Southeast Asia's 3 wealthiest families hold about $495 billion in Asian assets. Hartono is one of the most prosperous clans
According to the Bloomberg Billionaires Index, the wealth of Asia's 20 wealthiest families has climbed by $33 billion in the last two years. Bloomberg recently published a report highlighting how the region's wealthiest families are moving their focus to e-commerce, technology, and cryptocurrency.
Their combined wealth currently surpasses $495 billion, more than Hong Kong's or Singapore's gross domestic product.
Robert Budi Hartono - Indonesia
Indonesia's Robert Budi Hartono is the third generation of the Djarum family to lead the company, which now has a market capitalization of $34,3 billion. He is Asia's second-wealthiest family, behind India's Ambani family, which owns the Reliance firm ($90,3 billion).
Budi and Michael Hartono make the majority of their money from their investment in Bank Central Asia. After another affluent family, the Salim's lost control of BCA during the 1997-1998 Asian economic crisis, the Hartonos purchased a stake in the bank.
The family fortune is based on the kretek cigarette manufacturer Djarum, which was founded by their father and is now owned by Budi's son Victor.
Polytron, a well-known electronics business, and valuable real estate in Jakarta are among the family's possessions.
Yoovidhya Family - Thailand
Through his TCP Group, Thailand's Yoovidhya family is the 10th richest family in Asia, with a fortune of $19.6 billion.
Chalerm Yoovidhya is the patriarch of a large family that owns Red Bull, the iconic energy drink that sold 7.9 billion cans in 171 countries in 2020. In December 2020, Red Bull Thailand triumphed in a trademark battle with Red Bull China that had lasted several years.
The family's income may be traced back to Chaleo, the late energy-drink tycoon who cofounded Red Bull with Austrian Dietrich Mateschitz, a former marketing professional, in 1987. His interests covered hospitals, real estate, and sports teams by the time he died in 2012.
Chalerm, the group's eldest son, currently leads the company, whose flagship Red Bull sold 6 billion cans globally in 2016. The clan owns 51% of the company, with Chalerm holding 2% of the shares personally. The managing director of Red Bull Thailand is Brother Saravoot.
Variant, Chalerm's son, works at the family's winery and Ferrari dealership. Vorayuth, another son, is wanted by Interpol for his alleged role in a tragic hit-and-run case from 2012.
Sy Family - Phillippines
With his SM Investments, Henry Sy of the Philippines is the 12th richest family in the world, with a fortune of $17,8 billion. Henry Sy Jr. is a co-vice chairman of SM Investments, the global conglomerate created by his father, Henry Sy Sr.
Henry Sy, a tycoon dubbed the "Father of Modern Philippine Retail" for his supermall complex that revolutionized the country's retail scene, died on Saturday in Manila. He was 94 years old at the time. The death was confirmed by his company, SM Investments Corporation.
Mr. Sy has been the richest person in the Philippines for the past 11 years, according to Forbes. His estimated net worth is $19 billion. After a stint selling leftover boots, Mr. Sy founded the first ShoeMart in 1958. Later, it was simply referred to as SM.
In the downtown Quiapo neighborhood, he opened the first SM department store in 1972. Nearly the same year, dictator Ferdinand Marcos imposed martial law, ushering in two decades of ruthless tyranny in the Philippines.
Mr. Sy was chairman emeritus of SM Investments at the time of his death.
He opened his flagship mall, the SM Mall of Asia, in 2006, with more than 800 stores and an Olympic-size ice rink. Every day, thousands of people visit the mall, which has turned into a significant tourist destination.
SM Investments owns SM Retail Inc., which runs the country's leading supermarket and department store chains, as well as SM Prime Holdings Inc., a massive mall operator. Banco de Oro, today is known as BDO Unibank, is also included.
In 2017, he founded Big Boss Cement, a company that has benefited from President Rodrigo Duterte's enormous development drive.
Source : Bloomberg, Business Standard, Forbes, Nytimes.com
Why you report this article?
What do you think?
Give a comment