New Delhi, Aug. 20 -- First-generation family businesses are emerging beyond India's traditional business hubs as entrepreneurs seek to institutionalise their wealth and establish family office structures, according to the 2026 Barclays Private Clients Hurun India Most Valuable Family Businesses report.

The report identified 100 first-generation family businesses with a combined valuation of Rs 77.8 lakh crore.

Smaller cities gain prominence

Among India's top family businesses, Mumbai and the National Capital Region (NCR) accounted for the highest number of first-generation family companies, housing 24 and 18 such businesses, respectively, according to the report.

The report also highlighted the geographic spread of entrepreneurial wealth beyond traditional business hubs.

Chhatrapati Sambhajinagar in Maharashtra and Thrissur in Kerala each featured three first-generation family businesses.

Endurance Technologies was the most valuable first-generation company in Chhatrapati Sambhajinagar, while Joyalukkas topped the list for Thrissur.

Hyderabad and Ahmedabad ranked third and fourth, with 15 and nine first-generation family businesses, led by Divi's Laboratories and Adani Enterprises, respectively.

"The pace of growth among top first-generation families has been much faster. It shows that India is not only compounding established wealth, but is also continuously creating new wealth," said Adrish Ghosh, head of Barclays Private Bank India, at the report's launch last week.

Ghosh said the institutionalisation of wealth had emerged as the defining theme of this year's report. Around 79 of the top 300 business families, or 26%, currently operate family offices, while 36% of first-generation families have already established such structures.

The findings reflect the geographic expansion of wealth creation, said Anas Rahman Junaid, founder and chief researcher at Hurun India.

"This wealth is spreading well beyond traditional strongholds. Cities such as Hyderabad, Chhatrapati Sambhajinagar, and Thrissur are seeing founders outpace long-established family houses. It signals an economy that is not only compounding existing wealth, but continuously minting new wealth creators," he said.

Mumbai, NCR lead overall family business rankings

Looking at family businesses overall, Mumbai, NCR and Kolkata remained India's leading hubs, housing 95, 58, and 26 of the country's most valuable family-run businesses, respectively.

Reliance Industries was the most valuable business family headquartered in Mumbai, while HCL Technologies led in the NCR and Shree Cements topped the rankings in Kolkata.

Pune and Chennai followed in fourth and fifth place, with 20 and 17 family businesses, respectively.

Ahmedabad, Hyderabad, Vadodara and Ludhiana also featured prominently among the top 10 cities hosting India's most valuable family businesses.

Published by HT Digital Content Services with permission from VC Circle.