Billionaires globally have faced logistical challenges during the pandemic, as property values have plunged, commercial rents nosedived and construction delays were hit by labor shortages.
But most of the 20 wealthiest families in Asia ranked by the Bloomberg Billionaires Index last year managed to stay on the 2021 index — and overall added $33 billion to their collective margins since 2020.
The Bloomberg Billionaires Index ranks the world's ultra-wealthy on a daily basis, but also breaks the list down into different cohorts. You can read about its methodology here.
Meet the Ultra-Rich
Altogether, the 20 richest families in Asia have amassed $495 billion in wealth.
They include the dynasty of Adrian Cheng, whose family is worth $23 billion, and is putting its recent wealth into newer technologies such as biotech, e-commerce and crypto.
"Many tycoons in traditional businesses have seen their businesses could be disrupted by tech firms they never heard of,” Kevin Au, the director for the Centre for Family Business at the Chinese University of Hong Kong, told Bloomberg. “They know that if they don’t react quickly enough, they could be taken over.”
Since the end of 2020, the 20 wealthiest families' collective wealth has exceeded the gross domestic product of Singapore and Hong Kong.
This year the Birla and Bajaj families made their debt on the ranking and run two of the largest conglomerates in India.
But some dynasties fell in the rankings this year.
Casino monarchs the Hos, the Ngs of Singapore property developer Far East Organization Centre Pte, and the Chirathivats of Thailand’s Central Group are no longer in the top 20 richest families as the impact of the coronavirus crisis hurt profit margins.
Billionaires Index for Asia's Families
The top 10 families as ranked by the index's methodology are, in descending order, listed below. You can read about the other 10 here.
10. The Yoovidhya operates the TCP Group in Thailand. The family is worth $19.6 billion.
9. The Lee family runs the Lee Kum Kee company in Hong Kong. The family is worth $20.6 billion.
8. The Pao/Woo family operates the BW Group and Wheelock companies in Hong Kong. The family is worth $23 billion.
7. The Cheng family runs New World Development and Chow Tai Fook in Hong Kong. The family is worth $23.1 billion.
6. The Tsai family operates Cathay Financial and Fubon Financial in Taiwan. The family is worth $28.6 billion.
5. The Chearavanont family runs the Charoen Pokphand Group in Thailand. The family is worth $30 billion.
4. The Kwok family operates Sun Hung Kai Properties in Hong Kong. The family is worth $31.1 billion.
3. The Mistry family runs the Shapoorji Pallonji Group in India. The family is worth $34 billion.
2. The Hartono family operates the Djarum company and Bank Central Asia in Indonesia. The family is worth $36.3 billion.
1. Ambani family who runs Reliance Industries, a Mumbai-based conglomerate. The family is worth $90.3 billion.
The Bloomberg rankings of the wealthiest families in Asia was compiled on Jan. 25. It does not include first-generation wealth such as Alibaba Group Holding Ltd.’s Jack Ma or fortunes from a single heir.
