Lahore
While Pakistan’s middle class has been hammered by stagnant wages, rising prices, and declining economic opportunity, the country’s army has quietly transformed itself into the country’s largest business conglomerate, wielding remarkable influence across almost every economic sector in the country, according to a new report.
According to the report in europeantimes.org, the scale, power and privileges enjoyed by army business empire, known as Milbus, have made it a parallel state within a state, often benefitting its officers at the cost of ordinary Pakistani citizens.
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 revealed, citing data from the Economic Policy and Business Development (EPBD) think tank which launched the country’s Wealth Perception Index 2025.
The index is a ranking of the country’s 40 leading business groups across both the public and private sectors. The index reveals 10 publicly listed companies each valued at over $1 billion, with the Fauji Foundation topping the list at $5.9 billion, followed by some corporate giants.
As Pakistan wrestles with severe economic challenges, plummeting industrial output, dollar shortages, and rising energy costs, clout of these top-tier Pakistan Army led enterprises reflect deeper structural realities about wealth and power in the country, the report highlighted.
The stark reality is that Pakistani military’s ventures are not confined to the defence industry. 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.
