The Ambanis of India are Asia’s richest family, with a $50 billion fortune, while the region’s 20 wealthiest clans are now worth more than $450 billion combined, said Bloomberg in a report.
Bloomberg’s categorization of family wealth excludes first-generation fortunes such as that of Alibaba Group Holding Ltd’s Jack Ma, as well as those in the hands of a single heir. That means no families from mainland China make the list, reflecting the country’s relatively recent surge in affluence.
Following are the details of these richest of the rich:
India; Reliance Industries; $50.4 billion
Dhirubhai Ambani returns to India from Yemen in 1957
Hong Kong; Sun Hung Kai Properties; $38 billion
Kwok Tak-Seng, a grocery wholesaler, incorporates Sun Hung Kai Properties in 1972
Thailand; Charoen Pokphand Group; $37.9 billion
Chia Ek Chor and brother set up a seed shop in Bangkok.in 1921
Indonesia; Djarum, Bank Central Asia; $32.5 billion
Oei Wie Gwan buys the cigarette brand that becomes Djarum in 1950
South Korea; Samsung; $28.5 billion
Lee Byung-chull starts a company exporting fruit, vegetables and fish in 1938
Thailand; TCP Group; $24.5 billion
Chaleo Yoovidhya founds TC Pharmaceutical in 1956
India; Shapoorji Pallonji Group; $21.5 billion
Mistry family business is founded in India in 1865
Philippines; SM Investment; $20.9 billion
Henry Sy opens a shoe store called Shoemart in Manila in 1958
Thailand; Central Group; $20.3 billion
Central Group begins as a small family shop in Bangkok in 1947
Hong Kong; CLP Holdings; $18.5 billion
The Kadoorie family – of the Baghdad Jewish diaspora – first arrives in Hong Kong in 1880
Singapore/Malaysia; Hong Leon Group; $18.4 billion
Kwek Hong Png sets up Hong Leong in Singapore in 1941
Hong Kong; Chow Tai Fook; $18.2 billion
Chow Chi Yuen establishes Chow Tai Fook in 1929
Singapore; Far East Organization; $17.2 billion
Ng Teng Fong moves to Singapore from China and establishes Far East Organization in 1960
Hong Kong; BW Group; Wheelock; $16.7 billion
Yue-Kong Pao buys his first vessel in 1955
Taiwan; Cathay Financial, Fubon Financial; $16.2 billion
Cathay Life Insurance is founded by the Tsai brothers 1962
India; Hinduja Group; $16 billion
Parmanand Hinduja starts the family business in 1914
Hong Kong; SJM; $14.9 billion
Sociedade de Turismo e Diversoes de Macau is founded by Stanley Ho and his business partners in 1962
Japan; Suntory; $14.8 billion
Shinjiro Torii founds Torii Shoten, Suntory's predecessor, in 1899
Hong Kong; Lee Kum Kee; $14.7 billion
Lee Kum Sheung invents oyster sauce and establishes Lee Kum Kee 1888
Korea; Hyundai; $13.5 billion
Chung Ju-yung starts a business named Hyundai in 1946
President Xi Jinping’s campaign against extravagance has brought down some of the super-rich who were rising a few years ago. Still, many of Asia’s wealthiest clans have Chinese roots, from the Chearavanonts of Thailand to the Hartonos of Indonesia.
According to the report, even as Asia’s dynasties prepare to transfer wealth to the next generation, popular concerns over income inequality in the region are more subdued than in the West, where Thomas Piketty’s “Capital in the 21st Century” and US Senator Elizabeth Warren’s proposed wealth tax have focused attention on the issue.
Hong Kong, India and Singapore have all abolished taxes on wealth or inheritance in recent years. “Asia’s lack of a debate on taxing wealth is as strange as it is harmful,” said Donald Low, a professor at Hong Kong University of Science and Technology, one of the region’s rare wealth-tax advocates.
Of course, the mood could change if the budding backlash against Hong Kong’s tycoon-dominated economy intensifies. But for now, Asia’s richest families are riding high.
Bloomberg’s categorization of family wealth excludes first-generation fortunes such as that of Alibaba Group Holding Ltd’s Jack Ma, as well as those in the hands of a single heir. That means no families from mainland China make the list, reflecting the country’s relatively recent surge in affluence.
Following are the details of these richest of the rich:
- Ambani (3 Generations)
India; Reliance Industries; $50.4 billion
Dhirubhai Ambani returns to India from Yemen in 1957
- Kwok (3 Generations)
Hong Kong; Sun Hung Kai Properties; $38 billion
Kwok Tak-Seng, a grocery wholesaler, incorporates Sun Hung Kai Properties in 1972
- Chearavanont (4 Generations)
Thailand; Charoen Pokphand Group; $37.9 billion
Chia Ek Chor and brother set up a seed shop in Bangkok.in 1921
- Hartono (3 Generations)
Indonesia; Djarum, Bank Central Asia; $32.5 billion
Oei Wie Gwan buys the cigarette brand that becomes Djarum in 1950
- Lee (3 Generations)
South Korea; Samsung; $28.5 billion
Lee Byung-chull starts a company exporting fruit, vegetables and fish in 1938
- Yoovidhya (2 Generations)
Thailand; TCP Group; $24.5 billion
Chaleo Yoovidhya founds TC Pharmaceutical in 1956
- Mistry (5 Generations)
India; Shapoorji Pallonji Group; $21.5 billion
Mistry family business is founded in India in 1865
- Sy (3 Generations)
Philippines; SM Investment; $20.9 billion
Henry Sy opens a shoe store called Shoemart in Manila in 1958
- Chirathivat (4 Generations)
Thailand; Central Group; $20.3 billion
Central Group begins as a small family shop in Bangkok in 1947
- Kadoorie (4 Generations)
Hong Kong; CLP Holdings; $18.5 billion
The Kadoorie family – of the Baghdad Jewish diaspora – first arrives in Hong Kong in 1880
- Kwek/Quek (3 Generations)
Singapore/Malaysia; Hong Leon Group; $18.4 billion
Kwek Hong Png sets up Hong Leong in Singapore in 1941
- Cheng (4 Generations)
Hong Kong; Chow Tai Fook; $18.2 billion
Chow Chi Yuen establishes Chow Tai Fook in 1929
- Ng (3 Generations)
Singapore; Far East Organization; $17.2 billion
Ng Teng Fong moves to Singapore from China and establishes Far East Organization in 1960
- Pao (3 Generations)
Hong Kong; BW Group; Wheelock; $16.7 billion
Yue-Kong Pao buys his first vessel in 1955
- Tsai (3 Generations)
Taiwan; Cathay Financial, Fubon Financial; $16.2 billion
Cathay Life Insurance is founded by the Tsai brothers 1962
- Hinduja (4 Generations)
India; Hinduja Group; $16 billion
Parmanand Hinduja starts the family business in 1914
- Ho (2 Generations)
Hong Kong; SJM; $14.9 billion
Sociedade de Turismo e Diversoes de Macau is founded by Stanley Ho and his business partners in 1962
- Torii Saji (4 Generations)
Japan; Suntory; $14.8 billion
Shinjiro Torii founds Torii Shoten, Suntory's predecessor, in 1899
- Lee (5 Generations)
Hong Kong; Lee Kum Kee; $14.7 billion
Lee Kum Sheung invents oyster sauce and establishes Lee Kum Kee 1888
- Chung (3 Generations)
Korea; Hyundai; $13.5 billion
Chung Ju-yung starts a business named Hyundai in 1946
President Xi Jinping’s campaign against extravagance has brought down some of the super-rich who were rising a few years ago. Still, many of Asia’s wealthiest clans have Chinese roots, from the Chearavanonts of Thailand to the Hartonos of Indonesia.
According to the report, even as Asia’s dynasties prepare to transfer wealth to the next generation, popular concerns over income inequality in the region are more subdued than in the West, where Thomas Piketty’s “Capital in the 21st Century” and US Senator Elizabeth Warren’s proposed wealth tax have focused attention on the issue.
Hong Kong, India and Singapore have all abolished taxes on wealth or inheritance in recent years. “Asia’s lack of a debate on taxing wealth is as strange as it is harmful,” said Donald Low, a professor at Hong Kong University of Science and Technology, one of the region’s rare wealth-tax advocates.
Of course, the mood could change if the budding backlash against Hong Kong’s tycoon-dominated economy intensifies. But for now, Asia’s richest families are riding high.