This list is wrong. It doesn't include the wealthiest family in Asia, the royal Mahidol clan of Thailand, who have assets worth at least $60 billion.
Dhirubhai Ambani, the father of Mukesh and Anil, started building the
precursor to Reliance Industries in 1957. When Dhirubhai died in 2002
without leaving a will, his widow brokered a settlement between her sons
over control of the family fortune. Mukesh is now at the helm of the
Mumbai-based conglomerate, which owns the world's largest oil refining
complex.
Kwok Tak-seng listed Sun Hung Kai Properties in 1972. The company has
since become one of Hong Kong’s largest property developers and the
basis of the Kwok family fortune. His sons, Walter, Thomas and Raymond,
assumed control when he died in 1990.
Chia Ek Chor fled his typhoon-ravaged village in southern China and
started a new life in Thailand, selling vegetable seeds with his brother
in 1921. Almost a century later, Chia’s son Dhanin Chearavanont is
senior chairman of Charoen Pokphand Group, a conglomerate with food,
retail and telecom units.
Oei Wie Gwan purchased a cigarette brand in 1950 and renamed it
Djarum. The business has grown into one of the largest cigarette makers
in Indonesia. After Oei died in 1963, his sons Michael and Budi
diversified by investing in Bank Central Asia. That stake now makes up
most of the family's fortune.
Lee Byung-chull started Samsung as a trading company exporting fruit,
vegetables and fish in 1938. He got into the electronics business by
setting up Samsung Electronics in 1969, which has become the world's
largest maker of memory chips and smartphones. After his death in 1987,
his third son Lee Kun-hee took over the business. He has been
incapacitated by a 2014 heart attack and his son Jay Y. Lee has been
leading Samsung.
Chaleo Yoovidhya originally established T.C. Pharmaceutical in 1956
to sell medication. He later diversified into consumer goods, and in
1975 invented a energy drink he called Krating Daeng, Thai for "red
bull." After Austrian marketer Dietrich Mateschitz discovered the drink
on a business trip, he teamed up with Chaleo to modify the recipe and
market Red Bull globally. The fortunes of the Yoovidhya family and
Mateschitz can be largely attributed to the success of Red Bull. Chaleo
died in 2012 and Saravoot Yoovidhya, his son, is now TCP Group's chief
executive officer.
The Mistry family business was founded in India in 1865, when
Pallonji Mistry's grandfather started a construction business with an
Englishman. Shapoorji Pallonji Group now operates in various business
areas, including engineering and construction. The family also has
shares in Tata Sons, the main holding company behind Tata Group, which
operates in more than 100 countries and employs more than 700,000
people.
Henry Sy was born in China and immigrated to the Philippines when he
was 12. He helped his father sell rice, sardines and soap before he
opened the first shoe store in 1958. From the tiny shop in downtown
Manila, it has grown into a conglomerate with interests including
retail, banking and property. Today, the group runs 63 department stores
and 56 supermarkets.
The Chirathivats control Central Group, which is now led by Tos
Chirathivat, of the third generation. The Thai clan of Chinese descent
was originally headed by Tiang Chirathivat, who migrated from Hainan to
Thailand. From its beginnings as a small family shop in Bangkok in 1947,
Central Group is now one of Thailand's largest private commercial
conglomerates, with more than 50 subsidiaries.
In the 1880s, Elly Kadoorie and his older brother Ellis arrived in
Hong Kong to work for the Sassoons, a prominent family of the Baghdad
Jewish diaspora. The brothers later set up a brokerage and amassed
stakes in banking, real estate and power generation facilities. Major
investments include CLP Holdings, electricity supplier to Kowloon and
New Territories in the city, as well as Hongkong and Shanghai Hotels,
the group that owns the Peninsula Hotel chain. Michael, Elly’s grandson,
now chairs both businesses.
Kwek Hong Png founded Hong Leong Company in Singapore in 1941, along
with his three brothers. His eldest son Kwek Leng Beng runs operations
in Singapore that range from property development and hospitality to
finance. Nephew Quek Leng Chan was sent to lead the family business in
Malaysia, which has become one of the largest conglomerates in the
country.
The Cheng family controls Chow Tai Fook Jewellery, a Hong Kong-based
jeweler with $8.5 billion in sales for year ending March 2019. Its stock
symbol is 1929, the year it was founded. They also control New World
Development, a real estate and infrastructure company.
Ng Teng Fong moved to Singapore from China in 1934. He worked at his
parents' soy sauce factory and as a bicycle repairman. Instead of
carrying on the family business, he ventured into property development
and set up Far East Organization in 1960. He also made inroads into Hong
Kong and founded Far East's sister outfit Sino Group. Now, his elder
son Robert is in charge of Hong Kong operations, while younger son
Philip oversees the business in Singapore.
Yue-Kong Pao started his shipping business with HK$20,000 brought
from Shanghai to Hong Kong more than 60 years ago. The company
accumulated a fleet of more than 200 vessels by 1979, managing the
world's largest independently owned bulk shipping fleet at that time.
Adapting to market conditions, Pao diversified into real estate, using
proceeds from ship sales. A sizable portion of current family wealth is
derived from Hong Kong property developer Wheelock. When he died in
1991, his businesses were divided among his four daughters and their
families.
The Tsai brothers founded Cathay Life Insurance in 1962. In 1979, the
family decided to split up their business, with Tsai Wan-lin and Tsai
Wan-tsai taking control of Cathay Life Insurance and Cathay Insurance
respectively. Cathay Insurance was later renamed to Fubon Insurance. The
family now controls two large financial holding companies in Taiwan and
has also diversified into other sectors, including real estate and
telecommunications.
Parmanand Hinduja, originally from Shikarpur (now in Pakistan)
travelled to Mumbai to establish his business in trade and banking in
1914. Five years later, he opened an office in Tehran. The headquarters
of the group remained there until 1979. Parmanand died in 1971, and sons
Gopichand and Srichand left for London eight years later while Prakash
moved to Geneva and Ashok remained in Mumbai. The Hinduja Group
currently has businesses in industries such as energy, automotive,
finance and health care. The family owns real estate in India, as well
as in other cities such as London. A spokesman for the family said the
group has "considerable holdings in private unlisted companies," without
providing further details, which could mean their fortune is larger
than calculated.
Stanley Ho and his business partners won the first license to set up a
casino in Macau and built the city's first casino in 1962. The Ho
family controls SJM Holdings, which owns casinos and hotels, including
the Grand Lisboa. His wealth is divided amongst various heirs, including
daughter Pansy Ho, who has stakes in MGM China, fourth wife Angela
Leong, who is an executive director of SJM Holdings, and son Lawrence
Ho, chief executive officer of Melco.
Suntory founder Shinjiro Torii opened his first store in 1899,
selling wine and Western-style liquors. His son, Keizo Saji, took over
as president in 1961. Under his leadership, Suntory has become a
multibillion-dollar conglomerate with interests ranging from alcoholic
beverages to health foods. The founder's grandson, Nobutada Saji, chairs
the company now.
Lee Kum Sheung invented oyster sauce and founded Lee Kum Kee in 1888.
When the original oyster sauce factory burned down in 1902, the
business was rebuilt in neighboring Macau, where it remained until it
relocated to the more prosperous city of Hong Kong. Third-generation
member Lee Man Tat consolidated his control of the company with buyouts
of his uncles and brother. The family ventured into the health
supplements business in 1992, when they established LKK Health Products
Group, a manufacturer and seller of herbal products. The family also
owns substantial real estate assets, including the "Walkie Talkie" tower
in London.
Chung Ju-yung, a peasant farmer's son, founded Hyundai in 1946 as an
engineering and construction company. It has grown into a conglomerate
that makes everything from cars to ships. He died in 2001, shortly after
the breakup of the group triggered by a battle for control led by two
of his six surviving sons. This resulted in the separation of Hyundai
Motor, controlled by the founder's second son, Mong-koo. Hyundai Motor
is one of the world's largest car manufacturers.
The dynasties behind Reliance, Samsung and Suntory are among the region's wealthiest. Hong Kong clans make up 30% of the list.
August 23, 2019
Mukesh Ambani’s late father, who started the family’s business empire with
$100, used to tell his son that he didn’t know what it was like to be
poor.
For the Ambanis, whose palatial home towers over Mumbai and is one of the world’s most expensive private residences, that has never been truer. They are Asia’s richest family, with a $50 billion fortune.
The region’s 20 wealthiest clans are now worth more than $450 billion combined, underscoring how the world’s economic growth engine is minting fortunes on an unprecedented scale. Not surprisingly, some of the places spawning these riches are facing widening inequality. Hong Kong, which gave rise to six of the biggest family fortunes, has one of the widest wealth gaps. The street protests that have engulfed the city for months were sparked by fears of eroding freedoms under China but fueled by the divide between the rich and those who struggle to afford housing.
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. 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.
Other trends stand out. Real estate is one; most families on the list derive the bulk of their fortunes from property development or have holdings worth billions.
Asia’s wealthiest also embody the proverb “Rich is the man with no debts.” For the most part, they avoided the credit squeezes of the past few years that ensnared some of their peers, especially in India and China, where tycoons liberally pledge shares in exchange for loans. Bloomberg’s family ranking accounts for such liabilities.
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 U.S. Senator Elizabeth Warren’s proposed wealth tax have focused attention on the issue.
Hong Kong, India and Singapore—the setting for the unapologetic blockbuster “Crazy Rich Asians”—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 & 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.
For the Ambanis, whose palatial home towers over Mumbai and is one of the world’s most expensive private residences, that has never been truer. They are Asia’s richest family, with a $50 billion fortune.
The region’s 20 wealthiest clans are now worth more than $450 billion combined, underscoring how the world’s economic growth engine is minting fortunes on an unprecedented scale. Not surprisingly, some of the places spawning these riches are facing widening inequality. Hong Kong, which gave rise to six of the biggest family fortunes, has one of the widest wealth gaps. The street protests that have engulfed the city for months were sparked by fears of eroding freedoms under China but fueled by the divide between the rich and those who struggle to afford housing.
Read more on Asia’s richest families
Other trends stand out. Real estate is one; most families on the list derive the bulk of their fortunes from property development or have holdings worth billions.
Asia’s wealthiest also embody the proverb “Rich is the man with no debts.” For the most part, they avoided the credit squeezes of the past few years that ensnared some of their peers, especially in India and China, where tycoons liberally pledge shares in exchange for loans. Bloomberg’s family ranking accounts for such liabilities.
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 U.S. Senator Elizabeth Warren’s proposed wealth tax have focused attention on the issue.
Hong Kong, India and Singapore—the setting for the unapologetic blockbuster “Crazy Rich Asians”—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 & 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.
1
NameAmbani
CompanyReliance Industries
LocationIndia
Generations3
Wealth$50.4bn
Dhirubhai Ambani, the father of Mukesh and Anil, started building the
precursor to Reliance Industries in 1957. When Dhirubhai died in 2002
without leaving a will, his widow brokered a settlement between her sons
over control of the family fortune. Mukesh is now at the helm of the
Mumbai-based conglomerate, which owns the world's largest oil refining
complex.
Did you knowThe Ambani home in Mumbai is a 27-story skyscraper.
1957: Dhirubhai Ambani returns to India from Yemen.
2002: Elder son Mukesh takes over chairmanship.
2014: Siblings Isha and Akash join the boards of retail and mobile units.
2
NameKwok
CompanySun Hung Kai Properties
LocationHong Kong
Generations3
Wealth$38bn
Kwok Tak-seng listed Sun Hung Kai Properties in 1972. The company has
since become one of Hong Kong’s largest property developers and the
basis of the Kwok family fortune. His sons, Walter, Thomas and Raymond,
assumed control when he died in 1990.
Did you knowWalter Kwok was kidnapped in 1997 and was released about a week later, after a ransom of nearly $80 million had been paid.
1972: Kwok Tak-Seng, a grocery wholesaler, incorporates Sun Hung Kai Properties.
2008: Walter Kwok is ousted as chairman after a feud with his brothers.
2018: Geoffrey Kwok is appointed as non-executive director of Sun Hung Kai Properties.
3
NameChearavanont
CompanyCharoen Pokphand Group
LocationThailand
Generations4
Wealth$37.9bn
Chia Ek Chor fled his typhoon-ravaged village in southern China and
started a new life in Thailand, selling vegetable seeds with his brother
in 1921. Almost a century later, Chia’s son Dhanin Chearavanont is
senior chairman of Charoen Pokphand Group, a conglomerate with food,
retail and telecom units.
Did you knowCP Group is a major conduit for Chinese investment in Thailand.
1921: Chia Ek Chor and brother set up a seed shop in Bangkok.
1939: Dhanin Chearavanont is born, the youngest of four brothers.
2017: Two of Dhanin's sons become CEO and chairman.
2018: LOTS Wholesale Solutions, a subsidiary of Siam Makro, opens its first store in India.
4
NameHartono
CompanyDjarum, Bank Central Asia
LocationIndonesia
Generations3
Wealth$32.5bn
Oei Wie Gwan purchased a cigarette brand in 1950 and renamed it
Djarum. The business has grown into one of the largest cigarette makers
in Indonesia. After Oei died in 1963, his sons Michael and Budi
diversified by investing in Bank Central Asia. That stake now makes up
most of the family's fortune.
Did you knowBudi Hartono founded the Djarum badminton club.
1950: Oei Wie Gwan buys the cigarette brand that becomes Djarum.
1963: Oei Wie Gwan dies, leaving the company to two sons.
2016: Armand Wahyudi Hartono becomes vice president director of BCA.
5
NameLee
CompanySamsung
LocationSouth Korea
Generations3
Wealth$28.5bn
Lee Byung-chull started Samsung as a trading company exporting fruit,
vegetables and fish in 1938. He got into the electronics business by
setting up Samsung Electronics in 1969, which has become the world's
largest maker of memory chips and smartphones. After his death in 1987,
his third son Lee Kun-hee took over the business. He has been
incapacitated by a 2014 heart attack and his son Jay Y. Lee has been
leading Samsung.
Did you knowLee
Kun-hee was found guilty of evading taxes, but was pardoned at the end
of 2009 so he could help with South Korea's bid to host the 2018 Winter
Olympics.
1938: Lee Byung-chull starts a company exporting fruit, vegetables and fish.
1987: Lee Kun-hee becomes chairman of Samsung Group.
2015: Jay Y. Lee is elected chairman of two Samsung foundations.
6
NameYoovidhya
CompanyTCP Group
LocationThailand
Generations2
Wealth$24.5bn
Chaleo Yoovidhya originally established T.C. Pharmaceutical in 1956
to sell medication. He later diversified into consumer goods, and in
1975 invented a energy drink he called Krating Daeng, Thai for "red
bull." After Austrian marketer Dietrich Mateschitz discovered the drink
on a business trip, he teamed up with Chaleo to modify the recipe and
market Red Bull globally. The fortunes of the Yoovidhya family and
Mateschitz can be largely attributed to the success of Red Bull. Chaleo
died in 2012 and Saravoot Yoovidhya, his son, is now TCP Group's chief
executive officer.
Did you know6.8 billion cans of Red Bull were sold in 2018.
1956: Chaleo Yoovidhya founds T.C. Pharmaceutical.
2018: TCP Group will invest $120 million in Vietnam in three years.
7
NameMistry
CompanyShapoorji Pallonji Group
LocationIndia
Generations5
Wealth$21.1bn
The Mistry family business was founded in India in 1865, when
Pallonji Mistry's grandfather started a construction business with an
Englishman. Shapoorji Pallonji Group now operates in various business
areas, including engineering and construction. The family also has
shares in Tata Sons, the main holding company behind Tata Group, which
operates in more than 100 countries and employs more than 700,000
people.
Did you knowZoroastrian ancestors fled to India from Persia to escape persecution.
1865: Mistry family business is founded in India.
1921: Founder Pallonji passes away.
1947: Pallonji Mistry joins construction business at age 18.
2012: Shapoor Mistry, son of Pallonji Mistry, takes over chairman position in Shapoorji Pallonji Group.
2016: Cyrus Mistry is ousted as chairman of Tata Sons.
8
NameSy
CompanySM Investments
LocationPhilippines
Generations3
Wealth$20.9bn
Henry Sy was born in China and immigrated to the Philippines when he
was 12. He helped his father sell rice, sardines and soap before he
opened the first shoe store in 1958. From the tiny shop in downtown
Manila, it has grown into a conglomerate with interests including
retail, banking and property. Today, the group runs 63 department stores
and 56 supermarkets.
Did you knowThe Mall of Asia, Sy's flagship mall, has an Olympic-size skating rink.
1958: Henry Sy opens a shoe store called Shoemart in Manila.
2017: Harley Sy, son of founder, hands over chief executive position in SM Investments to a non-family member.
2019: Founder Henry Sy dies.
9
NameChirathivat
CompanyCentral Group
LocationThailand
Generations4
Wealth$20.3bn
The Chirathivats control Central Group, which is now led by Tos
Chirathivat, of the third generation. The Thai clan of Chinese descent
was originally headed by Tiang Chirathivat, who migrated from Hainan to
Thailand. From its beginnings as a small family shop in Bangkok in 1947,
Central Group is now one of Thailand's largest private commercial
conglomerates, with more than 50 subsidiaries.
Did you knowThe group has a joint venture with China's JD.com that focuses on e-commerce.
1947: Central Group begins as a small family shop in Bangkok.
1968: Tiang Chirathivat dies.
1992: Opens first Central Department Store outside Bangkok.
2019: Company announces plan to restructure and list retail arm.
10
NameKadoorie
CompanyCLP Holdings
LocationHong Kong
Generations4
Wealth$18.5bn
In the 1880s, Elly Kadoorie and his older brother Ellis arrived in
Hong Kong to work for the Sassoons, a prominent family of the Baghdad
Jewish diaspora. The brothers later set up a brokerage and amassed
stakes in banking, real estate and power generation facilities. Major
investments include CLP Holdings, electricity supplier to Kowloon and
New Territories in the city, as well as Hongkong and Shanghai Hotels,
the group that owns the Peninsula Hotel chain. Michael, Elly’s grandson,
now chairs both businesses.
Did you knowAfter World War II the ballroom of the Peninsula Hotel in Hong Kong was opened up to accommodate Jewish refugees.
1880: The Kadoorie family first arrives in Hong Kong.
1944: Elly Kadoorie dies, leaving the business to sons Lawrence and Horace.
1997: Michael Kadoorie is appointed chairman of the board of CLP Holdings.
2018: Philip Lawrence Kadoorie, son of Michael Kadoorie, is appointed non-executive director of CLP.
11
NameKwek/Quek
CompanyHong Leong Group
LocationSingapore/Malaysia
Generations3
Wealth$18.4bn
Kwek Hong Png founded Hong Leong Company in Singapore in 1941, along
with his three brothers. His eldest son Kwek Leng Beng runs operations
in Singapore that range from property development and hospitality to
finance. Nephew Quek Leng Chan was sent to lead the family business in
Malaysia, which has become one of the largest conglomerates in the
country.
Did you knowQuek Leng Chan trained as a barrister at Middle Temple in London.
1941: Kwek Hong Png sets up Hong Leong in Singapore.
1995: Kwek Leng Beng takes over from father as executive chairman of Hong Leong Group.
2018: Sherman Kwek becomes CDL's group CEO.
12
NameCheng
CompanyChow Tai Fook
LocationHong Kong
Generations4
Wealth$18.2bn
The Cheng family controls Chow Tai Fook Jewellery, a Hong Kong-based
jeweler with $8.5 billion in sales for year ending March 2019. Its stock
symbol is 1929, the year it was founded. They also control New World
Development, a real estate and infrastructure company.
Did you knowHenry Cheng, along with his business partner, was sued by Donald Trump for $1 billion in 2005.
1929: Chow Chi Yuen establishes Chow Tai Fook.
1970: Son-in-law Cheng Yu-tung establishes New World Development.
2011: Henry Cheng is appointed chairman and executive director of Chow Tai Fook Jewellery Group.
2017: Adrian Cheng is named executive vice-chairman and general manager of New World Development.
13
NameNg
CompanyFar East Organization
LocationSingapore
Generations3
Wealth$17.2bn
Ng Teng Fong moved to Singapore from China in 1934. He worked at his
parents' soy sauce factory and as a bicycle repairman. Instead of
carrying on the family business, he ventured into property development
and set up Far East Organization in 1960. He also made inroads into Hong
Kong and founded Far East's sister outfit Sino Group. Now, his elder
son Robert is in charge of Hong Kong operations, while younger son
Philip oversees the business in Singapore.
Did you knowNg Teng Fong had the nickname Lucky Ng and worked 18 hours a day.
1934: Ng Teng Fong moves to Singapore with his family.
1960: Ng Teng Fong establishes Far East Organization in Singapore.
2017: Daryl Ng is appointed as deputy chairman of Sino Land, Tsim Sha Tsui Properties and Sino Hotels.
14
NamePao
CompanyBW Group, Wheelock
LocationHong Kong
Generations3
Wealth$16.7bn
Yue-Kong Pao started his shipping business with HK$20,000 brought
from Shanghai to Hong Kong more than 60 years ago. The company
accumulated a fleet of more than 200 vessels by 1979, managing the
world's largest independently owned bulk shipping fleet at that time.
Adapting to market conditions, Pao diversified into real estate, using
proceeds from ship sales. A sizable portion of current family wealth is
derived from Hong Kong property developer Wheelock. When he died in
1991, his businesses were divided among his four daughters and their
families.
Did you knowYue-Kong Pao acquired a 10% stake in Hongkong and Kowloon Wharf and Godown Co. from Li Ka-shing, diversifying into real estate.
1955: Yue-Kong Pao buys his first vessel.
1986: Yue-Kong Pao retires and son-in-law Helmut Sohmen becomes chairman of World-Wide Shipping.
2014: Douglas Woo, grandson of Pao, becomes chairman of Wheelock.
15
NameTsai
CompanyCathay Financial, Fubon Financial
LocationTaiwan
Generations3
Wealth$16.2bn
The Tsai brothers founded Cathay Life Insurance in 1962. In 1979, the
family decided to split up their business, with Tsai Wan-lin and Tsai
Wan-tsai taking control of Cathay Life Insurance and Cathay Insurance
respectively. Cathay Insurance was later renamed to Fubon Insurance. The
family now controls two large financial holding companies in Taiwan and
has also diversified into other sectors, including real estate and
telecommunications.
Did you knowFamily
assets were split in 1979, which led to the subsequent formation of
holding companies Cathay Financial Holding and Fubon Financial Holding.
1962: Cathay Life Insurance is founded by the Tsai brothers.
2001: Tsai Hong-tu becomes board chairman of Cathay Financial Holding.
2019: Chris Tsai is appointed to Taiwan Mobile's board of directors.
16
NameHinduja
CompanyHinduja Group
LocationIndia
Generations4
Wealth$16bn
Parmanand Hinduja, originally from Shikarpur (now in Pakistan)
travelled to Mumbai to establish his business in trade and banking in
1914. Five years later, he opened an office in Tehran. The headquarters
of the group remained there until 1979. Parmanand died in 1971, and sons
Gopichand and Srichand left for London eight years later while Prakash
moved to Geneva and Ashok remained in Mumbai. The Hinduja Group
currently has businesses in industries such as energy, automotive,
finance and health care. The family owns real estate in India, as well
as in other cities such as London. A spokesman for the family said the
group has "considerable holdings in private unlisted companies," without
providing further details, which could mean their fortune is larger
than calculated.
Did you knowThe group was headquartered in Iran until 1979, when the Islamic Revolution forced a move to Europe.
1914: Parmanand Hinduja starts the family business.
1952: Srichand Hinduja joins father in family business.
2010: Dheeraj Hinduja is appointed chairman of Ashok Leyland.
2012: Gulf Oil Corp. buys Houghton International for more than $1 billion.
17
NameHo
CompanySJM
LocationHong Kong
Generations2
Wealth$14.9bn
Stanley Ho and his business partners won the first license to set up a
casino in Macau and built the city's first casino in 1962. The Ho
family controls SJM Holdings, which owns casinos and hotels, including
the Grand Lisboa. His wealth is divided amongst various heirs, including
daughter Pansy Ho, who has stakes in MGM China, fourth wife Angela
Leong, who is an executive director of SJM Holdings, and son Lawrence
Ho, chief executive officer of Melco.
Did you knowStanley Ho has acknowledged fathering 17 children with four women, all of whom he calls his wives.
1962: Sociedade de Turismo e Diversoes de Macau is founded by Stanley Ho and his business partners.
2018: Stanley Ho retires.
18
NameTorii/Saji
CompanySuntory
LocationJapan
Generations4
Wealth$14.8bn
Suntory founder Shinjiro Torii opened his first store in 1899,
selling wine and Western-style liquors. His son, Keizo Saji, took over
as president in 1961. Under his leadership, Suntory has become a
multibillion-dollar conglomerate with interests ranging from alcoholic
beverages to health foods. The founder's grandson, Nobutada Saji, chairs
the company now.
Did you knowKeizo Saji was an adopted son.
1899: Shinjiro Torii founds Torii Shoten, Suntory's predecessor.
1961: Torii's son, Keizo Saji, becomes the company's second president.
2001: Nobutada Saji takes over as president of Suntory.
2016: Nobuhiro Torii becomes director in Suntory Beverage & Food.
19
NameLee
CompanyLee Kum Kee
LocationHong Kong
Generations5
Wealth$14.7bn
Lee Kum Sheung invented oyster sauce and founded Lee Kum Kee in 1888.
When the original oyster sauce factory burned down in 1902, the
business was rebuilt in neighboring Macau, where it remained until it
relocated to the more prosperous city of Hong Kong. Third-generation
member Lee Man Tat consolidated his control of the company with buyouts
of his uncles and brother. The family ventured into the health
supplements business in 1992, when they established LKK Health Products
Group, a manufacturer and seller of herbal products. The family also
owns substantial real estate assets, including the "Walkie Talkie" tower
in London.
Did you knowLee Kum Sheung accidentally invented oyster sauce when he overcooked his soup.
1888: Lee Kum Sheung invents oyster sauce and establishes Lee Kum Kee.
1920: Second-generation member Lee Shiu Nan takes over business.
1972: Lee Man Tat becomes chairman of Lee Kum Kee.
1992: Establishes LKK Health Products Group.
2002: Establishes the Lee Kum Kee Family Council.
20
NameChung
CompanyHyundai
LocationKorea
Generations3
Wealth$13.5bn
Chung Ju-yung, a peasant farmer's son, founded Hyundai in 1946 as an
engineering and construction company. It has grown into a conglomerate
that makes everything from cars to ships. He died in 2001, shortly after
the breakup of the group triggered by a battle for control led by two
of his six surviving sons. This resulted in the separation of Hyundai
Motor, controlled by the founder's second son, Mong-koo. Hyundai Motor
is one of the world's largest car manufacturers.
Did you knowChung Ju-yung drove 500 heads of cattle across the border to North Korea in 1998.
1946: Chung Ju-yung starts a business named Hyundai.
1999: Founder's son Chung Mong-koo takes helm of Hyundai Motor.
2018: Euisun Chung, grandson of founder, becomes executive vice-chairman of Hyundai Motor.
Methodology
Net worth figures are as of July 19, 2019. To qualify, a family fortune must have Asian origins. The ranking excludes first-generation fortunes and those fortunes controlled by a single heir. Clans whose source of wealth is too diffuse or opaque to be valued are also excluded.
Reported and edited by Pei Yi Mak, Blake Schmidt, Venus Feng, Yoojung Lee, Steven
Crabill, Peter Eichenbaum, Andrew Heathcote, Tom Metcalf.
Photos: Getty Images
Photos: Getty Images
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