Who Owns Pakistan - Yimg

The 42 groups ranked by White in the 1970 included 24 Karachi-based groups,
12 from Punjab and five from NWFP while I could not place whether Dost
Mohammad was based in Karachi or Punjab. On the other hand, the 1997
ranking include 24 groups based in Punjab, 18 based in Karachi and three based
in NWFP. At least 15 of Punjabi groups were Chiniotis while there were nine
Memons, three Ismaeeli Khojas but not a single native Sindhi or Baluchi group.
In fact, it is difficullt to identify more than a dozen companies on the KSE except
for a few sugar mills headed by a sindhi or for that matter a Baluch Chief
Executive.
The Karachi-based based groups have not only gone down in number but also in
ranking. Except for Maula Baksh, Adamjee and Noon, all the families
disappreaing from the 1970 list were headquartered in Karachi. Adamjee, at
number 3 in 1970 do not appear in the ranking based on manufacturing assests,
Dawood, no 1 in 1970 has gone down to14th position, Habib at no 1 in 1990 has
relegated to sixth position, Bawany and Gul Ahmad have fallen from
commanding heights in the 1970 to the bottom of the list in 1997.
Three top and seven of the top ten positions in 1997 are held by business groups
from Punjab but a fundamental and structural change that has taken place
between 1970-97 is the fall of Memons and the rise of Chiniotis.
In 1970's every fourth company in Pakistan was owned by the Memons but in
1997 one in every seven companies listed on KSE belonged to Chiniotis. The
two business communities of Chiniotis and Memons together own 206 of the 725
KSE companies.
The top 44 business groups of 1997 include 15 Chiniotis, 9 Memons, Three
Ismaeelis, One Khoja and three Pathans from the NWFP.
As stated earlier in the chapter, ranking based on the listed companies does not
reflect their actual economic muscle since they have consciously take steps to
appear small, hiding a big part of their wealth in private and unlisted public limited
companies. Although Ittefaq group has only four listed companies and Monnoos
have none, it was possible to rank them because of govt. reports and estimates
of the assets given out by the group members, in interviews or statements.
The main monnoo group headed by Jehangir Monnoo has up to 20 textile and
sugar mills, big live stock and poltry forms. Several of Pakistan's biggest
industrial families like the Tabanis, the Haroons, Kasim Dada, Chaudrys of
Gujrat, Raja group of Industries and Jaffer Bros have none or just one listed
company but their wealth is legendary.
Tabanis do not appear in ranking of the rich of the rich families either in the 1970
or 1990 but with an origin going back to early 19th century they are undoubtedly
one of the richest families of Pakistan today. According to a group profile Tabanis
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