Is NCR closing the gap with Mumbai in the billionaire race?

The spread of companies across both established and emerging business centres also suggests that India's wealth creation story is no longer limited to a handful of traditional commercial hubs.Mumbai has 95 companies from the main list, up four from the previous year. (Photo: Getty Images)Mumbai has emerged as the biggest hub for India's most valuable family businesses, with 119 companies from the city featuring in the 2026 Barclays Private Clients Hurun India Most Valuable Family Businesses List. The figure is 28 higher than last year, highlighting Mumbai's continued dominance as a business centre.MUMBAI WIDENS ITS LEADMumbai has 95 companies from the main list, up four from the previous year. Reliance Industries, backed by the Ambani family, is the biggest name among them.The city also has 24 first-generation companies, led by Sun Pharmaceutical Industries. Together, this takes Mumbai's total to 119 companies across the two categories.NCR ranks second, with 58 companies in the main list, four fewer than last year. HCL Technologies, associated with the Nadar family, is the leading company from the region. NCR also has 18 first-generation companies, with Bharti Airtel leading this group. This takes the region's combined count to 76.KOLKATA HOLDS THE THIRD SPOTKolkata ranks third with 26 companies from the main list, one more than the previous year. Shree Cement is the leading company from the city. Pune follows with 20 companies, down one from last year, with the Bajaj Group as its leading name. Chennai is next with 17 companies, while Bengaluru has 12.Chennai's count remained unchanged from last year, with Cholamandalam Investment & Finance Company as its leading company. Bengaluru, meanwhile, added two companies and is led by Wipro.Ahmedabad and Hyderabad each have nine companies in the main list. Both cities saw their numbers fall by one from the previous year.Torrent Group leads Ahmedabad, while Dr Reddy's Laboratories is the biggest name from Hyderabad. Ahmedabad, however, has a stronger presence among first-generation companies. It has nine such companies, led by Adani Enterprises.Hyderabad has 15 first-generation companies, making it the third-largest city in this category after Mumbai and NCR.SMALLER CITIES MAKE THEIR PRESENCE FELTVadodara and Ludhiana feature with five companies each in the main list. Vadodara's leading company is Inox India, while Vardhman Textiles leads Ludhiana.The list also highlights the growing presence of cities outside India's traditional business hubs. Chhatrapati Sambhajinagar and Thrissur each have three first-generation companies, despite not appearing in the main top 10 headquarters cities list.Endurance Technologies leads Chhatrapati Sambhajinagar, while jewellery retailer Joyalukkas represents Thrissur.MUMBAI REMAINS INDIA'S KEY FAMILY BUSINESS HUBThe numbers underline Mumbai's position at the centre of India's family business ecosystem. Its lead is not only driven by established business families but also by a strong presence of first-generation companies.NCR remains a clear second, while cities such as Hyderabad, Ahmedabad, Bengaluru and Pune continue to add to India's growing business landscape.The spread of companies across both established and emerging business centres also suggests that India's wealth creation story is no longer limited to a handful of traditional commercial hubs.- EndsPublished By: Jasmine anandPublished On: Aug 14, 2026 15:35 IST