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Wealth of 9 in every 10 ultra-rich Indians rose in '22: Knight Frank report
Each year, more and more Indians are joining the ranks of the ultra-rich, according to a report in the Financial Express. Four years ago, there were three Indian families in Bloomberg's Asia-specific ranking of the 20 richest families. The three families had a combined wealth of $87.6 billion. In 2022, this list had five Indian families with a combined wealth of $168.7 billion. In 2023, the number of Indian families still stands at five. This is despite a loss of $17.1 billion in their combined wealth, the report said.
Those residing outside India have registered a comparably smaller loss in their wealth. Based on data from Bloomberg, we list the fortunes of the five families here:
Reliance Industries: Total wealth of $79.3 billion
Founded in the late 1950s by Dhirubhai Ambani, the company is now controlled by his son, Mukesh Ambani. Reliance is involved in diverse businesses that include energy, petrochemicals, natural gas, retail, telecommunications, and textiles, among others. At this point, Mukesh Ambani's three children, Akash, Isha, and Anant Ambani, run the show in the company's tech, retail, and green energy businesses.
Shapoorji Pallonji Group: Total wealth of $28.4 billion
This family business was started by Pallonji Mistry's grandfather as a construction enterprise with an Englishman. The group now spans across construction, real estate, textiles, engineered goods, home appliances, shipping, power, etc. Most of the family's wealth is illiquid and is held by Tata Sons. Pallonji Mistry died in 2022. A few months later, his son, Cyrus Mistry, died in a car accident.
Aditya Birla Group: Total wealth of $15.5 billion
A family business, seven generations old, Aditya Birla Group is involved in various industries, including metals, financial services, and retail. Kumar Mangalam Birla became the chairman of the group when he was 28. His children, Ananya and Aryaman Birla, joined the boards of the company in 2023.
OP Jindal Group: Total wealth of $14.4 billion
The company was started by Om Prakash Jindal as a single steel plant in 1952, which grew into the OP Jindal Group. He became Haryana's power minister. The founder died in a helicopter crash. After he died, his wife, Savitri Jindal, took over the business as the group's chairperson. Her four sons managed the family business. She went on to become Asia's richest woman in 2022. At present, the group has manufacturing plants across India, the US, the UK, the Middle East, and Indonesia. Apart from this, the company also has mining businesses in Chile, Indonesia, South Africa, and Mozambique.
Hinduja Group: Total wealth of $14.0 billion
As Parmanand Hinduja travelled to Mumbai from Shikarpur (now in Pakistan) to start a new life, he established businesses in trade and banking. The group is present in several sectors, including automotive, oil and specialty chemicals, banking and finance, IT and ITeS, cyber security, healthcare, trading, and real estate, among others. The company's website says that it employs 200,000 people and maintains offices in many major cities of the world, including India.
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First Published: Thu, March 16 2023. 10:36 IST
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