- | 12:30 pm
Ambanis rank eighth in Bloomberg’s list of world’s richest families
The Mistrys, who run the Shapoorji Pallonji Group and the other Indian family on the list, are ranked 23rd with their wealth pegged at $41.4 billion
The Ambani family, which owns the oil-to-telecom conglomerate Reliance Industries Ltd, has been placed in the eighth spot in the latest Bloomberg rankings of the world’s 25 richest families that lists the Waltons at the top after Walmart Inc.’s stock surge boosted their wealth to $432.4 billion.
Like the Waltons, most of the 25 families on the list got richer this year thanks to robust markets, Bloomberg said, adding that the families in the list collectively gained $406.5 billion.
The Ambani family’s wealth has been pegged at $99.6 billion. Reliance chairman Mukesh Ambani had said in August that the conglomerate is set to more than double in size before the end of the decade.
The other Indian family in the list is the Mistrys.
The Mistry family, which runs the Shapoorji Pallonji Group, has been placed in the 23rd spot in the Bloomberg rankings, with their wealth pegged at $41.4 billion.
The family business, which is diverse and spans various sectors including engineering and construction, has most of its fortune in illiquid assets.
Its financial interests are connected to Tata Sons, the principal holding entity of Tata group, which owns Jaguar Land Rover.
After a dispute within the family, Tata Sons was reclassified as a private company, limiting the Mistry family’s options to divest their shares.
Attempts by Tata Sons to purchase these shares failed due to disagreements over valuation.
The others on the list
The monarchs of the United Arab Emirates, Qatar and Saudi Arabia are the other prominent families on the Bloomberg list, with the Emirati Al Nahyans placed second, followed by the Qatari Al Thanis in the third place and the Al Sauds at sixth.
The Al Nahyans’ wealth is estimated at $323.9 billion, the Al Thanis at $172.9 billion, and the Al Sauds at $140 billion, according to Bloomberg.
The other families in the top 10 include Hermès, which owns the French luxury fashion company known for its high-quality leather goods, clothing, and accessories; Koch, which operates a diversified conglomerate in the US; Mars, famous for its global confectionery and pet care businesses; Wertheimer, the owners of the luxury brand Chanel; and Thomson, which controls a media and information empire.
More Top Stories:
