Winning Bizness Desk

Mumbai. Bloomberg has unveiled its 2024 list of the world’s 25 richest families, highlighting a total wealth of Rs 211 lakh crore among these elite groups. This year, the Walton family, owners of retail giant Walmart, claimed the top spot, displacing last year's leader. Their net worth soared to ₹36.7 lakh crore, a staggering Rs 14.6 lakh crore increase compared to the previous year.

Global Rankings and India’s Representation

The royal families of the UAE and Qatar secured the second and third positions, respectively. India’s Ambani family, with a net worth of ₹8.45 lakh crore, ranked 8th on the list. Meanwhile, the Mistry family, owners of the Shapoorji Pallonji Group, placed 23rd with a wealth of Rs 3.5 lakh crore. Notably, over 70% of the families listed have consistently featured in Bloomberg’s rankings for several years.

Insights into Family Businesses

• Walton Family: Sam Walton laid the foundation for Walmart in 1950 with a small five-and-dime store. Today, Walmart operates 10,600 stores globally, with the family holding a 46% stake in the retail giant.
• Hermès Family: Ranked fourth, this French luxury fashion house was founded in 1837 by Thierry Hermès, initially crafting horse bridles.
• Mars Family: Known for iconic products like Milky Way and Snickers, the seventh-richest family started their journey in 1902 under Frank Mars, who expanded into pet products.
• Ambani Family: Dhirubhai Ambani began Reliance Commercial Corporation in 1955, initially exporting spices to Western markets. Under his leadership, Reliance diversified into petroleum, telecom, and retail, becoming India’s largest conglomerate.

Ambani Family's Wealth and Impact

The Ambani family’s business empire accounts for 10% of India’s GDP, according to the Barclays-Hurun India report of 2024. With a valuation of ₹25.75 trillion, Reliance Industries, led by Mukesh Ambani, dominates the energy, telecom, and retail sectors. The Barclays-Hurun report, based on data as of March 2024, excludes private investments and liquid assets, focusing solely on company stakes in Reliance, Jio Platforms, Reliance Retail, and associated entities.

Dhirubhai Ambani’s Legacy

Dhirubhai Ambani, the founder of Reliance, began his journey in 1955 without inherited wealth or significant financial backing. Married to Kokilaben, he had two sons, Mukesh and Anil, and two daughters, Deepti and Nina. After Dhirubhai’s passing in 2002, Kokilaben oversaw the division of his business empire, ensuring its continued growth and global prominence. This year’s rankings reaffirm the transformative impact of legacy family businesses on the global economy.