With a valuation of ₹25.75 lakh crore, the Ambani family has topped the inaugural 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses. In fact, the family’s wealth is equivalent to one-tenth of India’s GDP.
The Bajaj and Birla families followed with a wealth of ₹7.13 lakh crore and ₹5.39 lakh crore respectively. The value of top three families at $460 billion is equivalent to the GDP of Singapore. Interestingly, the worth of 124 most valuable families at $1.3 trillion surpassed the combined GDP of Switzerland and UAE.
Supported by the next generation, the Adani family topped the list of first-generation entrepreneur families with business worth ₹15.44 lakh crore followed by Serum Institute India promoters Poonawalla family at ₹2.37 lakh crore.
The threshold for a family to qualify for the Barclays Private Clients Hurun India Most Valuable Family Businesses list was ₹2,700 crore.
Three-fourth of the companies featuring on the list are listed. While 15 companies are led by women, 53 are headed by CEOs.
With a valuation of ₹63,000 crore, Haldiram’s was declared the most valuable unlisted company.
Nitin Singh, Head of Private Bank Asia Pacific, Barclays, said generations of dedication and vision has made Indian family businesses the bedrock of our economy, proving that tradition and progress can go hand in hand.
The fact that 69 per cent of these businesses are run by the second generation, with the remainder being third generation or older, speaks volumes about the resilience and adaptability of Indian family businesses.
Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, said diversification of these family businesses demonstrates their essential role in maintaining and advancing long-term economic stability and growth in India.
From daily essentials to ground-breaking innovations, Indian family businesses reflect a blend of heritage and forward-thinking, he added.
The rich families form the backbone of both the manufacturing and services sectors, with 169 manufacturing businesses generating about ₹68 lakh core in value. In the services sector, leaders such as HCL and Wipro add a combined value of ₹40 lakh crore, highlighting the indispensable role of family businesses in India’s economy, he said