According to the Bloomberg Billionaires Index, India's top 10 richest families have a combined net worth of $38,000 billion. Members of these families aged 40 or less have held important positions in business establishments. That's three times more than what Chinese peers of the same age can control.

Family dominance in large business groups in India is not a new phenomenon. It can be seen that the family that established and prospered - their descendants get control of the future. This time is no exception. But plans to hand over the reins to a new generation of successors to the country's family-run conglomerates have begun in earnest.

As a result, many of India's aging tycoons are placing younger family members in more important positions in their business empires. This is the case with India's top billionaires, including Ambani, Adani and Birla.

According to the Bloomberg Billionaires Index, India's top 10 richest families have a combined net worth of $38,000 billion. Members of these families aged 40 or less have held important positions in business establishments. That's three times more than what Chinese peers of the same age can control.

This difference in wealth also highlights the different economic trajectories of the two countries. Capital market investment plays a role in increasing or decreasing the asset value of the rich. Share prices of many companies have fallen due to weak economic growth in China. In this, the finances of the business families have declined. On the other hand, domestic and foreign investors are seeing long-term potential in the Indian economy. As a result, the shares of many companies are being traded at the highest price.

India's economy is expanding day by day, with family-controlled business groups getting involved in sectors as diverse as energy and e-commerce. India is currently the most populous country in the world – where the youth are the main consumers. The incumbents of India's wealthiest families are hoping their children will become the next generation of business leaders – capturing the younger generation of consumers with innovative products and services. That's why many of them have taken degrees from top universities in the United States and the United Kingdom.

The oldest wealthy business family in India is the Birlas. Their business dates back to before India became independent – about 165 years ago. The current head of this family is Kumar Mangalam Birla. Recently, his two children - Aryaman Vikram and Ananya have been members of the board of directors of three business companies. The family's net worth is $18.8 billion.

Ananya Birla is well known as a singer, while Aryaman is a former cricketer. They have been made members of the board of directors of the Birla family owned fashion, paint business as well as taking strategic decisions of the group.

In January 2023, Aryaman and Ananya first joined the Aditya-Birla Group's fashion arm. That was the first foray into the family business. Their father Kumar Mangalam said, "Their knowledge of new age business models and changing consumer needs will add new enthusiasm to the board of directors."

The founders of Indian business groups usually control 50 percent or more of the stake themselves. They can easily make their children members of the board of directors as they have majority shares. This is seen as a natural inheritance in India; However, such hiring is considered a breach of corporate governance in advanced economies.

Mukesh Ambani is the richest man in India and Asia. He also started to explain business responsibility to the new generation. Recently, Mukesh has appointed his three children - Akash, Isha and Anant as non-executive directors on the board of the parent company of the group - Reliance Industries Limited. He said at that time that he will now focus on building them with his own hands for the next five years. The current net worth of this family is $113.5 billion.

The Ambani family knows the importance of successful succession planning. After the death of father Dhirubhai Ambani, Mukesh and his younger brother Anil Ambani clashed over control of the Reliance Group business. Then the dispute ended in 2005 with the intervention of their mother. As per the agreement, Anil gets control of Reliance Telecom, financial services and other businesses. And Mukesh got the business of fuel oil and petrochemicals. Even though elder brother's business flourished day by day - Anil's business could not be successful, his wealth also decreased day by day. Even in 2019, Reliance's telecom business approached the court seeking bankruptcy.

So Mukesh Ambani has been cautious. He wants to gradually teach his children all the tricks and tricks of business.

Similarly, the new generation of India's other top wealthiest families will also have to shoulder the responsibilities of the older generation. Elderly family members and investors will watch their every move. Everyone will want to see how much they can retain their business acumen and the success of their seniors.

Kavil Ramachandran, professor at the Thomas Smidini Center for Family Enterprise at the Indian School of Business in Hyderabad, said the new generation does not have the track record of business professionalism to take on such huge responsibilities. "So most (of family power) ride the elevator to the top."

The families declined to comment to Bloomberg on the family's wealth or succession choices. While the Ambani and Birlad have already been mentioned, here are some of India's richest families, family wealth values and their descendants aged 40 and under.

Gautam Adani's two sons are Karan and Jeet Adani

Family net worth: $102.4 billion.
Parent Company: Adani Group

Adani Group started its journey through the business of agricultural products but has now become a behemoth in the infrastructure sector. Adani owns one of the world's largest cayasa businesses besides operating India's largest private port.

Karan is the eldest son of Gautam Adani, the founder of the group. He holds a bachelor's degree in economics from Purdue University, USA. He has been appointed Managing Director of Adani Ports. His younger brother, Jeet, studied at the University of Pennsylvania, USA. He is currently the Vice President of Group Finance at Adani Enterprises, the group's parent company.

Shapoor Mistry's son Pallan Mistry

Family net worth: $37.7 billion.
Parent Company: Shapoorji Pallonji Group

The family business started in 1865 as a construction contractor. Currently Shapoorji Pallonji Group has businesses in various sectors including housing and engineering. They have built various important structures across Asia including luxury hotels, stadiums, factories, royal palaces. Notable among these are the headquarters of India's central bank – the Reserve Bank of India in Mumbai and the Al Alam Palace for the Sultan of Oman.

The Shapoorji Pallonji Group's founding family also has a stake in Tata & Sons, another Indian business giant. It is the parent company of the Tata Group – which controls everything from cars to tea.

Shapoor Mistry's son Pallan holds a Masters degree from Imperial College, London. He is also a member of the Board of Directors of Shapoorji Pallonji & Co.

Dilip Sanghvi's son Alok

Family net worth: $26.7 billion.
Parent Company: Sun Pharmaceutical Industries

Founded in 1983 by Dilip Sanghvi, Sun Pharma is the world's largest generic drug manufacturer. Currently they have 41 thousand workers in more than 40 factories.

Dilip's son Ashok holds a degree in cellular and molecular biology from the University of Michigan in the US. He is serving as an Executive Director on the Sun Pharma Board.