‘India’s 3 richest families together worth Singapore GDP’

MUMBAI: At $460 billion, business interests of the country’s three wealthiest families’ put together are worth as much as Singapore’s GDP.
With Rs 25.8 lakh crore ($309 billion), Ambani family ranks first in the Barclays Private Clients Hurun India most valuable family businesses list. They are followed by the Bajaj family, headed by Niraj Bajaj, which comes second with Rs 7.1 lakh crore, while the Kumar Mangalam Birla-headed Birla familt ranks third with Rs 5.4 lakh crore.

The list does not include Adani family as they are first-generation entrepreneurs. The first-generation entrepreneurs list is led by Adanis — their business interests are valued at Rs 15.4 lakh crore, followed by Poonawalla family, who manage the Serum Institute of India, valued at Rs 2.4 lakh crore. The Divi family, overseeing Divi’s Laboratories, stands third with a valuation of Rs 91,200 crore.
Business families in the 2024 list control a total value of $1.3 trillion, exceeding the combined GDP of Switzerland and the UAE. To qualify for the list, a family business must have a minimum value of Rs 2,700 crore. In total, 124 families on the list have a net worth of at least $1 billion.
In terms of share price growth since inheritance, the Benu Bangur family leads with a 571-fold increase, followed by the Taparia family with a 387-fold growth, and the Dharmpal Agarwal family with a 316-fold rise. Additionally, 75% of the companies on the list are publicly traded.
Haldiram Snacks is the most valuable unlisted company in India, with a valuation of Rs 63,000 crore. The list also notes that 15 companies are led by women, while 53 are managed by professional CEOs. Of the companies featured, 85% sell physical products, with 53% being consumer-facing and 47% focused on B2B services.
The Gadgil family, with their six-generation-old jewellery business PN Gadgil & Sons valued at Rs 3,900 crore, and the Wadia Group, led by Nusli Wadia and valued at Rs 1,28,900 crore, top the list of long-standing family businesses. The Burman family, with their FMCG company Dabur India, and the Shriram family, who established DCM Shriram, have both been in business for five generations.