Asian family clans also find space within the prestigious club of the richest families in the world.
Forget for a moment the Kochs, the Waltons, and the Arnaults. Within the prestigious club of the richest families in the world, there is also space for "Asian family clans", i.e. the exponents - as well as protagonists - of the continuous economic growth of Asia.
These dynasties are at the head of sprawling conglomerates with tentacles wrapped around the main strategic sectors of their respective countries, from the sale and distribution of agri-food products to the processing of fossil fuels. As of 2023, Asia’s 15 richest families controlled a combined net worth of $400 billion.
In the top 10, we find three Indian families, two of which are on the podium: the Ambanis and the Mistrus. Considering the top 20, there are no representatives from mainland China, but there are various families from Hong Kong.
The three richest families in Asia
First place is the absolute prerogative of the Ambani, who have recovered greatly after having to deal with some losses and who maintain a net worth of $102.7 billion (more than double the second place).
The wealth of this Indian family comes from conglomerate Reliance Industries based in Mumbai. Dhirubhai Ambani, Mukesh, and Anil’s father, began building the precursor to Reliance Industries in the late 1950s. He is widely considered one of the most successful entrepreneurs in India. After he died in 2002, his widow negotiated an agreement between his children over control of the family fortune. Mukesh is now at the helm of the conglomerate, which owns, among other assets, the world’s largest oil refining complex.
The giant has expanded into technology, retail, and even green energy, with the founder’s sons responsible for the various business units. Mukesh lives in a 27-story villa, in a structure described as the most expensive private residence in the world.
In second place we find the Haritono (Indonesia), a dynasty that has amassed a fortune of $44.8 billion by selling cigarettes. As Bloomberg explained, Oei Wie Gwan purchased a brand of cigarettes in 1950 and renamed it Djarum. The company then grew to become one of the largest cigarette manufacturers in Indonesia, and after Oei died in 1963, his sons diversified the company’s assets by investing in Bank Central Asia.
In third place, we find another Indian family: the Mistry ($36.2 billion). The family business was founded in India in 1865 when Pallonji Mistry’s grandfather started a construction business with an Englishman. Shapoorji Pallonji Group now spans various business areas, including engineering and construction. Most of the family’s fortune is not liquid: it is held in Tata Sons, the main holding company behind Tata Group (which in turn controls Jaguar Land Rover).
From India to Hong Kong: the richest dynasties on the Asian continent
The top 20 richest Asian families is completed by the Kwok (Hong Kong, $32.3 billion), owners of Sun Hung Kai Properties, a company active in the real estate sector, the Chearavanont (Thailand, $31.2 billion) leading the conglomerate Charoen Pokphand Group, the Yoovidhya (Thailand, $30.2 billion) with TCP Group (Food & Beverages), the Jindal (India, $27.6 billion), leading the industrial group of the same name Jindal, the Tsai (Taiwan, $24 billion) with Cathay Financial and Fubon Financial , the Cheng (Hong Kong, $23.6 billion), with the jeweler Chow Tai Fook Jewellery and the real estate company New World, the Birla (India, $21.8 billion), with the conglomerate Aditya Birla Group, the Pao/Woo (Hong Kong, $20.7 billion), with BW Group and Wheelock.
And again: the Lee (South Korea, $18.2 billion), at the head of Samsung, the Bajaj (India, $17.1 billion), with the conglomerate of the same name Bajaj Group, the Kwek/Quek (Singapore, $16 billion), with the real estate Hong Leong Group, the Sy (Philippines, $16 billion), with the conglomerate Sm, the Kadoorie (Hong Kong, $15.4 billion), with the energy supplier Clp Holdings, the Lee (Hong Kong, $14.3 billion), with retail Lee Kum Kee, Chirathivat (Thailand, $14.2 billion), at the head of the conglomerate Central Group, Hinduja (India, $13.9 billion), with the Hinduja Group of the same name present in the financial and real estate sector, and the Torii/Saji (Japan, $13.3 billion), present in the Food & Beverages with Suntory.
It’s worth starting to familiarize yourself with all these names. Some already influence our daily lives through their economic activities. Others are ready to carve out more and more space for themselves on the global scene.
Original article published on Money.it Italy 2024-02-25 07:27:00. Original title: Quali sono le famiglie più ricche dell’Asia: la nuova élite alla conquista del mondo
