India’s ‘ultra’ rich: Here are 5 richest families in India and their net worth | The Financial Express

India’s ‘ultra’ rich: Here are 5 richest families in India and their net worth

Now, this year 2023, India has maintained the number of families at five, albeit with a $17.1 billion loss in combined wealth.

richest families, Indian businesses, family-owned businesses, wealth, net worth, Reliance Industries, Shapoorji Pallonji Group, Aditya Birla Group, OP Jindal Group, Hinduja Group
India’s rich list is growing. Image: Reuters

India’s rich list is growing. Four years ago, Bloomberg’s Asia-specific ranking of 20 richest families had three Indian clans with a combined worth of $87.6 billion. Last year 2022, this list had five Indian families, with combined wealth of $168.7 billion. Now, this year 2023, India has maintained the number of families at five, albeit with a $17.1 billion loss in combined wealth. Dynasties outside India remained comparatively stable with their combined fortunes falling by less than $1 billion. Here is a list of five richest Indian dynasties and their net worth, according to Bloomberg:

Reliance Industries: Net worth $79.3 billion

Reliance Industries was started by Dhirubhai Ambani in the late 1950s. The company’s control went to Mukesh Ambani after Dhirubhai’s death in 2002. Reliance Industries has diverse businesses including energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles. “Our operations span from the exploration and production of oil and gas to the manufacture of petroleum products, polyester products, polyester intermediates, plastics, polymer intermediates, chemicals, synthetic textiles and fabrics,” the company website says. Mukesh Ambani’s three children – Akash, Isha and Anant Ambani are at the helm of the conglomerate’s tech, retail and green energy business units.

Shapoorji Pallonji Group: Net worth $28.4 billion

This five-generation old family business was founded in 1865 by Pallonji Mistry’s grandfather as a construction enterprise with an Englishman. Shapoorji Pallonji Group now spans business areas including construction, real estate, textiles, engineered goods, home appliances, shipping, publications, power, and biotechnology engineering and construction. Most of the family fortune is illiquid and is held in Tata Sons, which is now restricted by the company following a family feud. Pallonji Mistry died in 2022, and months later, his son Cyrus Mistry passed away in a car accident.

Aditya Birla Group: Net worth $15.5 billion

One of the oldest family-owned businesses in India, running for seven generations now, Aditya Birla Group is active in 14 industry sectors and has achieved global and national leadership in several businesses. The business area spans from industries including metals, financial services and retail. It started as a cotton-trading company in the 19th century by Seth Shiv Narayan Birla. In 1918, his grandson Ghanshyam Das Birla created Birla Jute Mills, which eventually became Birla Group. Later in 1955, Kumar Mangalam Birla became the chairman of the group at the age of 28. In 2023, his children Ananya and Aryaman Birla joined the boards of the family-run firms.

OP Jindal Group: Net worth $14.4 billion

Om Prakash Jindal started a single-unit steel plant in 1952, which grew into OP Jindal Group. By the time he died in a helicopter crash in 2005, he had become Haryana’s power minister. After his demise, his wife Savitri Jindal took over as the group’s chairwoman, with their four sons managing the businesses. She went on to become Asia’s richest woman in 2022. “Over the years, the Group has grown to become a global conglomerate with business interests spanning across mining, power, industrial gases, seaport facilities and in the flagship steel manufacturing,” the company website said. The Group has further diversified into petroleum, diamond and high value metals and mineral exploration. At present, the Group has manufacturing facilities across India, US, UK, Middle East & Indonesia and mining concessions in Chile, Indonesia, South Africa & Mozambique and marketing offices across the world.

Hinduja Group: Net worth $14.0 billion

The journey started when Parmanand Hinduja traveled to Mumbai from Shikarpur (now in Pakistan) in 1914 to establish a business in trade and banking. He opened an office in Tehran five years later, which remains the company’s headquarters even until 1979. His son Srichand joined the enterprise in 1952 while Parmanand Hinduja died in 1971. In 2010, Srichand’s nephew Dheeraj Hinduja became the chairman of Ashok Leyland and in 2020, his grandson Karam Hinduja took charge of what is now SP Hinduja Banque Privee. Hinduja Group’s business is present in eleven sectors including automotive, oil and specialty chemicals, banking and finance, IT and ITeS, cyber security, healthcare, trading, infrastructure project development, media and entertainment, power, and real estate. “The Group employs about 200,000 people and has offices in many key cities of the world, including India,” the company website said.

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First published on: 15-03-2023 at 17:32 IST
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