.
The majority of Ambani's wealth derives from a 42% stake in publicly traded Reliance Industries. The Mumbai-based company has the largest oil refining complex in the world, according to its website.
The shares are held by a promoter group, which includes holding companies, trusts and family members, according to a March 2024 filing to the Bombay Stock Exchange. They're all credited in this analysis to Ambani to reflect his status as founder, chairman and managing director. A stake held by his mother is excluded.
Jio Financials Services was spun-out of Reliance Industries on July 20, 2023 on a 1:1 distribution to shareholders. He owns about 43% of the company directly and through a promoter group, according to a March 2024 filing.
The billionaire's Mumbai mansion, Antilia, was valued at more than $400 million in a 2014 analysis by property surveyors. Media reports say Ambani has spent more than $1 billion on the 27-story property. The valuation used here reflects the lower amount because of uncertainty around funding costs and re-sale value.
He has collected more than $3 billion in dividends, according to Bloomberg data. The value of his cash investments is based on an analysis of those proceeds, share transactions, as well as taxes, market performance and family investments.
Tushar Pania, a spokesman at Reliance Industries, declined to comment on the valuation of his personal assets and the calculation of his net worth.
Father Dhirubhai Ambani got his start as a clerk at the trading company A. Besse & Co. in Aden, Turkey. He struck out on his own in 1958 trading spices and yarn with Yemen and eventually built Reliance Industries into a fabrics, textiles and energy empire. The company, which began trading in India in 1977, often had its annual meetings in stadiums.
Mukesh Ambani moved to Palo Alto, California, in 1979, to attend Stanford Business School. He was summoned home a year later by his father to oversee construction of a polyester mill. The Ambanis began to buy up suppliers as well as petrochemical plants and oil refineries. Dhirubhai died of a stroke in 2002 without leaving a will, causing a fraternal feud between Mukesh and brother Anil.
Three years later, in a settlement brokered by their mother, the brothers split the family business. Mukesh retained control over refining, petrochemicals, oil and gas and textiles operations, while Anil took the telecommunications, asset management, entertainment and power generation businesses. The duo settled a legal dispute over sharing natural gas and dissolved the noncompete pacts in 2010. Three years later, the brothers announced a $220 million pact to share a fiber-optic network, their first deal since splitting the Reliance business empire. Mukesh told shareholders in June 2014 his company plans to start a $12 billion telecommunications network.
Mukesh built a 27-story mansion in Mumbai that holds six residents: Ambani, his wife, three children and his mother. The 48,000-square-foot building has room for 600 servants, three rooftop helipads, parking for 168 cars on six floors, a 50-seat movie theater, a grand ballroom with crystal chandeliers, three floors of Babylon-inspired hanging gardens, a yoga studio and a health spa and fitness center.