You probably didn't miss the media furore surrounding Anant Ambani and Radhika Merchant’s huge Indian wedding – there’s even a dedicated Wikipedia page for it.
When the guest list includes some of the richest people in the world, such as Kim Kardashian, David Beckham and former British prime ministers Tony Blair and Boris Johnson, you may wonder who these people are.
Anant is the son of India’s billionaire business tycoon Mukesh Ambani, the 14th richest man in the world. According to the Bloomberg Billionaires Index, he has a net worth of $105 billion.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The wedding became a global sensation due to its pre-wedding celebrations that went from March to July. The celebrations saw global players such as Meta CEO Mark Zuckerberg and Microsoft founder Bill Gates rubbing shoulders while enjoying performances by the likes of Rihanna and Justin Bieber. They also included granting temporary international status to a local airport in Gujarat and a $900 million cruise sailing between Palermo and Portofino. The couple then tied the knot on 12 July.
The events gave the world a sneak peek into the opulent lifestyle of Asia’s wealthiest man and his family, and left a lasting impression of Anant Ambani, whose net worth is estimated to be around $40 billion (£31 billion) according to DNA India.
We look at how Anant Ambani built his fortune, his father’s investments and the factors contributing to his net worth today.
Anant Ambani’s wealth - how rich is he?
Anant Ambani is the youngest son of the Reliance Industries chairman Mukesh Ambani and Nita Ambani. Most of Anant’s fortune comes from inheriting Mukesh Ambani’s dizzying wealth and his booming Indian empire. He is one of the most prominent businessmen of his generation and one of the wealthiest young people in the world.
Following in the footsteps of his older siblings, Isha and Akash, Anant Ambani also went to college in the US and earned his degree from Brown University.
Since 2020, Anant has been making a fortune with his roles in the Reliance empire, by being a director of Reliance’s energy business and spearheading its green energy operations with an aim to become a net carbon zero company by 2035.
According to the company’s annual report for the financial year 2023-24, the company made a profit of approximately £7.5 billion after tax, which is just a teaser to the family fortune.
He is also the director of the multinational tech company Jio Platforms Limited, which is valued at around $107 billion (or £82 billion).
Other factors contributing to Anant Ambani’s net worth include owning the Indian Premier League team Mumbai Indians, one of the most successful cricket teams in the league.
You may be wondering who Radhika Merchant, Anant’s wife, is. She is a businesswoman and the daughter of tycoon Viren Merchant, CEO of a private pharmaceutical company Encore Healthcare, and his wife Shaila Merchant. Radhika is a board member of the company. Her family’s estimated net worth is $90 million, according to the Times of India.
Inside the Ambani family’s expansive fortune
Each member of the Ambani family holds a stake in Reliance.
Both Mukesh and Nita Ambani, along with the three siblings, own 0.12% each, and the children’s grandmother, Kokilaben Ambani, owns the highest stake of 0.24%. Her husband, Dhirubhai Ambani – who died in 2002 – was the founding figure of the Reliance empire in 1958.
But the family’s wealth does not end there. The Ambanis live at Antilia, the second most expensive private residence in the world after Buckingham Palace. It is a 27-storey tower that cost around £1.6 billion to build, which has famously been termed the world’s first billion-dollar home.
While you may be thinking that these wedding celebrations are a one-off, they certainly aren’t the only events by the Ambanis that have created so much press. The Ambani siblings have had their fair share of opportunities to bring together some of the world’s biggest pop icons and global personalities.
In 2018, Anant Ambani’s sister Isha married billionaire Ajay Piramal’s son Anand and had Beyoncé perform at their pre-wedding bash in Udaipur, India. Chris Martin of Coldplay and The Chainsmokers performed at Akash Ambani’s pre-wedding party in Switzerland to Shloka Mehta in 2019.
However, the family’s wealth and influence extend far beyond mere financial success. Mukesh Ambani’s wife Nita Ambani is more focused on the non-profit side of the business. She was the first Indian woman to be part of the International Olympic Committee in 2016 and she launched the Nita Mukesh Ambani Cultural Centre in Mumbai last year.
Her work also includes being the chairperson and founder of Reliance Foundation, one of the largest non-profit foundations in the country. The charity promotes sustainable growth in India and has supported schools, hospitals and cultural centres, and established the country’s first registered Braille newspaper.
What UK business do the Ambanis own?
The family business includes various big-name ventures that you may be familiar with. In 2019, Reliance bought toy retailer Hamleys and, in 2021, it bought the historic British private sporting estate, Stoke Park, for £57 million. Meanwhile, Reliance’s retail subsidiary is now an exclusive partner with fashion e-tailer ASOS, successfully bringing the e-tailer to India.
Reliance also attempted to acquire one of Britain’s largest pharmacy retailers, Boots, submitting a bid of around $7.2 billion. However, it was unsuccessful as Walgreens, which owns a majority stake in Boots, withdrew its sale offer stating that none of the bids received adequately reflected the high potential value of the company.
-
House prices rise 2.9% – will the recovery continue?House prices grew by 2.9% on an annual basis in September. Will Budget policies and ‘higher-for-longer’ rates dent the recovery?
-
Nvidia earnings: what to expectNvidia announces earnings after market close on 20 November. What should investors expect from the semiconductor giant?
