Ambani family's wealth 10% of India GDP: Barclays-Hurun India report

Adani family, the most valued first-generation family business valued at Rs 15.45 trillion

The Ambani family has topped the inaugural Barclays-Hurun India most valuable family businesses list, with a valuation of Rs 25.75 trillion, which is almost equivalent to one-tenth of India’s Gross Domestic Product (GDP), stated the 2024 Barclays-Hurun India report on the most valuable family businesses in the country. The family’s business empire, led by Reliance Industries, primarily operates in the energy, retail, and telecom sectors.

The rankings are based on the company valuations as of March 20, 2024. The methodology excludes private investments and liquid assets and adjusts for cross-holdings to prevent double counting. The value of Ambani wealth includes their share in Reliance, Jio Platforms, Reliance Retail, etc.

 

The Ambani family is followed by the Bajaj family in the second position with a valuation of Rs 7.13 trillion. The Pune-based automobile business is headed by Niraj Bajaj, a third-generation leader, as per the report. The Birla family ranks third at Rs 5.39 trillion, led by fourth-generation Kumar Mangalam Birla. The business primarily focuses on metals, mining, cement, and financial services.

 

The top three family businesses’ interests are valued at $460 billion, equivalent to the GDP of Singapore, stated the report.

The list further features the Sajjan Jindal-led family, valued at Rs 4.71 trillion in fourth place, and the Nadar family with a value of Rs 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.

The 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses list does not include first-generation families. However, the Adani family, set up by current chairman Gautam Adani, has emerged as the most valued first-generation family business with a value of Rs 15.44 trillion. The list further includes the Poonawalla family, the owners of Serum Institute of India, valued at Rs 2.37 trillion in the second position. Third on the list is the Divi family, another pharma major, with a valuation of Rs 91,200 crore.

“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,” said Anas Rahman Junaid, founder and chief researcher, Hurun India. “The significant industry diversification of these family businesses demonstrates their essential role in maintaining and advancing long-term economic stability and growth in India."

Family-run businesses now show strong balance sheets reflecting a significant trend of deleveraging, noted Nitin Singh, head of Barclays Private Bank, Asia Pacific. Over the past few years, the focus has been more on the opportunities within India where large businesses and families are focusing on flourishing the Indian economy.

“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,” Singh added.

Haldiram Snacks is valued at Rs 63,000 crore and holds the position of India's most valuable unlisted company. Haldiram recently made news when US-based private equity firm Blackstone made a non-binding offer to acquire the company. But the transaction is delayed as the current promoters are seeking a higher valuation.

Real estate majors DLF, Macrotech Developers among the most valued family businesses

Real estate majors, DLF Ltd. (Rs 2,04,500 crore), and Macrotech Developers (Rs 1,12,200 crore) were found to be the most valued real estate family businesses, according to the 2024 Barclays Private Clients and Hurun India's most valuable family businesses research.