A tale of two titans: Ambani’s surge, Adani’s comeback in 2025

2025 crowned Mukesh Ambani the year’s standout winner. According to the Bloomberg Billionaires Index, his fortune jumped $16.5 billion as refining margins widened, telecom tariffs rose, and retail steadied—three engines firing at once.

After a bruising stretch, Gautam Adani staged a market comeback. Investor confidence returned following SEBI’s clearance in the Hindenburg matter, adding $5.9 billion and reshaping the narrative around the Adani Group.

Shares of Reliance Industries climbed nearly 30%, powering Ambani’s gains. Analysts point to resilient retail cash flows and expectations of value-unlocking moves as catalysts that could extend momentum into 2026.

Lakshmi Mittal quietly followed close behind, adding $12 billion as global steel demand held firmer than feared. The surge underscores how old-economy sectors can still mint wealth when cycles turn favorable.

Sunil Mittal’s Bharti Airtel rode tariff hikes and profit growth to a $6 billion wealth jump. With Q2 net profit nearly doubling, telecom emerged as one of 2025’s most reliable wealth creators.

The year wasn’t kind to IT titans. Shiv Nadar and Azim Premji lost billions as software stocks slid, reminding investors that even defensive tech names wobble when global demand softens.

Real estate felt the chill. DLF’s stock drop erased $3.38 billion from K P Singh’s net worth, reflecting how interest-rate sensitivity can swiftly reverse fortunes in capital-heavy sectors.

Dilip Shanghvi’s Sun Pharma saw a $4 billion dip amid market volatility. Analysts cite pricing pressures and regulatory uncertainty as persistent drags despite long-term fundamentals.

Taken together, 2025 drew a sharper line between diversified conglomerates and sector-specific bets. The gap widened between those with multiple growth levers—and those exposed to a single cycle.