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India's top 300 biz families earn ₹7,100 cr/day; Ambani, Birla, Jindal lead
The second edition of this annual list has grown bigger and richer, adding 100 new entrants to cover 300 families, who together control a combined $1.6 trillion (₹134 lakh crore) in value — a figure that surpasses the combined GDP of Turkey and Finland.
The Top 20 Most Valuable Family Businesses
The Ambanis' Reliance Industries tops the list once again, followed by the Kumar Mangalam Birla family, whose ₹6.5 lakh crore empire has risen by ₹1.1 lakh crore over the year to take the second spot. The Jindal family climbs into third place with a ₹5.7 lakh crore valuation, up ₹1 lakh crore.
The Top 10 most valuable families alone are worth nearly half of the total value of all 300 listed families, with a combined valuation of ₹40.4 lakh crore — up ₹4.6 lakh crore from last year, and roughly equivalent to the GDP of the Philippines.
The Ambani family ranks first in the 2025 Barclays Private Clients Hurun India Most Valuable Family Businesses List, with a value of INR 28.2 Lakh Cr.
Top 20 Most Valuable First-Generation Family Businesses with an Active Next Generation
While the rankings include several multi-generation empires, a separate list shines the spotlight on India's most valuable first-generation family businesses, many already transitioning to legacy leadership with next-gen involvement:
Other notable entrants include the Nuwal family (INR 1.6 Lakh Cr, Solar Industries), the Reddy family (INR 1 Lakh Cr, Apollo Hospitals), and the Grandhi family (INR 98,300 Cr, GMR).
Lists A significant portion of India's top philanthropists and wealth creators also lead family-run enterprises.
Massive Wealth Creation and Generational Transfer
According to Nitin Singh, Head of Barclays Private Bank, Asia Pacific, the findings reflect a record ₹130 lakh crore in wealth expected to transfer across generations over the next five years. The number of families operating dedicated family offices has jumped to 71, signalling a maturing focus on structured wealth and succession planning.
'Beyond wealth creation, these families are building industries, creating jobs, and contributing 15% of India's corporate tax collections,' Singh noted. Together, the top 300 families paid ₹1.8 lakh crore in taxes last year and employ over 2 million people — more than the entire population of Bahrain.
The 2025 list sees second-generation business families leading in representation, with third-generation leaders ranking next in terms of the number of companies featured.
The 2025 Barclays Private Clients Hurun India Most Valuable Family Businesses List reveals a strong presence of second-generation leadership, with 227 families currently in this stage. Topping the list is the Ambani family, valued at Rs 28.2 lakh crore.
50 families have third-generation businesses, led by the Mahindra family, with a valuation of Rs 5.4 lakh crore.
18 families are now in their fourth generation, with the Kumar Mangalam Birla family standing out at Rs 6.5 lakh crore.
Three families represent the fifth generation, headed by the Burman family, valued at Rs 88,300 crore.
Rising Entry Barriers
The threshold to enter the top 10 is now ₹2.2 lakh crore, up ₹18,700 crore from last year. The Top 50 threshold has surged 31% to ₹54,700 crore, and the Top 200 cutoff jumped a massive 70% to ₹4,600 crore.
Even entry into the full list requires at least ₹1,100 crore in valuation. This reflects a sharp rise in competitiveness — 161 families are now worth over $1 billion, up 37 from last year.
Fastest Growing Dynasties
The Anil Gupta family tops the list for share price growth since inheritance with a 1,116-fold increase, followed by the Benu Bangur family (627x) and Dharmpal Agarwal family (452x). This underscores the ability of family-run firms to scale exponentially while retaining control.
Sectoral Strength
The 300 families span 45 cities and a broad set of industries:
Industrial products: 48 companies, average value ₹16,400 crore.
Automobile & auto components: 29 companies, average value ₹52,320 crore — the highest among the top three sectors.
Chemicals & petrochemicals: 27 companies, average value ₹29,933 crore.
Pharmaceuticals: 25 companies, average value over ₹41,000 crore.
Consumer focus: 40% of companies are consumer-facing; 49% are B2B; 11% serve both.
Haldiram's remains India's most valuable unlisted company at ₹85,800 crore, followed by Muthoot Finance at ₹1.05 lakh crore.
Governance and Diversity
Listed vs unlisted: 74% of the companies are listed, suggesting increasing transparency.
Leadership: 76% run by second-generation leaders, with the remainder managed by third generation or older.
Professional CEOs: 62 companies are led by outside professionals — up nine from last year.
Women at the helm: 22 family businesses have female leaders, up from 15 last year.
Global Investors Inside the Boardroom
Hurun India founder Anas Rahman Junaid highlighted that private equity is no longer an outsider — 'From Temasek's billion-dollar stake in Haldiram's to ADIA's $200 million investment in Meril, global investors are actively shaping the governance and growth of Indian family enterprises.' Key takeaways:
The 2025 Barclays Private Clients Hurun India Most Valuable Family Businesses list adds 100 new families, expanding to 300 families.
India's top 300 family businesses generated ₹7,100 crore every day last year.
The list controls USD 1.6 trillion (₹134 lakh crore) in value — more than the combined GDP of Turkey and Finland.
Ambani family tops the list for the second consecutive year with a valuation of ₹28.2 lakh crore, equal to a twelfth of India's GDP.
Kumar Mangalam Birla family climbed to second place at ₹6.5 lakh crore, up ₹1.1 lakh crore.
Jindal family entered the top three at ₹5.7 lakh crore, up ₹1 lakh crore.
For the second year, the Adani family leads the Top 20 Most Valuable First-Generation Family Businesses with ₹14 lakh crore; the Poonawalla family follows with ₹2.3 lakh crore.
The top three family businesses are valued at USD 471 billion (₹40.4 lakh crore), up ₹4.6 lakh crore — equivalent to the GDP of the Philippines.
Anil Agarwal & family climbed six spots into the top 10 with ₹2.6 lakh crore; entry threshold for top 10 rose to ₹2.2 lakh crore (up ₹18,700 crore).
Minimum valuation to enter the 2025 list: ₹1,100 crore.
Top 50 threshold up 31% to ₹54,700 crore.
Top 200 threshold up 70% from ₹2,700 crore to ₹4,600 crore.
Record 161 families now worth USD 1 billion or more, up 37 from last year.
The top 300 families employ over 2 million people — more than the population of Bahrain.
They contributed ₹1.8 lakh crore in taxes, or 15% of India's corporate tax collections.
Biggest share price growth since inheritance: Anil Gupta family (1,116x), Benu Bangur family (627x), Dharmpal Agarwal family (452x).
74% of listed companies are publicly traded.
Haldiram's family is India's most valuable unlisted company at ₹85,800 crore (second consecutive year).
22 companies are led by women, up from 15 last year.
62 companies have professional CEOs, up 9 from last year.
89% of companies sell physical products; 11% offer services.
40% are consumer-facing, 49% operate in B2B, 11% serve both.
Families span 45 cities, led by Mumbai (91), NCR (62), and Kolkata (25).
Industrial products lead with 48 companies (average value ₹16,400 crore).
Automobile & auto components sector (29 companies) has the highest average value at ₹52,320 crore.
Chemicals & petrochemicals (27 companies) average ₹29,933 crore.
The top 10 account for nearly 50% of total list value.
Wadia family is the oldest family-run company on the list at ₹1.58 lakh crore.
Muthoot Finance (₹1.05 lakh crore), Haldiram Snacks (₹85,800 crore), and Bikanervala Foods (₹3,900 crore) have the highest board representation with 8 family members each.
Kanaiyalal Maneklal Sheth, 93, is the oldest active family business leader, heading Great Eastern Shipping (₹14,000 crore).
"Private equity is no longer knocking on the doors of India's family businesses — it's firmly inside the boardroom. From billion-dollar stakes in icons like Haldiram's to transformative healthcare investments in Meril, private equity is reshaping India's family-run enterprises at every scale. In the past year alone, global investors such as Temasek, Bain Capital, ChrysCapital, Multiples — and sovereign wealth giants like ADIA with their $200 Mn investment in Meril — have partnered with promoters to unlock expansion, professionalise governance, and bridge succession transitions. It
marks a new era where patient capital meets generational ambition," said Anas Rahman Junaid, Founder and Chief Researcher, Hurun India.
Industrial products companies form the largest segment on the list with 48 entries, while the automobile and auto components sector boasts the highest average valuation – about Rs 52,320 Cr per company.
Pharmaceuticals is another stronghold, with 25 leading family businesses averaging over INR 41,000 Cr each. This diversification – from factories and pharma to autos – underlines how family businesses drive India's industrial prowess and enhance our global competitiveness and economic resilience. Notably, the majority of these enterprises are publicly listed (222 companies vs. 78 unlisted), reflecting greater transparency and institutional governance.
"Roughly 120 families on the Barclays Private Clients Hurun India Family Business List 2025—spanning Arvind's denim, Bharat Forge's truck axles, and Meril's medical devices—face billions of dollars in export revenue at risk over the next 12 months as U.S. tariffs climb to 50%. This is a once-in-a-generation stress test of resilience and agility. Yet if history is a guide—across wars, recessions and a pandemic—India's multi-generation family enterprises are better poised than most to absorb the shock and adapt!" said Junaid.
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