KUALA LUMPUR (Nov 10): Malaysia and Singapore’s Kwek/Quek family of the Hong Leong Group is Asia’s seventh richest family, with a combined wealth of US$18.5 billion (RM77.7 billion), down from the sixth spot last year, according to the 2016 Forbes list of Asia’s Riches Families.
The Kwek/Quek family has more than 15 family members controlling the Hong Leong Group, a conglomerate with interests ranging from finance to property. The family traces its fortune back to 1941 when Kwek Hong Png founded the company with three brothers.
Hong Png's eldest son, Kwek Leng Beng, runs operations in Singapore. His grandson Sherman Kwek Eik Tse was appointed deputy CEO of the group's property unit in April.
Leng Beng's cousin Tan Sri Quek Leng Chan is a name familiar to many Malaysians.
Quek, a banking and real estate magnate, also ranked third in Forbes’ list of Malaysia's 50 richest people in 2016, with a net worth of US$5.3 billion (RM22.2 billion). The billionaire inherited part of his fortune from his father, who is one of the co-founders of Hong Leong Group.
Currently, Quek owns substantial stakes in conglomerate Hong Leong Financial Group Bhd; diversified group Hong Leong Industries Bhd; Hong Leong Capital Bhd with interests in investment banking, securities and asset management; banking group Hong Leong Bank Bhd; cement manufacturer Hume Industries Bhd, and property developer Guocoland (M) Bhd.
In May last year, Quek’s youngest son Kon Sean led the family into e-commerce with the launch of GEMFive, an online shopping portal that sells electronics, fashion and health products.
More recently, it was reported that Quek’s Singapore-listed GuocoLand Ltd will be a strategic investor in Eco World International Bhd, eventually holding a 27% stake.
Forbes Asia highlighted that Indian families stood out on the 2016 Forbes list of Asia’s Richest Families, with 17 out of the top 50 families hailing from India. The minimum net wealth to qualify for the list was US$3.4 billion, up from US$2.9 billion a year ago.
“While the top 50 families are rooted in Asia, their conglomerates have worldwide footprints. Collectively, the top 50 families are worth US$519 billion,” it said in a press release today.
Meanwhile, Forbes Asia editor Tim Ferguson pointed out that the 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 commented.
Among the top five families on this year’s list, business interests span technology, livestock producers, real estate and oil and gas.
Leading the list for the second year in a row is South Korea’s Lee family behind the storied Samsung Group, with a combined wealth of US$29.6 billion, up from US$26.6 billion last year.
Thailand’s Chearavanont family rose to the second spot, with a net worth of US$27.7 billion. The family owns Charoen Pokphand Group, one of the world’s largest producers of animal feed and livestock.
The Ambani family saw their wealth rise from US$21.5 billion last year to US$25.8 billion this year and they are now sitting on the third spot. 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.
The Kwok family from Hong Kong claimed the fourth spot with a wealth of US$25.2 billion. They are the Asia’s richest real estate family whose combined wealth is up from US$19.5 billion last year. The family controls Sun Hung Kai Properties, whose assets include Hong Kong’s tallest building.
Asia’s Richest Families list is a snapshot of wealth using stock prices and currency exchange rates from the close of business on Oct 28, 2016. Private companies were valued based on similar companies that are publicly traded. To qualify, a family’s wealth must be rooted in Asia and participation in building that fortune has to extend at least three generations.