Malaysian families among Asia’s 50 richest business dynasties - Forbes

KUALA LUMPUR: Two Malaysian families - the Kwek/Quek family (Hong Leong Group) and the Lim family (Genting Group) - made it to Forbes Asia’s inaugural list of the 50 richest families in Asia.

The Kwek/Quek family is in 6th place, with an estimated net worth of US$18.9bil (RM79.6bil) and the Lim family is ranked 36th with US$4.2bil (RM17.7bil).

Forbes Asia lists the Kuok family, whose patriarch Robert Kuok got his start trading sugar, rice and wheat flour in Malaysia, as having Singaporean citizenship. They are at 17th with net worth of US$10.9bil (RM45.9bil).

Singapore’s Khoo family, whose source of wealth is Maybank (founded by patriarch Tan Sri Khoo Teck Puat in 1960), is at 26th spot with US$6bil (RM25.3bil).

To qualify for the Forbes list, a family’s wealth and participation in building that fortune must extend at least three generations. Thus some of the region’s biggest patriarchal positions, such as the one originated by Hong Kong’s Li Ka-shing, are absent.

The valuations are based on stock prices and exchange rates on Sept 25.

Forbes Asia said the Kwek/Quek family owned majority control of the globally diversified conglomerate Hong Leong Group with assets of US$28bil (RM118.2bil).

“Its 150 hotels dot the skylines of 20 global cities. Its portfolio includes one of Asia’s largest financial servicescompanies and its biggest consumer and industrial-goods trading company,” the publication said.

On the Lim family, Forbes Asia said the Genting group, which kicked off with a single hotel and casino in 1968, had now become a diversified multinational with interests in palm oil, power generation, oil and gas, property development and the cruise industry.

Asia’s 10 richest families are:

1) Lee (Byung-Chull) family (Samsung, net worth: US$26.6bil)

2)  Lee (Shau Kee) family (Henderson Development, US$24.1bil)

3) Ambani family (Reliance Group, US$21.5bil)

4) Chearavanont family (Charoen Pokphand Group, US$19.9bil)

5) Kwok family (Sun Hung Kai & Co, US$19.5bil)

6) Kwek/Quek family (Hong Leong Group, US$18.9bil)

7) Premji family (Wipro, US$17bil)

8) Tsai (Wan-Tsai) family (Cathay Financial, US$15.1bil)

9) Hinduja family (Hinduja Group, US$15bil)

10) Mistry family (Shapoorji Pallonji Group, US$14.9bil).