Today, Asia’s 15 richest families control over $400 billion in wealth.
Many family dynasties have shaped Asia’s economy—from energy conglomerates to banking empires. In many ways, this was supported by social capital and long-term planning often built into family business structures.
The above graphic uses data from Bloomberg to show the wealthiest families in Asia from a multi-generational perspective. Data is based on combined family wealth and does not include first generation founders, or single family heirs.
Ranking the Wealthiest Families
Here are the region’s richest dynasties as of March 14, 2023.
Note: Values are subject to change with market fluctuations.
As seen in the table above, the Ambani family controls a $79 billion empire, the largest in Asia. At the helm is Mukesh Ambani, Asia’s richest person, who lives with his family in a 27-story skyscraper in Mumbai.
For three generations, the Ambanis have run a vast network of energy, retail, and telecom firms in India under Reliance Industries, the largest company in India.
Indonesia’s Hartono family is second on the list with a $39 billion fortune. After inheriting the Djarum cigarette company from their father, brothers Budi and Michael Hartono invested in Bank Central Asia. It is Indonesia’s largest private bank with over $6 billion in revenue in 2022.
The Kwok family, ranked third at $35 billion, control one of Hong Kong’s largest property development companies, covering mainly commercial and residential real estate. They are one of four families in the top 15 from Hong Kong, the largest of any one country or territory.
Driving Higher Returns
Family-run businesses play a major role in Asia beyond establishing family dynasties.
Across a global dataset of 1,000 family-run publicly listed companies from Credit Suisse, 517 were from the Asia-Pacific region in 2022. Overall, family-run companies were shown to have higher innovative output due to longer tenures generating stronger social capital, combined with more efficient operating models.
By Dorothy Neufeld & Graphics/Design by Bhabna Banerjee
https://www.visualcapitalist.com/richest-families-in-asia-in-2023/
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