Even before the findings of the Hindenburg Report about Gautam Adani-owned port-to-oil conglomerate, Adani Group, the phenomenal growth of India’s richest families started to decline. The first-ever Bloomberg report on richest Asian families in 2019 featured three Indian business families with a combined net worth of $87.6 billion. By 2022, there were five, controlling $168.7 billion
Five Indian families, including the Ambanis and Mistrys, have been featured in Asia’s Richest Families 2023 list by Bloomberg. Take a look at their net worth and that of the other richest
Asian families
As per Bloomberg’s rich list, the overall net worth of Asia’s wealthiest fell by $17.7 billion to $478.1 billion, marking the first drop since the annual ranking started in 2019
Dhirubhai Ambani’s son Mukesh Ambani helms Reliance Industries. The RIL group is being managed by Ambani’s third generation including Isha Ambani, Akash Ambani and Anant Ambani. Mukesh Ambani is also Asia’s richest person with a net worth of $76.8 billion as of
March 16
The Mistry family business Shapoorji Pallonji Group, which started as a construction company in 1865 by Pallonji Mistry now spans different industries such as engineering and construction. The Mistry family holds the fourth spot in the Bloomberg list. The majority of the group’s wealth is illiquid and held in Tata Group, which controls Jaguar Land Rover. Pallonji Mistry passed away in 2022 and his son Cyrus Mistry died in a car accident, a few months later
Birla Family-owned Aditya Birla Group, one of India’s oldest family-owned businesses, has a presence across metals, financial services and retail. Aditya Birla Group started as a cotton-trading company. Founder Ghanshyam Das Birla moved towards the metal sector and helped make the company one of India’s biggest aluminium producers. Later, Aditya Vikram Birla took over the reins and now his son Kumar Mangalam Birla is at the helm of Aditya Birla Group
Jindal Group started as a single-unit plant in 1952. Its founder Om Prakash Jindal worked towards building it into a conglomerate that now spans sectors from steel to energy, cement and sports. OP Jindal, who was the State Power Minister in Haryana, died in a chopper crash in 2005. His wife Savitri Jindal became the group’s Chairwoman emerita with her sons managing the business
Parmanand Hinduja established a business in trade and banking in Mumbai in 1914. He later opened an office in Iran’s capital Tehran which became Hinduja Group’s headquarter. It later expanded and was then controlled by the next generation. The Hinduja Group currently has business in energy, finance and health care. The family owns real estate in India, London and other countries
2nd: Hartono of Djarum, Bank Central Asia - $38.8 billion
3rd: Kwok of Sun Hung Kai Properties - $34.8 billion
5th: Chearavanont of Charoen Pokphand Group - $28.2 billion
6th: Yoovidhya of TCP Group - $27.4 billion
7th: Cheng of New World
8th: Pao/Woo of BW Group, Wheelock - $22.6 billion
9th: Tsai of Cathay Financial, Fubon Financial - $21.4 billion
10th: Lee of Samsung - $18.5 billion
The data has been sourced from Bloomberg. The net worth was last updated on March 16, 2023