India’s leading industrialist Mukesh Ambani has lost his position as Asia’s richest person after a sharp decline in his wealth this year, with Gautam Adani taking the top spot.

According to the latest Bloomberg Billionaires Index, Ambani’s wealth has fallen significantly amid ongoing geopolitical tensions and economic pressure linked to developments in the Middle East.

Reports show his net worth has dropped by about $16.9 billion this year, bringing it down to around $91 billion, marking the largest decline among Asia’s richest individuals.

The retail business led by his daughter Isha Ambani recorded growth of 8%, well below the targeted 20%.

In contrast, Adani’s wealth has remained relatively stable, supported by his businesses in ports, power and infrastructure, helping him regain the top position in Asia.

Experts say global political tensions and energy-related issues have impacted major Indian business groups, contributing to wealth declines.

Reliance Industries has also faced pressure, particularly in its petrochemical segment, while its retail growth has remained below expectations.

A key potential boost for the company is the planned initial public offering of its telecom unit Jio, though it has been delayed due to global uncertainty.

Shares of Reliance Industries have declined by about 13% since the start of the year, with upcoming financial results expected to provide further clarity on its performance.