Forbes list includes 14 Indian business dynasties
14 business families from India have got listed in Forbes Asia's inaugural ranking of the top 50 Asian business dynasties. The Ambani family was placed third on the list with a combined fortune of $21.5 billion. Azim Premji was seventh on the list with $17 billion worth fortune, ninth place was clinched by Hinduja with $15billion and Mistry was placed tenth with $14.9 billion.
Samsung Lee family tops Forbes list
The Lee family of South Korea which is the owner of the formidable Samsung empire topped the Forbes Asia magazine's inaugural list of Asia's 50 richest families. The family had amassed a wealth of $26.6 billion as of late September, with almost 50 businesses being run by its second- and third-generation members. The conglomerate was founded in 1938 by Lee Byung-Chull
3 generations: a requirement for Forbes consideration
The list of Forbes 50 business clans were obliged to have "a minimum of 3 generations actively involved in building their respective fortunes" to be considered.
Near misses on the Forbes list
The barrier to entry on the Forbes list of richest business dynasties was $2.8 billion. The biggest miss was of the Koo family from Taiwan dealing in cement and finance, who barely missed the cut with a net wealth of $2.8 billion. Following Koos was India's Goenka family with a net worth of $2.75 billion. The Goenka family operates two different conglomerates.
China: Billionaire making factory!
Half the richest families in Asia on the 50 richest business dynasties were of Chinese descent. However, none of the inaugural 50 were actually based inside of China.
Why the Tatas didn't make to the list?
Tatas whose net worth of $1 billion was below the minimum, missed a place in the list; the illustrious empire was built in Victorian times by Jamshedji Tata. Tata and his successors have put most of their stakes in charities to maintain their ethical values. Also, the Tata empire is being run by a minority holder Cyrus Mistry who is unrelated to the dynasty.
3 Filipino families make it to top 50
Three wealthy clans from the Philippines– the Sy, Zobel and Aboitiz families – landed on Forbes Magazine's inaugural list of Asia's richest families. Henry Sy with $12.3 billion whose conglomerate SM Investments Corp. was operating the country's influential "banking, real estate and retailing businesses" was ranked 13th. The Zobel family came 35th with $4.2 billion followed by Aboitiz dynasty placed 44th with $3.6 billion.