Ambani family's wealth is 10% of India GDP: Barclays-Hurun India report
The Ambanis were followed by the Bajaj family in the second position with a valuation of ₹7.13 trillion and headed by Niraj Bajaj.
The Ambani family topped Barclays-Hurun India report's most valuable family businesses list with a valuation of ₹25.75 trillion- nearly equivalent to 10 per cent of India’s GDP. The rankings are based on the company valuations as of March 20, 2024 and excludes private investments and liquid assets and adjusts for cross-holdings to prevent double counting.
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The Ambanis were followed by the Bajaj family in the second position with a valuation of ₹7.13 trillion and headed by Niraj Bajaj. The Birla family ranks third at ₹5.39 trillion. Together, the interests of the top three family businesses are valued at $460 billion, equivalent to the GDP of Singapore, as per the report.
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The list also features the Sajjan Jindal-led family valued at ₹4.71 trillion in fourth place and the Nadar family with a value of ₹4.30 trillion in fifth place. The Nadar family’s Roshni Nadar Malhotra is the only woman in the list of top 10 family businesses.
What about first generation families?
Adani family emerged as the most valued first-generation family business with a value of ₹15.44 trillion followed by Poonawalla family, the owners of Serum Institute of India, valued at ₹2.37 trillion in the second position. Third on the list is the Divi family with a valuation of ₹91,200 crore.
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Anas Rahman Junaid, founder and chief researcher, Hurun India, said, “With 28 companies in the industrial products sector valued at ₹458,700 crore, and 23 companies in the automobile sector and 22 in the pharmaceuticals sector valued at ₹1,876,200 crore and ₹7,88,500 crore respectively, these businesses are pivotal in enhancing India's global competitiveness and economic resilience. The significant industry diversification of these family businesses demonstrates their essential role in maintaining and advancing long-term economic stability and growth in India."
Nitin Singh, head of Barclays Private Bank, Asia Pacific, said, “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."