After the British left the subcontinent and divided it into two countries, India has made strides in every sphere. Its GDP has soared over $4 trillion USD and is officially the fourth-largest economy in the world. In contrast, Pakistan has struggled to grow owing to a multitude of reasons. Its GDP is not even half a trillion USD. It is not even among the top 20 economies of the world despite being the fifth populous nation in the world. Its army is indirectly ruling the country with a puppet government in place. The army has built a separate empire holding billions of dollars in various businesses. Fauji Foundation is a case in point.
India Has Ambani, Adani – What Does Pakistan Have?
So what has India done differently that Pakistan could not replicate? The first obvious reason is the democratic form of governance in India, which has created an environment where people have trust in institutions.
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This sentiment has helped businesses flourish in India. Every day, new businesses open. India adds billionaires and millionaires every year at an impressive rate. Businesses scale, adding new jobs. Such a business environment and the revolutionary pro-business reforms that India has taken over decades under different governments have led to the emergence of business empires and billionaires like Ambanis and Adanis.
Wealth Perception Index 2025 And Pakistan’s Fauji Foundation
Going back to Pakistan, you will hardly hear about any company that is a billion-dollar conglomerate. Instead, it is the Pakistan army that has built the country’s largest business empire, according to reports.
According to a new Wealth Perception Index 2025 by the Economic Policy and Business Development Think Tank (EPBD), army-run businesses in Pakistan are the richest entities in the country. The index lists the top 40 business groups in the country and found military businesses among the first-ever list of potential dollar-billionaire conglomerates.
Fauji Foundation Net Worth
According to the report, the Fauji Foundation, worth $5.9 billion, tops the list. The list includes nine other military-linked companies that are each worth over $1 billion.
“As of 2025, foreign estimates place the military’s business footprint at tens of billions of dollars annually, a staggering sum for a country grappling with persistent poverty and economic crisis,” the report states.
The role of the army in Pakistan is not limited to the defense of the country. It is involved in businesses beyond weapons and defense equipment. This helps retired army generals and serving officers concentrate wealth. This, in turn, helps them to muscle the control over the civilian institutions.
“Entities such as the Fauji Foundation, Army Welfare Trust, and Defence Housing Authority (DHA) command assets in banking, agriculture, manufacturing, real estate, education, and retail. These organisations benefit from tax exemptions, privileged access to state land, and regulatory protections that insulate them from normal market competition,” the report adds.
Pakistan Army Makes Billions While Civilians Live in Poverty
Pakistan Army’s Fauji Foundation, which is worth around $6 billion, is on par with some mid-sized Indian corporates such as JSW Energy and Apollo Hospitals or JSW Energy.
The army is getting richer by the day, while the common citizens of the country live in extreme poverty. According to UN data, around half of its population lives below the poverty line. Inflation is at a record high. Unemployment rates are going through the roof. Its per capita income in 2025 is $6,950, which, compared to its neighbours, is very low.
Zubair Amin is a Senior Journalist at NewsX with over seven years of experience in reporting and editorial work. He has written for leading national and international publications, including Foreign Policy Magazine, Al Jazeera, The Economic Times, The Indian Express, The Wire, Article 14, Mongabay, News9, among others. His primary focus is on international affairs, with a strong interest in US politics and policy. He also writes on West Asia, Indian polity, and constitutional issues. Zubair tweets at zubaiyr.amin
