A new wave of billionaires is emerging from the East, but Pakistan has not been as fortunate in this regard. Based on the market capitalization of listed companies, none of the major families in Pakistan are billionaires in USD terms. In fact, the combined market value of the Nishat Group’s holdings is less than $500 million, even though their listed companies, including MCB Bank, DG Khan Cement, and power plants owned by the Mian Mansha family, have a collective market capitalization of below $1.5 billion. Similarly, the Dawood Group, owned by the Hussain Dawood family, also has holdings valued at less than $500 million.
On the other hand, the Bestway Group, led by Sir Anwar Pervaiz, has listed holdings valued at $1.4 billion, while the Lucky Group of the Sohail and Ali Tabba families, is nearing the $1 billion mark. The largest group in terms of listed assets is the Fauji Group, with assets worth $1.5 billion.
This highlights how minimal the documented and listed wealth accumulation by big businesses is in Pakistan when compared to neighboring India.
The highest market valuation belongs to Fauji Group companies, with their five listed entities—one petroleum, two fertilizers, one food, and one cement company—valued at $3.3 billion. Based on its holdings, Fauji Group’s worth is $1.5 billion.
Second is the Dawood Group, whose eight listed companies (mainly Engro) have a combined value of $2.1 billion. However, the group’s holdings in these companies are smaller, with a computed value of $440 million.
Third is the Bestway Group, with two listed companies—a bank and a cement company—that have a market capitalization of $1.8 billion. Due to a higher concentration of shareholding, the group’s holdings are valued at approximately $1.5 billion. Sir Anwar Pervaiz, who is not a resident of Pakistan, acquired these companies with wealth earned outside the country.
Next in line are two homegrown groups: Nishat and Lucky.
The Nishat Group, owned by Mian Mansha and his family, has a combined market capitalization of $1.5 billion. The group has nine listed companies, including a major bank (MCB), four power plants, two textile firms, an insurance company, and a cement company. Two-thirds of the group’s valuation comes from MCB, while the remaining eight companies have a combined market cap of less than $500 million.
In 2008, when MCB sold 15 percent of its shares to Maybank for around $700 million, the bank’s total value was $4.5 billion (4.5 times its current value). Around that time (in 2010), Forbes estimated Mian Mansha’s net worth at $1 billion. Given MCB’s current market cap, Mian Mansha’s net worth must have fallen significantly since then. It is also important to note that three of Nishat Group’s major private businesses—automobile, dairy, and real estate—are valued at their net present value within one of the listed companies. Therefore, the main businesses based in Pakistan are already factored into this valuation.
The fifth group is Lucky, which is a growing conglomerate. The combined market capitalization of its three listed companies (cement, chemicals, and textiles) stands at $1.3 billion, with the group’s holdings amounting to $935 million. This group has been aggressive in recent years and has gained significant value. The Tabba family’s worth, based on listed assets, is now almost equal to the combined net worth of the Mian Mansha and Hussain Dawood families.
This analysis is strictly based on listed companies and their current market capitalization. Some of the owners may have private assets within and outside Pakistan, which may not be fully reflected here. Additionally, the valuation of certain companies, such as Nishat Mills (part of the Mian Mansha Group), may be understated. However, even with these considerations, apart from the Tabba family, no other family in Pakistan qualifies as a billionaire today (since the Fauji Group is not a family-owned entity and Sir Anwar Pervaiz is not strictly local).