The Mukesh Ambani family, leading Reliance Industries, has been named the most valuable family business in India by the Barclays-Hurun India report, with their wealth nearly equating to 10% of the country’s GDP.
What Happened: The report reveals that the Ambani family’s wealth, as of March 20, 2024, is valued at ₹25.75 lakh crore.
This valuation is almost equivalent to one-tenth of India’s Gross Domestic Product (GDP), as per the 2024 Barclays-Hurun India report on the country’s most valuable family businesses, as quoted by Business Standard.
The Ambani family’s business empire spans the energy, retail, and telecom sectors.
Following the Ambanis, the Bajaj family, leading a Pune-based automobile business, ranks second with a valuation of ₹7.13 lakh crore.
The Birla family, with interests in metals, mining, cement, and financial services, ranks third at ₹5.39 lakh crore. The combined valuation of the top three family businesses is $460 billion, equivalent to the GDP of Singapore.
The list also includes the Sajjan Jindal-led family and the Nadar family, valued at ₹4.71 lakh crore and ₹4.30 lakh crore respectively. Roshni Nadar Malhotra of the Nadar family is the only woman in the top 10 list.
The Adani family emerged as the most valued first-generation family business with a value of ₹15.44 lakh crore. The Poonawalla family, owners of Serum Institute of India, are valued at ₹2.37 lakh crore.
Why It Matters: The Indian economy, set to grow at an impressive 6.8% rate in 2024, continues to attract both local and international investment attention.
However, the market faced significant volatility following the elections, with the Sensex dipping to a four-year low as the anticipated landslide victory for Prime Minister Narendra Modi did not materialize, leaving investor sentiment bruised.
This volatility suggests that while some billionaires may see their fortunes swell with strong sector performances, others could face reductions depending on their market exposures.
The Ambani family’s wealth and influence were recently highlighted when Mukesh Ambani reportedly spent ₹5,000 crore on his son’s extravagant wedding. The event, which saw some of the world’s richest and most popular figures in attendance, sparked a debate on social media about the family’s spending.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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