India's Richest Family - Ambanis - Hold Wealth Equivalent To 10% Of Country's GDP: Report

The Ambani family has topped the Barclays-Hurun India report's list of the most valuable family businesses, boasting a staggering valuation of Rs 25.75 trillion.

This amount is nearly equivalent to 10% of India's GDP. The rankings are based on company valuations as of March 20, 2024, and exclude private investments and liquid assets, with adjustments made for cross-holdings to avoid double counting.

Following the Ambanis, the Bajaj family, led by Niraj Bajaj, holds the second position with a valuation of Rs 7.13 trillion.

The Birla family ranks third at Rs 5.39 trillion. Together, the top three family businesses have a combined valuation of $460 billion, which is equivalent to the GDP of Singapore.

Other prominent families on the list include the Sajjan Jindal-led family, valued at Rs 4.71 trillion in fourth place, and the Nadar family, valued at Rs 4.30 trillion in fifth place. Notably, Roshni Nadar Malhotra of the Nadar family is the only woman among the top 10 family businesses.

For first-generation families, the Adani family emerged as the most valuable, with a valuation of Rs 15.44 trillion.

They are followed by the Poonawalla family, owners of Serum Institute of India, valued at Rs 2.37 trillion, and the Divi family, with a valuation of Rs 91,200 crore, in second and third place respectively.

Anas Rahman Junaid, founder and chief researcher at Hurun India, highlighted the importance of these family businesses in bolstering India's global competitiveness and economic resilience.

He added, "With 28 companies in the industrial products sector valued at Rs 458,700 crore, and 23 companies in the automobile sector and 22 in the pharmaceuticals sector valued at Rs 1,876,200 crore and Rs 7,88,500 crore respectively, these businesses are pivotal in enhancing India's global competitiveness and economic resilience."

Nitin Singh, head of Barclays Private Bank, Asia Pacific, highlighted the unique strength of multi-generational businesses in India, saying, "India is a complex country. It is made up of various states and various things. It rewards people who know how to work in this complex environment. And I think that is what multi-generational businesses have been able to do over the years; they've been able to thrive in working in this complex environment."