Grand mansions, swanky cars, lavish weddings and Michelin-starred chefs at their disposal — rich business families own the best of the bests and flaunt them with pride. From navigating their companies through dire straits to rolling billions, business families know how to overcome challenges and designate roles for each member who can add a higher value. And, many of the richest Asian families are nothing less than modern-day royalty.
From the Ambanis to the Hartonos and the Kwoks, these Asian families have spread their business empire beyond the boundaries of their countries and created an unprecedented mark. On 15 March 2023, Bloomberg released a list of Asia’s richest families and the trends have reversed for the first time since it was created in 2019.
With Gautam Adani facing some serious allegations that have impacted his staggering business and net worth, other Indian business families have also felt its repercussions, consequently affecting their trade in Asia as a whole. In 2019, three Indian families made it to the list with a combined net worth of USD 87.6 billion and in 2022, the numbers reached to five families (same as from Hong Kong) with a combined wealth of USD 168.7 billion.
However, things have taken a reverse route in 2023, as the Bloomberg list of richest Asian families features the five Indian clans, but with a slump of USD 17.7 billion in their combined net worth, bringing the overall figure to USD 478.1 billion.
Each has its own reason for a declining fortune — from increased taxes to governance issues and strict consequences due to other failing business empires. However, at a glance, it can be concluded that family dynasty business conglomerates outside of India, have remained relatively stable and have seen a surge in their wealth over the past year.
With tumultuous waves in the family business waters, the 2023 Bloomberg list of richest Asian families, gives an in-depth insight into the Asian business scenario.
Know more about the 10 richest families in Asia
1) The Ambanis
Net worth: USD 79.3 billion
In 1957, the late Dhirubhai Ambani planted the seed of what would become Reliance Industries Limited. When he passed away in 2002, without leaving a will for his sons Mukesh and Anil, his wife made a settlement for the sons’ control over the family fortune.
His elder son Mukesh Ambani is now the chairman and the head of the Mumbai-based multinational conglomerate and has led it to grow by leaps and bounds. The company has diversified into various sectors like petrochemicals, oil and gas, telecom and retail, which have contributed to the family’s wealth. Bloomberg mentions that Reliance owns the world’s largest oil refining complex.
Over the years, the billionaire’s three children have also entered the family business — Isha and Akash are part of Reliance’s retail and mobile-career units’ boards and Anant leads the green energy unit since 2022.
The richest Asian family’s 27-storey mansion, Antilia, is one of the most expensive homes in the world. Known for their extravagance, renowned musicians like Beyoncé and Coldplay’s Chris Martin have performed at the wedding ceremonies of Isha and Akash.
2) The Hartonos
Net worth: USD 38.8 billion
In 1950, Oei Wie Gwan purchased a bankrupt cigarette company and rechristened it Djarum. Little did he know that this purchase will lead to his family amassing enormous wealth making the Hartonos one of the richest Asian families. Today, Djarum is a major cigarette producer in Indonesia.
After Oei Wie’s demise in 1963, the baton was passed to his sons, Robert Budi Hartono (in picture) and Michael Bambang Hartono. Both brothers diversified the family business and entered other segments by investing in Bank Central Asia (BCA).
The duo also owns electronics brand Polytron, and has investments in gaming start-up Razer. In 2016, Armand Wahyudi, son of Robert Budi Hartono, became the deputy president director of BCA. PT Global Digital Niaga, the Djarum-backed owner of the e-commerce group Blibli, witnessed Indonesia’s highest IPO of 2022.
3) The Kwoks
Net worth: 34.8 billion
In 1972, Kwok Tak-seng, a grocery seller, listed Sun Hung Kai Properties and the company became one of the largest property developers in Hong Kong. He passed away in 1990, handing over the reins of his firm to his three sons — Walter, Thomas and Raymond. The company has always been mired in controversies, fuelled by conflicts within the family.
Kwok’s eldest son, Walter, was kidnapped in 1997, and the other two brothers were charged with bribing a government official in 2012. While Raymond was absolved of all charges, the latter spent five years behind the bars. However, Walter was eventually ousted from the family business and he lost his chairmanship in 2008.
Currently, Raymond Kwok (in picture) is the construction giant’s chairman since 2011. His son Geoffrey was appointed a non-executive director of the company in 2018.
4) The Mistrys
Net worth: USD 28.4 billion
One of the richest Asian families, the Mistrys, are behind the conglomerate giant Shapoorji Pallonji Group, which came into being in 1865 as a construction firm. The creators behind some of the epic landmarks in Mumbai, including the Reserve Bank of India building, the group has come a long way since its inception, making them one of the richest families in Asia.
In 1921, founder Pallonji passed away and his son Shapoorji Pallonji took over, and in the wake of India’s independence in 1947, the latter’s son, Pallonji Mistry joined the family construction business at the age of 18. Shapporji Pallonji’s grandson, Shapoor Mistry (in picture) took up the reins of the company as its chairman in 2012, and continues to serve in the role. Pallonji Mistry died in 2022, which was followed by the demise of his younger son Cyrus Mistry, in a car accident, the same year.
SP Group diversified its business and owns Next Gen Publishing, Sterling & Wilson, Afcons infrastructure and Forvol International Services among many other companies. It was once the owner of the water purifier brand Eureka Forbes too. SP Group sold the entity to Linolux, an Advent International-backed firm in 2022.
Apart from multiple subsidiaries, the Shapoorji Pallonji Group also has an 18.4 per cent stake in Tata Sons. But troubles began after Cyrus Mistry’s unceremonious removal as Tata Sons’ executive chairman in 2016. In 2020, the group expressed its decision to part ways with Tata Sons and sell its stake. However, when Tata Sons offered to buy the stake, the two parties couldn’t agree on the valuation. In March 2021, Tata Sons won the legal battle to decide the terms of separation, but the case continues.
5) The Chearavanonts
Net worth: USD 28.2 billion
Charoen Pokphand Group Co., Ltd, one of Thailand’s leading corporations and the parent company of CP Group, has come a long way in shaping the face of business in the country. Its foundation was laid by Chearavanont’s father Chia Ek Chor, along with his brother Choncharoen Chiaravanont, who opened a seed shop together in 1921.
As a holding company, it has subsidiaries both in Thailand and abroad which include Chinese insurer Ping An and Hong Kong conglomerate CITIC. The company has business in 14 diverse segments, ranging from agriculture to innovation and technology, and e-commerce. It is also one of the world’s largest producers of animal feed and livestock.
Chor’s four sons — Jaran Chiaravanont, Sumet Jiaravanon, Montri Jiaravanont and Dhanin Chearavanont (in picture) — amass their wealth from this company. The youngest of the four brothers, Dhanin served as the CEO for 48 years before stepping down in 2017, and is a senior chairman. He has appointed his eldest and youngest sons, Soopakij and Suphachai, as chairman and CEO, respectively.
The CP Group aims to become waste-free and carbon-neutral by 2030, and has teamed up with Toyota to reduce carbon emissions in Thailand. In 2020, it also acquired Tesco’s Thailand and Malaysia operations for USD 10.6 billion.
During the COVID-19 pandemic, CP Group invested USD 3 million in a factory to produce 30 million face masks per month, provided food to 40 hospitals and donated USD 29 million to various initiatives in the country to battle the pandemic.
6) The Yoovidhyas
Net worth: USD 27.4 billion
T.C. Pharmaceuticals came into existence in 1956, with the sole purpose of selling medicines. However, founder Chaleo Yoovidhya decided to venture into consumer goods and invented an energy drink named Krating Daeng (in Thai) in 1975. The name translates to Red Bull.
It soon caught the attention of Austrian marketer Dietrich Mateschitz on one of his trips to Asia, and he decided to collaborate with Yoovidhya. The duo worked on modifying the recipe of the energy drink and taking it to a global level. At the time of his death in 2012, Yoovidhya was the third richest person in Thailand.
Chaleo’s eldest son, Chalerm Yoovidhya took over the reins of the business and co-owns the beverage brand along with Mateschitz. Chalerm’s brother Saravoot is Red Bull Thailand’s managing director. His son Varit takes care of the family winery and Ferrari dealership, while another son Vorayuth is involved in a hit-and-run case.
One of the richest families in Asia, the Yoovidhyas own 51 per cent stake in the business, of which Chalerm owns two per cent personally.
7) The Chengs
Net worth: USD 25.9 billion
The Cheng family dabbles in multiple businesses with Chow Tai Fook Jewellery — a subsidiary of Chow Tai Fook — Rosewood Hotels and Resorts, real estate, and infrastructure firm New World Development.
A Hong Kong-based conglomerate, Chow Tai Fook was founded by Chow Chi-yuen in 1929. His son-in-law, Cheng Yu-tung, set up New World Development in 1970.
In 2011, Cheng Yu-tung’s elder son, Henry Cheng was made the chairman and executive director of Chow Tai Fook Jewellery. And nearly a decade later, in 2020, Cheng’s son Adrian became the CEO of New World Development.
In 2022, the New World Group initiated a 4.5-day workweek to help employees maintain a work-life balance and enhance productivity.
8) The Pao/Woos
Net worth: USD 22.6 billion
Hong Kong’s Pao Yue-kong ventured into the shipping business with his first vessel, the Golden Alpha, in 1955. His World-Wide Shipping, known today as BW Group, prospered and by 1979, Pao Yue-kong was the proud owner of the world’s largest independently owned bulk-shipping fleet of the time, with over 200 ships.
He understood the market’s pulse and decided to branch out the business in a way that explored real estate. This led to the establishment of Wheelock & Co. After Pao’s demise in 1991, his businesses were inherited by his four daughters.
In 1986, his eldest son-in-law, Helmut Sohmen, became the chairman of BW Group. Sohmen’s son Andreas became the chairman in 2014. While another son-in-law, Peter Woo, took control over Wheelock and Co. and Wharf Holdings. His son Douglas C K Woo (in picture) is currently the chairman and managing director of Wheelock.
One of the richest Asian families, they continue to draw a significant amount of wealth from the Hong Kong property developer, which was taken private in 2020.
In 2023, Douglas became a part of the Chinese People’s Political Consultative Conference, one of the country’s top advisory bodies.
9) The Tsais
Net worth: USD 21.4 billion
Based in Taiwan, Tsai siblings Tsai Wan-lin and Tsai Wan-tsai established Cathay Insurance in 1962. However, the two parted ways over a feud in 1979, and Wan-lin took up Cathay Life Insurance, while Wan-tsai took control of Cathay Insurance.
Over the years, the life insurance segment became extremely successful and in 2001, it merged several of its units and became a financial holding company called Cathay Financial Holdings Co. Ltd. Wan-lin’s son Hong-tu (in picture) became its board chairman. On the other hand, Wan-tsai renamed his asset Fubon Insurance and took it to greater heights.
Wan-lin passed away in 2004, and Hong-tu continues to head Taiwan’s biggest lender. His sons are also vice presidents at Cathay Financial and have major roles in the company’s subsidiary, Cathay United Bank. In 2005, Hong-tu’s son Tsai-Tzung-han joined Cathay Life Insurance.
Similarly, after his death in 2014, Wan-Tsai’s sons Daniel and Richard have been running Fubon and are billionaires. His other son, TY Tsai, has sold his shares in the business to his brothers and makes real estate investments through Homax Equity.
In 2022, both Fubon and Cathay Financial faced huge setbacks due to surging COVID-19 claims. Despite this, they continue to be one of the richest Asian families.
10) The Lees
Net worth: USD 18.5 billion
South Korean multinational conglomerate Samsung started as a trading company that earned profits through the export of farm produce and fish. Started in 1938 by Lee Byung-chull, the company soon took a different route in 1969, when the founder started Samsung Electronics. And, the rest is history.
In 1987, his third son Lee Kun-hee took over the reins of the business as chairman after Byung-chull’s death. Samsung scaled new heights and went on to become the world’s largest memory chips and smartphone manufacturer, according to a report by Bloomberg.
In 2012, Lee Kun-hee’s son Jay Y. Lee became the vice chairman of Samsung Electronics. Lee Kun-hee died in 2020, after years of ailment induced by a cardiac arrest in 2014.
Jay Y. Lee was charged and imprisoned in 2017, for bribing an aide of the former President of South Korea, Park Geun-hye. Although he was released in 2018, he was retried on the same charges and sentenced to two-and-a-half years in prison again in 2021. He was granted a presidential pardon in August 2022.
As per Bloomberg, the South Korean electronic giant had a revenue of USD 235 billion in 2022. The same year in October, Lee was appointed the executive chairman of the company. The post was left vacant since the demise of his father. A Samsung statement, announcing the news read, “The Board cited the current uncertain global business environment and the pressing need for stronger accountability and business stability in approving the recommendation.”
(Main image credit: Sujit Jaiswal/ AFP; Featured image credit: World Economic Forum from Cologny, Switzerland, CC BY-SA 2.0, via Wikimedia Commons)
Most Popular
Trinetra Paul and Priyanka Lamba
You might also like
Big Wins at the 16th Asian Film Awards
Michelle Yeoh: Net Worth, Career and Expensive Things She Owns
Wang Zelong to Miranda Qu: Meet 10 of the Youngest Billionaires in Asia
