Ambanis rules to be on top as Asia’s richest family

New Delhi, November 16: India’s richest family Ambani is now the top rich family of the continent. As per a Forbes listing, Mukesh Ambani family’s net worth rose USD 19 billion to USD 44.8 billion, toppling the Lees of the Samsung Empire, to claim the numero uno position.

The Ambanis are the only Indian family on the top 10 richest families list in Asia.

Hong Kong’s Kwok family, Asia’s richest real estate family which controls Sun Hung Kai Properties, ranks No. 3 this year with a net wealth of $40.4 billion. Thailand’s Chearavanont family behind Charoen Pokphand Group takes the fourth spot on the list, with a net worth of $36.6 billion.

 

“The cascading wealth of Asia’s very richest active tycoons is reshaping the ranks of even this legacy-driven list. Because of India’s size, the Ambanis can never be as dominant there as Samsung’s Lees have been in Korea. But with Mukesh’s next generation establishing a presence at the Reliance Jio telecom operation, this story could play out for years,” Tim Ferguson, Editor of Forbes Asia, said.

For the third time, India enjoys the biggest presence on the list, with 18 families. Hong Kong follows with nine.

The Ambani family is this year’s biggest gainer in dollar and percentage terms. Their net worth rose by $19 billion as shares in Mukesh Ambani’s conglomerate Reliance Industries soared in the past year due to better refining margins and the demand produced by its telecom arm, Reliance Jio. Since its launch in 2016, Jio has notched up close to 140 million subscribers.