Mumbai is the most preferred city for family-run businesses in India

The rankings are based on company valuation, with March 20, 2024 being the cut-off date.

August 9, 2024

Mumbai city is the most preferred destination for the ultra-rich population in India.

According to the ‘2024 Barclays Private Clients Hurun India Most Valuable Family Business’ rankings released on Thursday, August 8, 65 family-owned businesses are headquartered in Mumbai. There are a total of top 200 family-owned businesses in the country that are at least two generations old.

The 65 families have a combined valuation of Rs 67,33,900 crores, with Mukesh Ambani’s family worth Rs 25,75,100 crores leading the pack.

The Ambani family also tops the chart of richest families at the national level; followed by the Niraj Bajaj-led family worth Rs 7,12,700 crore and the Kumar Mangalam Birla-led family worth Rs 5,38,500 crore.

Of the total, 17 are headquartered in Kolkata, making it the second most preferred destination. It is followed by Pune, New Delhi, and Gurugram with 15, 13, and 13 headquarters of family-owned

businesses, respectively.

The rankings are based on company valuation, with March 20, 2024 being the cut-off date.

Together, the top 200 family-run businesses control an astounding $1.3 trillion in market value, surpassing the combined GDP of Switzerland and the UAE.

The oldest family-owned businesses that feature among the top 200 are the Wadi Group, owned by the Wadia family, and PN Gadgil & Sons, owned by the Gadgil family – both are sixth-generation family-run businesses.

Gautam Adani’s conglomerate tops the chart among first-generation business families with a valuation of Rs 15,44,500 crores.

Apart from this, the report also lists companies with the highest number of women from the family actively serving on their boards. These include CRI Pumps, Parle Agro, and Echjay Industries with three women members each on the board.