Asia’s 20 Richest Families of 2024: Bloomberg Billionaires List

25 janvier 2024 ThePressFree

Dhirubhai Ambani, the father of Mukesh and Anil, started building Reliance Industries’ precursor in the late 1950s. After 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 and has been expanding into tech, retail and green energy, with his children in charge of those different business units. He lives in a 27-story mansion that’s been called the world’s most-expensive private residence.

Did you know?

Ambani’s Jio mobile-phone service is now India’s biggest carrier.

Timeline

1957: Dhirubhai Ambani returns to India from Yemen, soon starting the precursor to Reliance Industries.

2002: Elder son, Mukesh, takes over the chairmanship.

2014: Mukesh’s twin children, Isha and Akash, join the boards of the retail and mobile-carrier units. Their younger brother, Anant, takes on leadership of the green-energy business in 2022, and the following year the three are appointed as board members for Reliance Industries.

Oei Wie Gwan purchased a cigarette brand in 1950 and renamed it Djarum. The business grew into one of the largest cigarette makers in Indonesia and, after Oei died in 1963, his sons diversified by investing in Bank Central Asia. That stake now makes up most of the family’s fortune.

Did you know?

Djarum Group plans to participate in the development of a botanical garden in Indonesia’s new capital.

Timeline

1950: Oei Wie Gwan buys the cigarette brand that would become Djarum.

1963: Oei dies, leaving the company to his two sons, Michael Bambang Hartono and Robert Budi Hartono.

2016: Armand Wahyudi Hartono, Robert Budi’s son, becomes deputy president director of Bank Central Asia.

The family business was founded in India in 1865, when Pallonji Mistry’s grandfather started a construction enterprise with an Englishman. Shapoorji Pallonji Group now spans various business areas, including engineering and construction. Most of the family fortune is illiquid, though: It’s held in Tata Sons, the main holding company behind Tata Group that controls Jaguar Land Rover. Following a family feud, Tata Sons changed its status to a private firm, restricting the Mistrys’ ability to sell its stake, and when Tata Sons offered to buy it out the two sides couldn’t agree on valuation. Pallonji died at age 93 in 2022, and his younger son, Cyrus, passed away months later in a car crash.

Did you know?

Shapoorji Pallonji Group built the Reserve Bank of India in Mumbai and the Al Alam Palace for the Sultan of Oman.

Timeline

1865: The Mistry family starts its business.

1921: Founder Pallonji passes away and son Shapoorji Pallonji takes over.

1947: Shapoorji’s son, Pallonji Mistry, joins the construction business at age 18.

2012: Shapoor Mistry, the grandson of Shapoorji, becomes chairman of the group.

2019: Shapoor’s son, Pallon Mistry, joins the board of the group holding company.

Kwok Tak-seng listed Sun Hung Kai Properties in 1972. The company has since become one of Hong Kong’s largest real estate developers and the basis of the Kwok family fortune. His sons, Walter, Thomas and Raymond, assumed control when he died in 1990, though Walter lost his chairmanship in 2008 after a feud with his brothers. Raymond now chairs the business.

Did you know?

Sun Hung Kai is building one of Hong Kong’s largest solar-energy generation networks, with about 14,600 solar panels.

Timeline

1972: Kwok Tak-seng, a grocery wholesaler, incorporates Sun Hung Kai.

1990: Son Walter Kwok becomes chairman after his father’s death.

2018: Walter’s son, Geoffrey, is appointed non-executive director of Sun Hung Kai.

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. 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 know?

The Chearavanont family set up a $2 billion fund with LDA Capital to invest in growth firms in Southeast Asia.

Timeline

1921: Chia Ek Chor and his brother set up a seed shop in Bangkok.

1970: Dhanin Chearavanont, the youngest of four brothers, becomes the group’s president after joining when he was about 25.

2017: Two of Dhanin’s sons become CEO and chairman of the group.

2020: Dhanin’s grandson, Korawad, founds Amity, a tech startup whose clients include some of CP Group’s units.

Chaleo Yoovidhya established T.C. Pharmaceutical in 1956 to sell medication. He later diversified into consumer goods and in 1975 invented an energy drink he called Krating Daeng, Thai for “red bull.” After Austrian marketer Dietrich Mateschitz discovered the beverage on a business trip to Asia, he teamed up with Chaleo to modify the recipe and market Red Bull globally. The fortunes of the Yoovidhya and Mateschitz families can be largely attributed to the success of the energy drink.

Did you know?

Red Bull has become dominant in Formula 1, with triple world champion racer Max Verstappen driving the company’s namesake car.

Timeline

1956: Chaleo Yoovidhya founds T.C. Pharmaceutical.

2012: Chaleo dies, paving the way for his son Saravoot to become TCP Group’s CEO.

Om Prakash Jindal started a single-unit steel plant in 1952 and grew it into OP Jindal Group, a conglomerate that spans sectors from steel to energy, cement and sports. By the time he died in a helicopter crash in 2005, he had become power minister in the northern Indian state of Haryana. His widow, Savitri, took over as the group’s chairwoman, with four of their sons managing the businesses.

Did you know?

A plan by Jindal Steel & Power to develop a $2 billion iron-ore mine in South Africa faces opposition from communities who say thousands of homes and graves would need to be relocated.

Timeline

1952: Om Prakash Jindal starts a single-unit steel plant in Hisar, a city in India’s Haryana state.

1982: Son Sajjan Jindal becomes the manager of a loss-making steel plant in Tarapur, near Mumbai.

2001: Sminu Jindal, Om Prakash’s oldest granddaughter, takes over as managing director of Jindal Saw.

The Tsai brothers founded Cathay Life Insurance in 1962. In 1979, the family decided to split up the business, with Tsai Wan-lin and Tsai Wan-tsai taking control of Cathay Life Insurance and Cathay Insurance, respectively. Cathay Insurance was later renamed Fubon Insurance. The family now owns stakes in two large financial-holding companies in Taiwan and has diversified into sectors including real estate and telecom.

Did you know?

Tsai Cheng-ta, Hong-tu’s brother, left Cathay Financial’s board in December.

Timeline

1962: The Tsai brothers found Cathay Life Insurance.

2001: Tsai Wan-lin’s son, Hong-tu, becomes board chairman of Cathay Financial.

2005: Tsai Tzung-han, Hong-tu’s son, joins Cathay Life Insurance.

The Cheng family fortune started with Chow Tai Fook Jewellery, a Hong Kong-based jeweler. Its stock symbol is 1929, the year it was founded. The Chengs also control New World Development, one of the city’s biggest real estate and infrastructure companies.

Did you know?

Louis Vuitton partnered with New World’s K11 Musea to unveil its pre-fall men’s collection in November.

Timeline

1929: Chow Chi-yuen establishes Chow Tai Fook.

1970: Son-in-law, Cheng Yu-tung, sets up New World.

2011: Elder son, Henry Cheng, is appointed chairman and executive director of Chow Tai Fook.

2020: Henry’s son, Adrian Cheng, becomes New World’s CEO.

The Aditya Birla Group is one of India’s oldest family-owned businesses, with interests in industries including metals, financial services and retail. It started as a cotton-trading company in the 19th century before Ghanshyam Das Birla, who financed Mahatma Gandhi’s fight for independence from British rule, created what has become one of the nation’s biggest aluminum makers. His great-grandson, Kumar Mangalam Birla, is now the business’s chairman.

Did you know?

Aditya Birla Group is investing more than $600 million into the branded jewelry retail business in India, the world’s second-biggest bullion market.

Timeline

1857: Seth Shiv Narayan Birla begins trading cotton.

1887: His son, Baldeo Das Birla, sets up a business in Calcutta.

1918: Baldeo’s son, Ghanshyam Das Birla, establishes Birla Jute Mills, which eventually becomes Birla Group.

1936: Basant Kumar Birla, Ghanshyam’s son who by 15 was already active in Birla companies, becomes chair of Kesoram Industries.

1965: Basant’s son, Aditya Vikram Birla, joins the group to work in textiles.

1995: Kumar Mangalam Birla, Aditya Vikram’s son, becomes chairman at the age of 28 after his father’s death.

2023: Ananya and Aryaman Birla, Kumar Mangalam’s children, join the boards of family-run firms.

Pao Yue-kong started a shipping business when he bought his first vessel, the Golden Alpha, in 1955. By 1979, the company had more than 200 ships, making it the world’s largest independently owned bulk-shipping fleet at the time. Adapting to market conditions, Pao diversified into real estate, using proceeds from ship sales. When he died in 1991, his businesses were divided among his four daughters and their families. A sizable portion of the current family wealth is derived from Hong Kong property developer Wheelock, which was taken private in 2020.

Did you know?

Peter Woo is a member of Hong Kong’s Chief Executive Council of Advisers.

Timeline

1955: Pao Yue-kong buys his first vessel.

1986: Pao retires and his son-in-law, Helmut Sohmen, becomes chairman of World-Wide Shipping.

2014: Douglas Woo, Pao’s grandson, becomes chairman of Wheelock.

Lee Byung-chull started Samsung in 1938 as a trading company exporting fruits, vegetables and fish. He got into the tech industry by setting up Samsung Electronics in 1969. When he passed away in 1987, his third son, Lee Kun-hee, took over the business. He died in October 2020 after years of hospitalization following a heart attack in 2014. Jay Y. Lee, who has cemented control over the conglomerate since, spent time in jail for bribery charges in a scandal that led to the impeachment of former President Park Geun-hye in 2017. He was released on parole in 2021 and pardoned the following year.

Did you know?

Last year, Apple dethroned Samsung Electronics as the world’s biggest smartphone seller for the first time since 2010.

Timeline

1938: Lee Byung-chull starts a company exporting fruits, vegetables and fish.

1987: Lee Kun-hee becomes chairman of Samsung Group.

2022: Son Jay Y. Lee is promoted to executive chairman of Samsung Electronics.

Jamnalal Bajaj, known as Mahatma Gandhi’s adopted “fifth son,” founded the Bajaj Group in 1926. His son Kamalnayan began the precursor to Bajaj Auto and expanded into new businesses, including cement and electrical appliances. The company started manufacturing its own brand of scooters when Italy’s Piaggio didn’t renew Bajaj’s license in the 1970s. In 2008, Kamalnayan’s son Rahul split Bajaj Auto into three units to boost shareholder returns and give more management control to his heirs.

Did you know?

Bajaj Auto has sold more than 18 million motorcycles in over 70 countries.

Timeline

1926: Jamnalal Bajaj creates the Bajaj Group.

1942: Bajaj’s son, Kamalnayan, succeeds him.

1968: Rahul becomes Bajaj Auto’s CEO at age 30.

2005: Rahul’s son Rajiv joins Bajaj Auto as a managing director.

Kwek Hong Png and his three brothers founded Hong Leong in Singapore in 1941. His eldest son, Kwek Leng Beng, runs operations in the city-state that range from property development to hospitality and finance. Nephew Quek Leng Chan was sent to Malaysia to lead that part of the family business, which has become one of the country’s largest conglomerates.

Did you know?

The family’s City Developments bought 25 Tokyo apartments for $230 million, stepping up its global presence.

Timeline

1941: Kwek Hong Png sets up Hong Leong in Singapore.

1995: Kwek Leng Beng takes over from his father as executive chairman of Hong Leong Group.

2018: Sherman Kwek, Leng Beng’s son, becomes City Developments’ group CEO.

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 his first shoe store in 1958. From a tiny shop in downtown Manila, the business has grown into a conglomerate with interests including retail, banking and property. Today, the group runs thousands of retail stores and banking branches.

Did you know?

Teresita Sy-Coson urged the Philippine government not to be hostile toward China as tensions rise in the South China Sea.

Timeline

1958: Henry Sy opens a shoe store called Shoemart in Manila.

1993: Harley Sy, the founder’s son, joins SM Investments’ board.

2018: Third-generation Hans Sy Jr. takes over as president of SM Engineering Design and Development.

Elly Kadoorie and his older brother Ellis arrived in Hong Kong in the 1880s 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, the electricity supplier to Kowloon and the New Territories, as well as Hongkong & Shanghai Hotels, the group that owns the Peninsula Hotel chain. Michael, Elly’s grandson, now chairs both businesses.

Did you know?

The Peninsula Hotel says it was one of the first global hotel chains to ban shark fin on all menus.

Timeline

1880s: The Kadoorie family arrives in Hong Kong, later starting a brokerage business.

1944: Elly Kadoorie dies, leaving the business to sons Lawrence and Horace.

1997: Lawrence’s son, Michael, is appointed chairman of CLP’s board.

2018: Philip Lawrence Kadoorie, Michael’s son, becomes non-executive director of CLP.

Lee Kum Sheung invented oyster sauce and founded Lee Kum Kee in 1888. When the original oyster sauce factory in Guangdong province 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, buying out his uncles and brother. The family ventured into the health-supplements business in 1992 with LKK Health Products. The clan also owns substantial real estate assets, including the Walkie Talkie tower in London. Lee Man Tat died in 2021 at the age of 91, and his son Sammy is now the group’s executive chairman.

Did you know?

The Lee Kum Kee sauce group hired a former Alibaba executive as CEO to push for digitalisation of the century-old brand.

Timeline

1888: Lee Kum Sheung invents oyster sauce and establishes Lee Kum Kee.

1920: Second-generation member Lee Shiu Nan takes over the business.

1972: Lee Man Tat, the founder’s grandson who was known as the “Sauce King,” becomes chairman of Lee Kum Kee.

1985: Lee Man Tat’s son, Charlie, joins the business.

2014: The Lee Kum Kee Family Council, established in 2002, appoints three members of the fifth generation to the board.

The Chirathivats control Central Group, which is now one of Thailand’s largest private commercial conglomerates with more than 50 subsidiaries. The clan of Chinese descent was originally headed by Tiang Chirathivat, who migrated from Hainan to set up a small family shop in Bangkok in 1947. His sons ran the empire for about half a century before his grandson Tos took over.

Did you know?

Central Group took control of UK department store chain Selfridges as its Austrian partner, Signa, struggled financially.

Timeline

1947: Tiang Chirathivat sets up Central Group as a small family shop in Bangkok.

1956: Son Samrit Chirathivat opens the group’s first department store, which at that time was the biggest in Thailand.

2013: Grandson Tos Chirathivat becomes group CEO.

2020: Great granddaughter, Pimpisa Chirathivat, is appointed as corporate director of design and technical services at one of the group’s hotel businesses.

Parmanand Hinduja, originally from Shikarpur, now in Pakistan, traveled to Mumbai to establish a business in trade and banking in 1914. Five years later, he opened an office in Tehran, where the group’s headquarters remained until 1979. Parmanand died in 1971, and his 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 and in cities including London, and was involved for years in a dispute over a letter dividing their fortune.

Did you know?

Hotel guests can stay in Winston Churchill’s old office for £25,000 at the Hinduja Group’s newly opened Old War Office redevelopment in London.

Timeline

1914: Parmanand Hinduja starts the family business.

1952: Srichand Hinduja joins his father in the enterprise.

2010: Dheeraj Hinduja, Srichand’s nephew, becomes chairman of Ashok Leyland.

2020: Srichand’s grandson, Karam Hinduja, takes charge of what is now SP Hinduja Banque Privee.

Suntory founder Shinjiro Torii opened his first store in 1899, selling wine and western-style liquors. Under the leadership of his son Keizo Saji, who took over as president in 1961, 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 know?

Suntory Holdings invested in a coffee startup that uses dates and sunflower seeds instead of coffee beans.

Timeline

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: Torii’s great-grandson, Nobuhiro Torii, becomes director of Suntory Beverage & Food.

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