Interestingly, the Adani family did not appear in the top 10 of the list.
The top 10 families on the list have collectively amassed a whopping total wealth of Rs 6,009,100 crore, demonstrating the strong position of family-run businesses in India, the report said.
“The diversity is further illustrated by the fact that the Jindal family, with its involvement in JSW Steel and the mining sector, is valued at Rs 471,200 crore, putting it at number four. The Nadar family's HCL Technologies, with a value of Rs 430,600 crore, shows the importance of the software and services sector. Not far behind are the Mahindra family's ventures in the automobile sector through Mahindra & Mahindra, which is valued at Rs 345,200 crore.”
According to the report, the ranking is determined based on company valuations as of March 20, 2024. The valuation method excludes private investments and liquid assets and takes cross-shareholdings into account to avoid double counting, it says.
Indian family businesses are at the heart of the country's economy and embody resilience, innovation and a deep-rooted heritage of entrepreneurship, said Anas Rahman Junaid, founder and chief researcher, Hurun India. “For example, about 75% of the list participants saw an increase in value year-on-year. The aim of the Barclays Private Clients Hurun India Most Valuable Family Businesses 2024 is to highlight the role of family businesses in the Indian economy.”Where does the Adani family stand?
The list does not include first generation families.
When it comes to first generation families, the Adani family leads the pack among families founded by first generation entrepreneurs and supported by the next generation. Adani's business holdings are valued at a staggering Rs 1,544,500 crore, followed by the Poonawalla family, which runs the Serum Institute of India, which is valued at Rs 237,100 crore.
Here is the complete list of top 10 richest families in India:
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