On Pakistan’s 78th Independence Day, the Economic Policy & Business Development Think Tank (EPBD) released its first Wealth Perception Index 2025, ranking the nation’s top 40 public and private conglomerates while also identifying Pakistan’s first prospective dollar-billionaire business groups.
The index highlights how a select few corporations dominate key industries such as banking, cement, fertilizers, manufacturing, FMCG, IT, real estate, and media, underscoring the private sector’s ability to accumulate vast wealth despite Pakistan’s ongoing economic crisis.
According to the report, Fauji Foundation leads the list of public-listed corporate groups with a net worth of $5.90 billion, followed by Bestway/UBL Group at $4.51 billion, Yunus Brothers/Lucky Group at $2.59 billion, Nishat Group/MCB at $2.39 billion, and Engro Holdings also at $2.39 billion. Other leading players include Meezan Bank with $2.38 billion, Arif Habib Group with $1.57 billion, the Aga Khan Fund and HBL with $1.56 billion, Attock Group with $1.35 billion, and British American Tobacco Pakistan with $1.24 billion.
The private sector list of prospective billion-dollar conglomerates includes Packages Group, Fatima Group, Sapphire Group, Hilton Pharma, Lake City Holdings, MEGA & Pioneer Cement, Jang/Geo Network, Beaconhouse Group, JDW Sugar, Artistic Group, Vision Group/Park View City, US Apparel, Liberty Group, Soorty Group, and the Master Group of Industries. EPBD noted that these corporations contribute billions in taxes, provide large-scale employment, and could double their economic impact within the next decade if supported by business-friendly government policies.
The think tank also released a breakdown of Pakistan’s wealthiest business figures. Sir Anwar Pervez of Bestway Group tops the list with investments of $362 million in Pakistan. Fauji Foundation ranks second with $225 million, followed by Tiba Group with $188 million. Pakistan Tobacco Group holds $118 million, while Mir Shakeel of Ibrahim Group has $100 million. The Aga Khan Group follows with $95.4 million, and Mian Mansha of Nishat Group has $92 million. Among business families, Syed Babar Ali of Packages Group leads with $160 million, Fawad Mukhtar of Fatima Group is recognized as the country’s second largest business figure, while Goher Ejaz of Lake City Holdings stands out with investments worth $250 million.
While EPBD hailed these groups for their contribution to Pakistan’s economy, the release of this index raises uncomfortable questions. The emergence of billionaire conglomerates contrasts sharply with the reality of widespread inflation, unemployment, and poverty faced by ordinary Pakistanis. These figures highlight how wealth remains concentrated in the hands of a few powerful families and corporate giants, while the majority of the population struggles to make ends meet.
EPBD CEO Ahmad Nawaz Sukhera stated that the rankings prove the private sector’s potential to drive long-term economic growth if backed by effective policies and a supportive regulatory framework. Yet for most Pakistanis, the growing wealth gap only reinforces the perception that economic growth benefits the elite while leaving the working class behind.
