With a combined net worth of over $450 billion, Bloomberg has released its list of Asia’s top 20 wealthiest families.
Leading the rankings is the Ambani family ($50.4 billion), which founded Reliance Industries in 1957 and is now the world’s largest oil refining complex.
As noted by Finews Asia, Hong Kong dominated the list, with six families present on the list from a city of just over seven million people.
The Hong Kong families that made the top 20 list include the Kwok family (real estate, $38 billion), the Kadoorie family (diversified, $18.5 billion), the Cheng family (real estate and jewellery, $18.2 billion), the Pao family (shipping and real estate, $16.7 billion), the Ho family (gaming, $14.9 billion), the Lee family (food, $14.7 billion).
The richest Southeast Asian family on the list include the Chearavanont family (diversified, $37.9 billion) and Hartono family (cigarettes and banking, $32.5 billion).
According to Bloomberg, the region’s 20 wealthiest families are now worth more than $450 billion combined, underscoring how the world’s economic growth engine is minting fortunes on an unprecedented scale.
In addition to assets, Bloomberg says its methodology also accounts for liabilities such as share-backed loans. 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.