Indian families in Asia’s 50 richest list; Ambanis rank 3rd

Net worth is based on stock prices and exchange rates as of the close of markets on September 25, 2015. The business dynasties include the Premji family ranked at the seventh spot with a net worth of United States dollars 17 billion, and the Mistry family at the 10th place with a net worth of USD 14.9 billion.

Forbes Asia lists the Kuok family, whose patriarch Robert Kuok got his start trading sugar, rice and wheat flour in Malaysia, as having Singaporean citizenship.

The list reveals that the growth of family groups and dynastic wealth are at the core of many of Asia’s largest conglomerates and best brands.

Topping the list is the Lee family of Samsung Group, with a combined wealth of US$26.6 billion.

The Ambanis of India’s Reliance Group ranked third richest in the list with a combined net worth of $21.5 billion, followed by Thailand’s Chearavanont family with $19.9 billion, generated from the agriculture-based Charoen Pokphand group.

The second richest is the Hong Kong Chinese family, also surnamed Lee, which controls Henderson Development and boasts a fortune of $24.1 billion.

Almost half of the richest families in Asia are of Chinese descent, but none of them is based in mainland China, where conglomerates are young and run by the first generation, Forbes Asia noted.

While most on the Forbes list have kept their flock together over generations, the 50 also includes those who’ve gone separate ways in business or are entirely estranged, Forbes said citing the example of the Ambani family.

“While few dominate to such an extent, many business dynasties hold wide regional sway with their sprawling, cross-border empires”, it said. The family’s 68 percent holding in Dabur valued at $5 billion.

The Burman family (No. 30, $5.5 billion) from India, who is featured on the cover of the magazine, has brought in professional managers to ensure the continuity of the business and family. Ranked number five on the list is the Kwok family from Hong Kong, with a combined net wealth of $19.5 billion.

“The family controls Cebu-based publicly listed conglomerate Aboitiz Equity Ventures (AEV), with interests in power, transportation, banking, food and property”, Forbes said.

The family of tycoon Henry Sy, Sr. – the country’s richest man and the world’s 73rd richest billionaire according to Forbes – ranked 13th among the wealthiest clans in the region, with an estimated fortune of $12.3 billion.