Top 15 Richest Business Families in India and Net Worth (Update)
India, a nation with a population of more than 302.4 million households, is home to a privileged minority who have ascended to the upper strata of society, comprising the high socioeconomic class and the ultra-wealthy. The collective wealth of the top 100 wealthiest individuals in India experienced a growth of $25 billion, reaching a total of $800 billion.
This list encompasses both historical business families with origins dating back to the pre-independence era, as well as contemporary families that have emerged in more recent times. The following list comprises the 15 most affluent business families in India, whose significant contributions have played a pivotal role in shaping the country’s economic landscape and continue to exert a profound influence. The compilation presented herein has been curated and introduced by KnowInsiders.com, drawing upon the most recent statistical data sourced from reputable publications such as Forbes, Bloomberg, among others.
The $21 billion (in revenue) Adani Group, which has interests in, among other things, ports, airports, power generation and transmission, green energy, edible oils, cement, and real estate, is led by Gautam Adani.
The largest airport operator in India, Adani is in charge of the Mundra Port in his native Gujarat.
Adani became India’s second-largest cement producer in 2022 after paying $10.5 billion for the Indian assets of the Swiss company Holcim.
A joint venture between Wilmar International, owned by the wealthy Kuok family, and Adani’s publicly traded Adani Wilmar.
The development of the Adani Group is actively supported by Gautam Adani and his sons Jeet and Karan Adani. The Adani Foundation is run by Priti Adani, Gautam’s wife, demonstrating the Adani family’s dedication to philanthropy.
According to Forbes, the family’s net worth was $150 billion as of 2022.
Adani plans to invest up to $70 billion in renewable energy projects in order to become the largest green energy producer in the world.
The Abbot Point port in Australia and the Carmichael coal mine, one of the biggest in the world, are among Adani’s foreign holdings.
Dhirubhai Ambani founded Reliance Industries in the late 1950s. After Dhirubhai’s passing in 2002, Mukesh Ambani assumed control of the business.
Reliance Industries is involved in a variety of industries, including textiles, petrochemicals, natural gas, retail, telecommunications, and energy.
The Ambani family has consistently made headlines for their extravagant lifestyle and extravagant parties because they are the epitome of opulence and grandeur. Dhirubhai Ambani founded Reliance Industries, the foundation of their empire.
The third generation, which consists of Isha Ambani, Anant Ambani, and Akash Ambani, is now in charge of the company. As of May 2023, Mukesh Ambani, CEO of Reliance Industries, was estimated to have a $87.2 billion net worth, making him the richest person in Asia.
Pallonji Mistry’s great-grandfather started this five-generation-old family business in 1865 as a construction company with an Englishman.
Construction, real estate, textiles, manufactured goods, home appliances, shipping, publications, power, and biotechnology engineering and construction are now among the business sectors covered by the Shapoorji Pallonji Group.
The company now has restrictions on Tata Sons, which holds the majority of the family’s illiquid wealth, as a result of a family dispute. Pallonji Mistry passed away in 2022, and Cyrus Mistry, his son, died in a car accident a few months later.
After his supermarket chain Avenue Supermart listed on the stock market in March 2017, seasoned Mumbai investor Radhakishan Damani was crowned India’s retail king.
In 2002, Damani opened a single store in a Mumbai suburb. He currently owns 294 DMart locations across India.
Damani also owns shares in a variety of businesses, including the cement manufacturer India Cements and the tobacco company VST Industries.
The 156-room Radisson Blu Resort in Alibaug, a well-liked beachfront resort close to Mumbai, is one of the properties in his portfolio.
Rakesh Jhunjhunwala, a billionaire investor, had Damani as a mentor.
In 1952, Om Prakash Jindal founded a single steel plant that eventually expanded into the OP Jindal Group.
He had been appointed the power minister of Haryana by the time of his death in a helicopter crash in 2005. After his passing, his wife Savitri Jindal assumed control of the organization as chairwoman, and their four sons ran the companies.
In 2022, she rose to become the richest woman in Asia. “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,” according to the company website. The Group has expanded its diversification into the exploration of high-value metals, diamonds, and petroleum.
The Group currently has manufacturing facilities in India, the US, the UK, the Middle East, and Indonesia. It also has mining concessions in Chile, Indonesia, South Africa, and Mozambique. It also has marketing offices all over the world.
Her son Sajjan Jindal, who resides in Mumbai and oversees JSW Steel among other things, is in charge of the group’s most valuable assets.
Jindal Steel & Power is managed by Naveen, the younger son of Jindal who lives in Delhi.
Aditya Birla Group, one of the oldest family-owned companies in India, has been in operation for seven generations and is active in 14 different industry sectors. It has attained both national and international leadership in a number of different businesses.
The business district includes the retail, financial services, and metals industries. Seth Shiv Narayan Birla founded it as a cotton trading business in the 19th century. His great-grandson Ghanshyam Das Birla founded Birla Jute Mills in 1918, which later evolved into Birla Group.
At the age of 28, Kumar Mangalam Birla took over as group chairman later in 1955. Ananya and Aryaman Birla, two of his children, joined the boards of the family-owned businesses in 2023. Ananya Birla, the daughter of Kumar Mangalam Birla, is also a popular musician on a global scale.
Dilip Shanghvi, the son of a pharmaceutical distributor, founded Sun Pharmaceutical Industries in 1983 to produce psychiatric medications with a $200 loan from his father.
With a $4.5 billion in annual revenue, the company is the most valuable listed pharmaceutical company in India.
Shanghvi expanded Sun through a string of clever buyouts, the largest of which was the $4 billion acquisition of rival Ranbaxy Laboratories in 2014.
The Bajaj Group was established in 1926 by Jamnalal Bajaj, and Niraj R. Bajaj now oversees the family business. The Bajaj family is in charge of the 96-year-old Bajaj Group, which is best known for its financial services division, Bajaj Finserv, and motorcycle manufacturer Bajaj Auto.
Rahul Bajaj (shown in the photo), who served as the group’s chairman, split the wealth with his cousins Madhur, Niraj, and Shekhar. Aged 83, the patriarch passed away in February 2022.
The eldest son of the late patriarch, Rajiv, is in charge of Bajaj Auto.
The largest asset of the family is Bajaj Finserv, which is run by Sanjiv, the younger son of Rajul Bajaj.
Bajaj resigned from his position as non-executive chairman of Bajaj Auto in April 2021, and his cousin Niraj Bajaj took over in his place.
The company’s flagship, Bajaj Auto, is a major player in the production of two- and three-wheelers on a global scale.
The Bajaj family is among the wealthiest in India, with a combined net worth of $14.6 billion as of 2022.
With more than 474 million customers, telecom tycoon Sunil Mittal’s Bharti Airtel is one of India’s largest mobile phone providers.
In competition with Mukesh Ambani’s Reliance Jio and Kumar Birla’s Vodafone Idea is Airtel, which has SingTel as a partner.
In a partnership with Kotak Mahindra Bank, which is run by fellow billionaire Uday Kotak, Mittal also owns the specialized Airtel Payments Bank.
Google announced in January 2022 that it would invest $1 billion in Bharti Airtel, of which $700 million would be for a minority stake in the business.
OneWeb, a British satellite provider, has received funding from Mittal’s Bharti Global, which is led by his son Shravin. In a deal valued at $3.4 billion, Mittal consented to merge OneWeb with Eutelsat.
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The 157-year-old engineering and construction juggernaut Shapoorji Pallonji Group is under Shapoor Mistry’s control. The family of his deceased younger brother Cyrus Mistry receives a portion of his fortune.
An 18.4% stake in Tata Sons, the holding company for the $128 billion (in revenue) Tata Group, is the family’s largest asset.
In 2022, Mistry experienced two losses: in June, the group patriarch and his father Pallonji Mistry passed away. Cyrus Mistry, his younger brother, passed away in a car accident three months later at the age of 54.
Shapoor and Cyrus have been working together in recent months to restructure the heavily indebted family business by selling key assets.
Until October 2016, when he was fired, his brother Cyrus presided over Tata Sons for four years.
The journey began in 1914 when Parmanand Hinduja set out for Mumbai from Shikarpur (now in Pakistan) in order to launch a trade and banking enterprise. Five years later, he established an office in Tehran, which served as the company’s main location until 1979.
While Parmanand Hinduja passed away in 1971, his son Srichand began working for the company in 1952. 2010 saw the appointment of Srichand’s nephew Dheeraj Hinduja as chairman of Ashok Leyland, and 2020 saw the appointment of Karam Hinduja as CEO of what is now SP Hinduja Banque Privee.
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 are just a few of the eleven industries that the Hinduja Group is active in.
According to the business website, “The Group employs about 200,000 people and has offices in many key cities of the world, including India.”
The Godrej family has a 124-year history that is steeped in innovation and tradition. Their journey was started in 1897 by Ardeshir Godrej, and it is currently being led by Adi Godrej.
The Godrej Group continues to prosper with businesses in consumer goods and real estate. Pirojsha Godrej is in charge of Godrej Properties, while Nisaba Godrej is in charge of Godrej Consumer Products. The family’s impressive $13.9 billion net worth as of 2022 is very impressive.
The Tata family has made immeasurable contributions to India’s industrial landscape. Jamshetji Tata laid the groundwork, and Ratan Tata was essential in guiding the conglomerate through contemporary difficulties. The Tatas have established themselves as a reputable and powerful family due to their diversified interests in numerous industries.
The IIFL Wealth Hurun India Rich List 2022 pegs Ratan Tata’s net worth at Rs 3800 crore, with Tata Sons being the main source of his wealth.
The 1865-founded Shapoorji Pallonji Group, owned by the Mistry family, is a prime example of adaptability and development.
The conglomerate, which includes businesses in building, real estate, textiles, shipping, and other areas, is led by Shapoor Mistry. The younger son, Cyrus Mistry, presided over the Tata Group from 2012 to 2016, demonstrating the family’s extensive power.
The Shapoorji Pallonji Group, with a net worth of about 32 billion US dollars, is managed by Shapoor Mistry, Pallonji Mistry’s son.
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