For the third consecutive time, India enjoyed biggest presence on the Forbes Asia 50 Richest Families List 2017, with a staggering 18 households making it to the exalted list.
For the third consecutive time, India enjoyed biggest presence on the Forbes Asia 50 Richest Families List 2017, with a staggering 18 households making it to the exalted list. Hong Kong comes at a distant second position with 9 names making it to the coveted category. Notably, India’s Mukesh Ambani family topped the list with a staggering net worth of $44.8 billion, with a rise in net worth of $19 billion to pip Korea’s Lee family. Korea’s Lee family still saw its wealth soar by $11.2 billion to $40.8 billion this year as shares of Samsung Electronics moved up 75% over the past year. The elite Indian families who’ve made the cut include the Premjis (rank 11, $19.2 billion net worth), the Hindujas (12th, $18.8 billion), the Mittals (14th, $17.2 billion), the Mistrys (16th, $16.1 billion) and the Birlas (19th, $14.1 billion).
Other Indian families that got into the ‘hall of fame’, include the Godrej family (20th, $14 billion), the Bajajs (26th, $9.3 billion), the Jindal family (32nd, $7.7 billion), the Burmans (35th, $7.05 billion), Eicher Motors’ Lals (36th, $7 billion) and Shree Cement’s Bangur family (37th, $6.7 billion). Notably, Motherson Sumi Systems Sehgal family (41st, $6.2 billion), the Wadia family (42nd, $6.14 billion), DLF’s Kushal Pal Singh (44th, USD $billion), the Patel family which controls Cadila (45th, $6 billion), the Piramals (47th, $5.38 billion) and the Munjals (48th, $5.37 billion) also feature in the list.
The Ambanis are the only Indian family on the top 10 richest families list in Asia. “No family highlights this surge better than the Ambanis of India, this year’s biggest gainer in dollar and percentage terms,” Forbes said. It noted that shares in Mukesh Ambani’s conglomerate Reliance Industries soared on the back of improved refining margins and the demand produced by its telecom arm, Reliance Jio, which notched up 140 million subscribers since it was launched in 2016.
In fact, just last month, Mukesh Ambani the Chairman of India’s most valued company–Reliance Industries, topped the list of Forbes India Rich 2017 list with for the 10th consecutive time. “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.