Ambani Family Wealth Is 10% Of India’s GDP: Barclays-Hurun India Report

OB Bureau

August 9, 2024 2:45 pm

Pic courtesy: ANI

New Delhi: The Ambani family topped the Barclays-Hurun India report’s most valuable family businesses list with a valuation of Rs 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 exclude private investments and liquid assets and adjust for cross-holdings to prevent double counting.

The Ambanis were followed by the Bajaj family in the second position with a valuation of Rs 7.13 trillion and headed by Niraj Bajaj. The Birla family ranks third at Rs 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.

The list also 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, Hindustan Times reported.

Adani family emerged as the most valued first-generation family business with a value of Rs 15.44 trillion followed by 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 with a valuation of Rs 91,200 crore.

Anas Rahman Junaid, founder and chief researcher, Hurun India, was quoted as saying, “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. 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.”