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
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