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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsThe 2025 EPBD Wealth Perception Index, as reported by Business Recorder, lists nine leading public-market entries associated with Pakistani business groups and companies. Its reported market-capitalization figures offer a snapshot of the index’s ranking—not a measurement of each entry’s contribution to GDP, jobs, exports or public welfare. The list also mixes diversified groups, individual banks and combined labels whose scope is not always clear.
Pakistan’s nine leading entries in the 2025 index
The table reproduces the first nine entries and reported market-capitalization values in the Economic Policy & Business Development Think Tank’s 2025 index summary, as reported by Business Recorder. These are figures as reported for that index; the reviewed article does not provide the index methodology or underlying company data. They should not be read as audited group assets, enterprise values or direct economic contributions.
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| Rank | Index entry | Reported market capitalization | What the available company or group information establishes |
|---|---|---|---|
| 1 | Fauji Foundation | $5.90 billion | The index summary supplies the entry and figure; the cited material does not establish a group profile or how the figure’s perimeter is defined. |
| 2 | Bestway/UBL Group | $4.51 billion | The index combines Bestway and UBL in one label. The label alone does not establish their ownership or operating relationship, or which listed entities the valuation includes. |
| 3 | Yunus Brothers/Lucky Group | $2.59 billion | The index combines the two names. Its summary does not establish the relationship or the valuation’s group perimeter. |
| 4 | Nishat Group/MCB | $2.39 billion | The index combines a group and a bank. It does not establish that MCB’s assets belong to the group or explain the combined valuation perimeter. |
| 5 | Engro Holdings | $2.39 billion | The index summary supplies the entry and figure; the cited material does not establish a current profile or the businesses included in its valuation. |
| 6 | Meezan Bank | $2.38 billion | The index names a bank as an entry alongside diversified-group labels; the cited summary does not provide a broader group perimeter. |
| 7 | Arif Habib Group | $1.57 billion | Arif Habib Corporation identifies itself as the group’s holding company. Its stated interests span fertilizers, financial services, construction materials, industrial metals, dairy farming and energy. PACRA describes activities including brokerage, investment and financial advisory, asset management, commercial banking, commodities, private equity, cement and fertilizers. |
| 8 | Aga Khan Fund & HBL | $1.56 billion | The index combines the two names, but the cited material does not establish their governance or ownership relationship, or how the valuation is calculated. |
| 9 | Attock Group | $1.35 billion | Attock Refinery’s 2025 annual report describes group interests in oil and gas, power generation, cement, information technology, renewable energy, medical services and real estate development. It names Pakistan Oilfields, National Refinery, Attock Petroleum and Attock Cement among linked companies. |
What the ranking tells you—and what it cannot
The figures show how the index summary ordered its selected public-market entries by reported market capitalization. They do not provide a like-for-like assessment of economic reach. A listed bank, a diversified holding group and a combined group-and-bank label are not necessarily being compared on the same corporate perimeter. Without a disclosed methodology and comparable underlying data, the ranking cannot show which entry contributes more to national output, employment, exports or tax revenue.
No comparable published figure for the nine entries’ combined GDP contribution, employment, exports or tax revenue is established by the cited sources. A larger reported market capitalization therefore should not be treated as proof of greater social impact or operating scale.
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Why the business footprints still matter
The documented profiles show the breadth of activity represented in the list without proving that the groups alone transformed Pakistan’s economy. Arif Habib Corporation’s stated portfolio and PACRA’s activity descriptions cover financial services and several industrial sectors. Attock Refinery’s 2025 annual report describes a footprint spanning energy, manufacturing and services. These are attributed descriptions, not a complete independent inventory of every entity or a measure of its performance.
The index’s wider reported sector range includes banking, cement, fertilizer, diversified manufacturing, real estate, fast-moving consumer goods, information technology and media. That breadth helps explain why the selected entries matter to readers following Pakistani business, but sector presence alone does not establish a group’s contribution to growth or living standards.
Private groups named separately from the top nine
The index summary also identifies prospective private groups, a separate category rather than additional names in the nine-entry public list. It 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 Master Group of Industries.
PACRA describes Fatima Group as active in commodity trading, fertilizer manufacturing, textiles, sugar, mining and energy, and names companies including Fatima Fertilizer, Pakarab Fertilizers, Reliance Weaving Mills, Fazal Cloth Mills, Fatima Sugar Mills and Fatima Energy. This provides a concrete example of a private group with a broad sector footprint; its separate placement among prospective private groups does not change the nine public entries above.
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How to read claims about economic transformation
“Transforming” is a useful way to frame the question of which businesses shape Pakistan’s economy, but the index ranking does not measure transformation itself. The most defensible reading is narrower: it identifies prominent entries by reported market capitalization and points to a range of sectors and corporate forms. Establishing broader economic impact would require comparable evidence—such as consistently defined output, employment, export or tax data—for each entity.
EPBD CEO Ahmad Nawaz Sukhera, speaking about the report, said: “Government alone cannot address Pakistan’s complex economic challenges. We need a strategic partnership between policy makers and our top private sector leaders.” The quotation describes the report’s argument for public-private partnership; it is not evidence that the listed companies have already delivered a quantified national outcome.
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