Ambanis, Bajajs, Birlas: India's richest families collectively match Singapore's GDP
What's the story
India's wealthiest family businesses, including the Ambanis, Bajajs, and Birlas, have amassed a combined valuation of $460 billion (around ₹38.27 lakh crore), according to The 2024 Barclays-Hurun India Most Valuable Family Businesses List. This staggering figure is equivalent to Singapore's GDP. The list is dominated by the Ambani family business led by Reliance Industries Chairman Mukesh Ambani, with a valuation of ₹25.75 lakh crore — or 10% of India's GDP.
Top contenders
Bajajs, Birlas follow Ambanis in wealth ranking
The Bajaj family, known for their auto business empire based in Pune, follows the Ambanis with a valuation of ₹7.13 lakh crore. The Kumar Mangalam Birla-led family conglomerate completes the top three with a valuation of ₹5.39 lakh crore. The list also features other prominent families such as the Jindals and Nadars, valued at ₹4.71 lakh crore and ₹4.30 lakh crore, respectively.
New entrants
Adani family leads first-generation businesses
First-generation family businesses were not included in the main list. However, among these new entrants, the Gautam Adani-led Adani family topped with a valuation of ₹15.44 lakh crore. They were followed by Serum Institute of India (SII) owners Poonawalla family business, valued at ₹2.37 lakh crore, and pharma major Divi's Laboratories' Divi family with a valuation of ₹91,200 crore.
Unlisted leaders
Haldiram Snacks tops unlisted family businesses
Among unlisted family businesses, Haldiram Snacks took the lead with a valuation of ₹63,000 crore. The report analyzed around 200 listed and unlisted companies, finding that 75% of these firms are publicly traded while the remaining are unlisted. Anas Rahman Junaid, founder and chief researcher at Hurun India, emphasized that "the significant industry diversification of family businesses demonstrates their essential role in maintaining and advancing long-term economic stability and growth in India."
Wealth distribution
10 richest Indian families worth ₹60.09 lakh crore
The combined wealth of the top 10 richest Indian families is estimated to be around ₹60.09 lakh crore. Industrial products dominate rankings with 28 firms, led by the Taparia family's Supreme Industries. Other sectors that feature prominently, include automobiles and auto components (23 firms), pharmaceuticals (22), chemicals and petrochemicals (15), fast-moving consumer goods (13), and food and beverages (11).
Generational management
Family businesses: A generational perspective
The report reveals that 69% of the businesses are managed by the second generation across 137 families. Also, 42 families are in their third generation, nine have reached the fourth, and two families have sustained through five and six generations. In terms of growth in share price since inheritance, Shree Cement's Benu Gopal Bangur's family leads with a 571-fold increase.