Three Thai notable families – Chearavanont, Chirathivat and Yoovidhya – are included in the Asia’s 50 richest families of 2017 list published by Forbes magazine.

The Chearavanont family, whose CP group is Thailand’s largest private company, takes fourth with a net worth of US$36.6 billion, up nearly $9 billion to its wealth listed last year, partly due to a surge in the value of its holding in Chinese insurer Ping An.

The magazine said the group is led by Dhanin Chearavanont, who is senior chairman and shares the fortune with his three brothers and other relatives. After 48 years as chairman and CEO, Mr Dhanin in January named his eldest son Soopakij as CP’s chairman and his youngest son Suphachai as CEO.

Chirathivat family which controls the Central Group, was ranked No.10 with the total wealth of copy9.3 billion.

The Yoovidhya family, of Red Bull energy drink fame, is a newcomer to the list this year, in position 22, with total wealth of copy3.1 billion.

No family highlights this surge better than the Ambanis of India, this year’s biggest gainer in dollar and percentage terms. Their net worth rose by $19 billion, to $44.8 billion, superseding the Lees of the Samsung empire to claim the No. 1 spot. That perch was always occupied by the South Korean family, which still saw its wealth swell by $11.2 billion. Shares in Mukesh Ambani’s conglomerate Reliance Industries soared, due to improved refining margins and the demand produced by its telecom arm, Reliance Jio, which notched up 140 million subscribers since it launched in 2016.

 Hong Kong’s Kwok family ranks No.3 this year with a net wealth of $40.4 billion. They are Asia’s richest real estate family, controlling Sun Hung Kai Properties.

The collective wealth of Asia’s 50 richest families, according to Forbes, is a record $699 billion, up 35% from last year.

For the third time, India enjoys the biggest presence on the list, with 18 families. Hong Kong follows with nine.

To qualify, all families must be rooted in Asia and have at least three generations involved in building the family fortune.

Source: Bangkok Post