Three Thai notable families - Chearavanont, Chirathivat and Yoovidhya - are included in the Asia’s richest families of 2017 list published by Forbes magazine.
The Chearavanont family, whose CP group is Thailand's largest private company, takes fourth with a net worth of US$36.6 billion, up nearly $9 billion to its wealth listed last year, partly due to a surge in the value of its holding in Chinese insurer Ping An.
The magazine said the group is led by Dhanin Chearavanont, who is senior chairman and shares the fortune with his three brothers and other relatives. After 48 years as chairman and CEO, Mr Dhanin in January named his eldest son Soopakij as CP’s chairman and his youngest son Suphachai as CEO.
Chirathivat family which controls the Central Group, was ranked No.10 with the total wealth of $19.3 billion.
The Yoovidhya family, of Red Bull energy drink fame, is a newcomer to the list this year, in position 22, with total wealth of $13.1 billion.
India’s Ambani family tops the Forbes list of Asia’s Richest Families for the first time with a net worth of $44.8 billion.
Dropping to No.2 spot, Korea’s Lee family still saw their wealth soar by $11.2 billion to $40.8 billion this year. The family derives nearly 45% of its fortune from Samsung Electronics.
Hong Kong’s Kwok family ranks No.3 this year with a net wealth of $40.4 billion. They are Asia’s richest real estate family, controlling Sun Hung Kai Properties.
The collective wealth of Asia’s 50 richest families, according to Forbes, is a record $699 billion, up 35% from last year.
For the third time, India enjoys the biggest presence on the list, with 18 families. Hong Kong follows with nine.
Asia’s 50 Richest Families list is a snapshot of wealth using stock prices and currency exchange rates from the close of markets on Nov 3, 2017.
Private companies were valued based on similar companies that are publicly traded. To qualify, a family’s wealth must be rooted in Asia and participation in building that fortune has to extend at least three generations.
