In the midst of China’s economic downturn, Hong Kong’s longstanding affluent families are experiencing the effects. Recent data from the Bloomberg Billionaires Index reveals that an unprecedented four out of the five Hong Kong dynasties among Asia’s 20 richest clans have witnessed a decline in their fortunes over the past year.
These families, often heavily invested in real estate, are grappling with challenges stemming from the city’s stock market decline and their substantial exposure to China’s prolonged property crisis. The economic headwinds have left a noticeable impact on the wealth of these Hong Kong families, reflecting the broader challenges faced by the region’s affluent elite.
Here are the list of top 20 Asia’s richest families:
1. Ambani
Dhirubhai Ambani initiated the establishment of Reliance Industries in the late 1950s. Following his death in 2002, Mukesh Ambani, now leading the conglomerate, inherited control through a settlement brokered by his mother. Mukesh oversees the Mumbai-based company, encompassing the world’s largest oil-refining complex, diversifying into technology, retail, and green energy, while residing in a renowned 27-story mansion.
2. Hartono
In 1950, Oei Wie Gwan acquired a cigarette brand, later renaming it Djarum, which became one of Indonesia’s major cigarette manufacturers. Following Oei’s death in 1963, his sons expanded their ventures, notably investing in Bank Central Asia, now constituting the majority of the family’s wealth.
3. Mistry
Founded in 1865 in India, the Shapoorji Pallonji Group, a family business, operates in diverse sectors, notably engineering and construction. The family fortune, primarily tied to Tata Sons, faces liquidity constraints due to the family feud and the private status of Tata Sons. Pallonji Mistry, the patriarch, passed away at 93 in 2022, followed by his son Cyrus a few months later in a car accident.
4. Kwok
In 1972, Kwok Tak-seng listed Sun Hung Kai Properties, transforming it into one of Hong Kong’s major real estate developers and the source of the Kwok family wealth. After his death in 1990, his sons, Walter, Thomas, and Raymond, took over, with Raymond currently leading the business after a dispute led to Walter’s chairmanship loss in 2008.
5. Chearavanont
Chia Ek Chor left his storm-hit village in southern China, beginning a new venture in Thailand by selling vegetable seeds with his brother in 1921. A hundred years later, his son, Dhanin Chearavanont, now holds the position of Senior Chairman at Charoen Pokphand Group, a conglomerate spanning food, retail, and telecom sectors.
6. Yoovidhya
In 1956, Chaleo Yoovidhya founded T.C. Pharmaceutical to sell medication, later expanding into consumer goods. The creation of the energy drink “Krating Daeng” in 1975 paved the way for a global partnership with Dietrich Mateschitz, resulting in the tremendous success of Red Bull and significantly impacting the fortunes of both families.
7. Jindal
In 1952, Om Prakash Jindal initiated a solitary steel plant, evolving it into the diversified OP Jindal Group, encompassing steel, energy, cement, and sports. Following his demise in a 2005 helicopter crash, Savitri assumed the role of chairwoman, overseeing the conglomerate, while their four sons managed the various businesses.
8. Tsai
Established in 1962 by the Tsai siblings, Cathay Life Insurance experienced a division in 1979. Tsai Wan-lin and Tsai Wan-tsai then led Cathay Life Insurance and Cathay Insurance (later renamed Fubon Insurance), respectively. The family has expanded into real estate and telecom, currently holding interests in major financial-holding firms in Taiwan.
9. Cheng
The wealth of the Cheng family originated from Chow Tai Fook Jewellery, a Hong Kong jeweler established in 1929 (as reflected by its stock symbol). The family also holds influence over New World Development, a major real estate and infrastructure firm in the city.
10. Birla
The Aditya Birla Group, among India’s oldest family-owned enterprises, spans sectors such as metals, financial services, and retail. Originating as a 19th-century cotton-trading firm, it evolved into a major aluminum producer, thanks to Ghanshyam Das Birla, a key supporter of Mahatma Gandhi’s independence movement. Currently chaired by his great-grandson, Kumar Mangalam Birla.
11. Pao/Woo
In 1955, Pao Yue-kong initiated a shipping venture with the acquisition of the Golden Alpha. By 1979, his fleet exceeded 200 ships, establishing it as the world’s largest independently owned bulk-shipping fleet. Following Pao’s diversification into real estate, his wealth, now held by his daughters, includes significant holdings in Hong Kong’s Wheelock, privatized in 2020.
12. Lee
In 1938, Lee Byung-chull founded Samsung as a trading company, later venturing into technology with Samsung Electronics in 1969. Upon Lee Byung-chull’s death in 1987, his son Lee Kun-hee took charge, succeeded by Jay Y. Lee, who faced legal issues but regained control after his release in 2021.
13. Bajaj
In 1926, Jamnalal Bajaj, considered Mahatma Gandhi’s “fifth son,” founded the Bajaj Group. Bajaj Auto, initiated by his son Kamalnayan, diversified into various sectors. In 2008, Kamalnayan’s son Rahul strategically divided Bajaj Auto into three units to enhance shareholder returns and provide greater management control to his heirs.
14. Kwek/Quek
In 1941, Kwek Hong Png and his three brothers established Hong Leong in Singapore. His eldest son, Kwek Leng Beng, oversees diverse operations in property development, hospitality, and finance. Nephew Quek Leng Chan manages the family business in Malaysia, evolving it into a prominent conglomerate.
15. Sy
Henry Sy, originally from China, moved to the Philippines at the age of 12. Initially involved in selling rice, sardines, and soap with his father, he later established his first shoe store in 1958. Starting as a small shop in Manila, the business expanded into a conglomerate with ventures in retail, banking, and real estate.
16. Kadoorie
In the 1880s, Elly Kadoorie and his brother Ellis joined the Sassoons in Hong Kong. They established a brokerage and invested in banking, real estate, and power generation, with significant holdings in CLP Holdings and Hongkong & Shanghai Hotels. Elly’s grandson, Michael, currently chairs both enterprises.
17. Lee
In 1888, Lee Kum Sheung invented oyster sauce and established Lee Kum Kee. After a factory fire in Guangdong in 1902, it was relocated to Macau and later to Hong Kong. Led by third-generation member Lee Man Tat until his death in 2021, the family business expanded into health supplements and owns significant real estate, including London’s Walkie Talkie tower.
18. Chirathivat
The Chirathivats oversee Central Group, a major private conglomerate in Thailand with over 50 subsidiaries. Founded by Tiang Chirathivat in 1947, who migrated from Hainan, the family business evolved into a vast empire led by his sons for nearly 50 years. Eventually, Tos, his grandson, assumed leadership.
19. Hinduja
In 1914, Parmanand Hinduja migrated from Shikarpur to Mumbai, establishing a business in trade and banking. The Hinduja Group, founded by him, expanded globally with headquarters in Tehran until 1979. Presently, the diversified conglomerate operates in energy, automotive, finance, and healthcare across the globe.
20. Torii/Saji
In 1899, Shinjiro Torii, the founder of Suntory, inaugurated his initial store specializing in wine and Western-style liquors. By 1961, under the presidency of his son Keizo Saji, Suntory evolved into a multibillion-dollar conglomerate spanning alcoholic beverages to health foods. Currently, Nobutada Saji, the founder’s grandson, leads the company as its chairman.
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