Our Bureau
Mumbai
A recent report by Barclays and Hurun India has revealed that the combined wealth of India’s top three family businesses is equivalent to the GDP of Singapore. The Ambani, Bajaj, and Birla families top the list, showcasing the immense economic power wielded by these multi-generational conglomerates.
The Ambani family, led by Mukesh Ambani, emerged as the clear frontrunner with a staggering valuation of ₹25.75 trillion (approximately $309 billion). This figure represents a remarkable 10% of India’s total GDP. Reliance Industries, the crown jewel of the Ambani empire, has been the driving force behind this astronomical valuation.
Trailing closely behind are the Bajaj family, valued at ₹7.13 trillion, and the Birla family, with a net worth of ₹5.39 trillion. Together, these three family businesses account for a combined wealth of $460 billion, on par with Singapore’s GDP.
The report, titled “Barclays Private Clients Hurun India Most Valuable Family Businesses 2024,” evaluated the total worth of family-owned businesses where a member of the founding family actively contributes to the company’s operations or serves on the board. The valuations are based on data as of March 20, 2024.
Notably, the Adani family’s conglomerate, valued at ₹15.44 trillion, did not make it into the top ten due to its status as a first-generation family business. The list primarily focuses on multi-generational enterprises where the founding family’s involvement is a key factor.
The report also sheds light on the diverse nature of these family businesses. Industrial products lead the pack with 28 companies, followed by the automobile and auto components sector with 23 companies, and the pharmaceutical industry with 22 companies. This diversification highlights the resilience and adaptability of these family-led enterprises.
Geographically, Mumbai emerges as the epicenter of these family businesses, contributing 65 out of the 100 companies featured on the list. Kolkata and New Delhi follow closely, showcasing the pan-India presence of these conglomerates.
As India continues to emerge as a global economic powerhouse, the success of its family businesses serves as a testament to the nation’s entrepreneurial spirit and the resilience of its business ecosystem. The collective wealth of these top conglomerates, rivalling the GDP of Singapore, underscores the significant role these family businesses play in shaping India’s economic future.
