India’s wealthiest families represent a colossal economic force, with businesses spanning diverse sectors including technology, energy, retail, pharmaceuticals, and real estate. According to the Barclays Private Clients Hurun India’s 2024 list of the most valuable family businesses, the combined wealth of the top three richest families in India reaches an astounding $460 billion (approximately Rs 38 lakh crore). This monumental figure is equivalent to the GDP of Singapore, highlighting the immense economic influence these families wield.
To qualify for inclusion on this prestigious list, a family business must have a minimum valuation of Rs 2,700 crore. Notably, the list excludes first-generation families. The report highlights the significance of established family-run enterprises in shaping India’s economic landscape.
1. Ambani Family — Rs 25.8 Lakh Crore
Reliance Industries Limited: A Global Giant
The Ambani family, led by Mukesh Ambani, holds the top spot with a staggering net worth of Rs 25.8 lakh crore. The family’s business, Reliance Industries Limited (RIL), is the largest publicly traded company in India by both market capitalization and revenue. Established in 1973 as a modest textile enterprise, RIL has expanded into a global conglomerate with diverse interests, including petrochemicals, refining, oil and gas exploration, telecommunications, and retail.
Under Mukesh Ambani’s leadership, RIL has been instrumental in transforming India’s industrial landscape. A notable milestone was the launch of Reliance Jio, which revolutionized the telecom sector in India by providing affordable data and voice services, significantly altering the competitive dynamics of the industry.
Key Achievements
- Telecommunications: The introduction of Jio disrupted the market with competitive pricing and extensive coverage.
- Retail Expansion: RIL’s retail arm has established a significant presence across India with numerous outlets.
- Energy Sector: The company’s petrochemical and refining operations contribute significantly to its revenue.
2. Bajaj Family — Rs 7.1 Lakh Crore
Bajaj Group: A Legacy of Innovation
The Bajaj family, with a net worth of Rs 7.1 lakh crore, is the second wealthiest family on the list. The family’s business empire dates back to 1926, founded by Jamnalal Bajaj. The flagship company, Bajaj Auto, is a renowned global leader in the production of two-wheelers and three-wheelers. The Bajaj Group has significantly diversified over the decades, expanding into financial services through Bajaj Finserv.
Rahul Bajaj, the former chairman who passed away in 2022, was instrumental in expanding the group’s interests beyond automotive manufacturing. The current chairman, Niraj Bajaj, continues to steer the group’s diverse portfolio.
Key Achievements
- Automotive Excellence: Bajaj Auto is a leading manufacturer of motorcycles and scooters with a strong international presence.
- Financial Services: Bajaj Finserv has become a major player in the financial services sector, including insurance and consumer finance.
3. Birla Family — Rs 5.4 Lakh Crore
Aditya Birla Group: A Global Powerhouse
The Birla family, with a net worth of Rs 5.4 lakh crore, occupies the third position on the Hurun list. The Aditya Birla Group, the family’s flagship conglomerate, is involved in various sectors including metals, cement, textiles, real estate, and mining. Kumar Mangalam Birla, the current chairman, has successfully guided the group’s expansion into international markets, making it a prominent global player with operations in 36 countries.
Key Achievements
- Diverse Portfolio: The group’s operations span a wide range of industries, contributing to its substantial global footprint.
- Global Expansion: Under Kumar Mangalam Birla’s leadership, the group has expanded its presence significantly beyond India.
Other Wealthy and Renowned Families
Jindal and Nadar Families
The top-five list is rounded out by the Jindal and Nadar families, who also possess significant wealth and influence. The Jindal family’s ventures are diversified, including industries such as steel and power, while the Nadar family is renowned for its contributions to the technology and education sectors.
First-Generation Entrepreneurs
The Adani family, notable for its first-generation entrepreneurial success, leads the list of first-generation families with a valuation of Rs 15.4 lakh crore. Their businesses span sectors like energy, infrastructure, and logistics. Following the Adani family are the Poonawalla family, known for running the Serum Institute of India, valued at Rs 2.4 lakh crore, and the Divi family, owners of Divi’s Laboratories, with a valuation of Rs 91,200 crore.
