KUALA LUMPUR – The Kwek/Quek family from Malaysia and Singapore emerged as the seventh richest in Asia with a net worth of US$23.3 billion, according to the 2017 Forbes list of Asia’s Richest Families.
India’s Ambani family topped the list for the first time with a net worth of US$44.8 billion followed by South Korea’s Lee family whose wealth soared US$11.2 billion to US$40.8 billion this year.
The Ambani family’s net worth rose by US$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.
Overall, India enjoyed the biggest presence on the list for the first time with 18 families, followed by Hong Kong with nine.
Forbes Asia Editor Tim Ferguson said the cascading wealth of Asia’s very richest active tycoons was reshaping the ranks of even the legacy-driven list.