THE billionaire Hinduja family has once again topped the Sunday Times Rich List, marking their third consecutive year as Britain’s wealthiest. The family’s fortune soared by over £2 billion, bringing their total wealth to an unprecedented £37.2 billion, the largest-ever recorded in the history of the list.
India-born Lakshmi Mittal and family figure eighth in this year’s Rich List with a total wealth of £14.92 billion. Mittal is the Chairman of Luxembourg-headquartered ArcelorMittal, the largest steel manufacturer across Europe, North, and South America.
The list saw a fall in the number of billionaires for the second year running from 171 to 165. The number of billionaires peaked at 177 in 2022. The Hinduja Group, an Indian conglomerate founded in Mumbai, has been the cornerstone of the family’s immense wealth. This diverse conglomerate spans various sectors, including banking and finance, media and entertainment, and energy, employing approximately 200,000 people worldwide.
Legacy continues
Gopichand Hinduja, known as Gopi, currently heads the family business following the death of his elder brother, Srichand Hinduja, in May 2023. Under Gopi’s leadership, the family has not only maintained, but expanded its business empire, contributing to its record-breaking fortune.
Born on January 29, 1940, Gopichand ‘Gopi’ Hinduja is one of five brothers who inherited their family business from founder Parmanand Hinduja. The legacy, passed down from Parmanand and his wife Jamuna Hinduja, continues through Gopi, Prakash, and Ashok, following the death of their brothers Girdhar and Srichand.
The Hinduja brothers initially expanded their father’s textile and trading business in Bombay and Tehran before transforming it into a global powerhouse. Their strategic acquisitions included Ashok Leyland and Gulf Oil in the early years, and later, establishing banks in Switzerland and India during the 1990s. The three surviving brothers – Gopichand in London, Prakash in Monaco, and Ashok in Mumbai – oversee the group’s global interests.
Prestigious properties
The Hinduja family owns several prestigious properties in London, including the Raffles London hotel, housed in the historic Old War Office building in Whitehall. Another jewel in their realty crown is their private residence on Carlton House Terrace, a sprawling 67,000-square-foot mansion worth up to £400 million. .
Today, the Hinduja Group operates in 48 countries, covering nearly a dozen sectors including automotive, oil, banking and finance, IT, cyber security, health- care, media and entertainment, and real estate, showcasing the extensive reach and influence of the Hinduja family in the global business landscape.
