Sy, Zobel, Aboitiz on Forbes list of Asia’s richest

MANILA, Philippines - Three wealthy families from the Philippines made it to this year’s Forbes list of Asia’s 50 Richest Families or those that have a minimum net worth of $3.4 billion.

The Sy family, headed by Henry Sy, the country’s richest man, made it to 17th spot, with a net worth of $12.8 billion, while the Zobel family, the Spanish-Filipino clan behind Ayala Corp., made it to number 37 with a net worth of $5.1 billion.

The Cebu-based Aboitiz family is in 39th spot with a net worth of $4.95 billion.

Overall, Indian families stood out in the 2016 Forbes list of Asia’s Richest Families, with 17 out of the top 50 families hailing from India.

While the top 50 families are rooted in Asia, their conglomerates have worldwide footprints.

Collectively, Asia’s top 50 families are worth $519 billion.

Among the top five families on this year’s list, business interests span technology, livestock producers, real estate and oil and gas, according to Forbes.

Topping the list for the second year in a row is South Korea’s Lee family, which is behind the storied Samsung Group. It has a combined wealth of $29.6 billion, up from $26.6 billion last year.

The family derives 35 percent of its fortunes from Samsung Electronics.

The second richest family is Thailand’s Chearavanont family, with a net worth of $27.7 billion. The family owns Charoen Pokphand Group, one of the world’s largest producers of animal feed and livestock.

The Ambani family of India came in third after they saw their wealth rise from $21.5 billion last year. Oil and gas tycoon Mukesh Ambani sparked a price war in India’s telecom market with the launch of 4G phone service Jio in September, Forbes said.

The Kwok family is No. 4 with $25.2 billion. The family from Hong Kong is Asia’s richest real estate family whose combined wealth is up from $19.5 billion last year, Forbes also said.

Three out of four newcomers in the list this year hail from India.

Each climbed into the ranks from a different industry. They include the Singh family, number 43, with a net worth of $4.26 billion. The family’s wealth was built on real estate from its Bombay Stock Exchange-listed DLF.

Another newcomer is the Dhingra family (No. 48, $3.6 billion) who owns India’s second largest paint maker Kolkata-based Berger Paints and the Piramal family (No. 50, $3.4 billion) whose business interests range from real estate to healthcare.

Also new to the list this year is the Koo family (No. 47) from Taiwan with a combined wealth of $3.7 billion.

Forbes Asia editor Tim Ferguson said the latest list shows that sources of Asian wealth are broadening.

“You can see that among the rich families here – and even within many of the families – no particular sectors of the economy dominate. For those aiming to be among Asia’s richest, it’s a very wide world,” he said.

The minimum net wealth to qualify for the list was $3.4 billion, up from $2.9 billion a year ago.