Connect with us

Economy

Ranked: The 15 Richest Multi-Generational Families in Asia

Published

on

This graphic shows the richest families in Asia in 2023 with data from Bloomberg.

Can I share this graphic?
Yes. Visualizations are free to share and post in their original form across the web—even for publishers. Please link back to this page and attribute Visual Capitalist.
When do I need a license?
Licenses are required for some commercial uses, translations, or layout modifications. You can even whitelabel our visualizations. Explore your options.
Interested in this piece?
Click here to license this visualization.

The 15 Richest Multi-Generational Families in Asia

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.

RankFamilyLocation GenerationsCompanyWealth
1Ambani🇮🇳 India3Reliance Industries$79.3B
2Hartono🇮🇩 Indonesia3Djarum, Bank Central Asia$38.8B
3Kwok🇭🇰 Hong Kong3Sun Hung Kai Properties$34.8B
4Mistry🇮🇳 India5Shapoorji Pallonji Group$28.4B
5Chearavanont🇹🇭 Thailand4Charoen Pokphand Group$28.2B
6Yoovidhya🇹🇭 Thailand2TCP Group$27.4B
7Cheng🇭🇰 Hong Kong4New World Development, Chow Tai Fook$25.9B
8Pao/Woo🇭🇰 Hong Kong3BW Group, Wheelock$22.6B
9Tsai🇹🇼 Taiwan3Cathay Financial, Fubon Financial$21.4B
10Lee🇰🇷 South Korea3Samsung$18.5B
11Lee🇭🇰 Hong Kong5Lee Kum Kee$17.9B
12Ng🇸🇬 Singapore3Far East Organization$16.5B
13Kwek/Quek
🇸🇬 Singapore, 🇲🇾 Malaysia
3Hong Leong Group$15.8B
14Sy🇵🇭 Philippines3SM Investments$15.7B
15Birla🇮🇳 India7Aditya Birla Group$15.5B

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.

Click for Comments

Politics

How Do Democrats and Republicans Feel About Certain U.S. Industries?

A survey looked at U.S. industry favorability across political lines, showing where Democrats and Republicans are divided over the economy.

Published

on

A cropped chart with the percentage of Democrats and Republicans that found specific U.S. industries "favorable."

Industry Favorability, by Political Party

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Much and more has been written, in the last decade particularly, about the U.S. political sphere becoming increasingly polarized. The two main parties—Democrats and Republicans—have clashed over how to run the economy, as well as on key social issues.

Perhaps unsurprisingly then, Democrat and Republican voters are also divided on various U.S. industries, per a YouGov poll conducted in 2022.

Between November 7-9th of that year, the market research firm polled 1,000 adult Americans, (sampled to represent prevailing demographic, racial, and political-party-affiliation trends in the country) on their opinions on 39 industries. They asked:

“Generally speaking, do you have a favorable or unfavorable opinion of the following industry?” — YouGov Poll.

In this chart we visualize the percentage with a favorable view of an industry minus those with unfavorable view, categorized by current voter status.

A higher percentage means more Democrats or Republicans rated the industry as favorable, and vice-versa. Negative percentages mean more respondents responded unfavorably.

Democrats vs. Republicans on Industry Favorability

From a glance, it’s immediately noticeable that quite a few industries have divided Democrats and Republics quite severely.

For example, of the sampled Democrats, a net 45%, found Higher Education “favorable.” This is compared to 0% on the Republican side, which means an equal number found the industry favorable and unfavorable.

Here’s the full list of net favorable responses from Democrats and Republicans per industry.

IndustryDemocrat Net
Favorability
Republican Net
Favorability
Agriculture44%55%
Trucking27%55%
Restaurant53%54%
Manufacturing27%53%
Construction23%49%
Dairy45%46%
Higher education45%0%
Technology44%36%
Food manufacturing15%37%
Transportation27%37%
Railroad37%35%
Mining-3%36%
Automotive19%36%
Grocery35%22%
Hotels30%35%
Textiles24%34%
Entertainment34%-17%
Shipping24%33%
Retail31%31%
Book publishing30%29%
Alcohol23%16%
Television22%3%
Waste management15%22%
Education services21%-16%
Wireless carriers19%19%
Broadcasting17%-30%
News media17%-57%
Airlines11%3%
Oil and gas-28%7%
Real-estate-2%6%
Utilities2%6%
Health care3%4%
Fashion4%-6%
Cable-12%3%
Finance2%-2%
Professional sports1%-2%
Insurance-12%-14%
Pharmaceutical-18%-14%
Tobacco-44%-27%

The other few immediately noticeable disparities in favorability include:

  • Mining and Oil and Gas, (more Republicans in favor),
  • Entertainment, Education Services, and News Media (more Democrats in favor).

Tellingly, the larger social and political concerns at play are influencing Democrat and Republican opinions about these parts of the economy.

For example Pew Research pointed out Republicans are dissatisfied with universities for a number of reasons: worries about constraints on free speech, campus “culture wars,” and professors bringing their politics into the classroom.

In contrast, Democrats’ criticisms of higher education revolved around tuition costs and the quality of education offered.

On a more recent note, Citadel CEO Ken Griffin, a big Harvard donor, pulled funding after criticizing universities for educating “whiny snowflakes.” In October, donors to the University of Pennsylvania withdrew their support, upset with the university’s response to the October 7th attacks and subsequent war in Gaza.

Meanwhile, the reasons for differences over media favorability are more obvious. Commentators say being “anti-media” is now part of the larger Republican leadership identity, and in turn, is trickling down to their voters. Pew Research also found that Republicans are less likely to trust the news if it comes from a “mainstream” source.

But these are industries that are already adjacent to the larger political sphere. What about the others?

U.S. Politics and the Climate Crisis

The disparity over how the Oil & Gas and Mining industries are viewed is a reflection, again, of American politics and the partisan divide around the climate crisis and whether there’s a noticeable impact from human activity.

Both industries contribute heavily to carbon emissions, and Democrat lawmakers have previously urged the Biden transition to start planning for the end of fossil-fuel reliance.

Meanwhile, former President Trump, for example, has previously called global warming “a hoax” but later reversed course, clarifying that he didn’t know if it was “man-made.”

When removing the climate context, and related environmental degradation, both industries usually pay high wages and produce materials critical to many other parts of the economy, including the strategic metals needed for the energy transition.

Continue Reading

Subscribe

Popular