Chearavanont family the 4th-wealthiest dynasty in Asia
Thailand's Chearavanont family is ranked fourth on the list of Forbes Asia's first-ever ranking of the top 50 Asian business dynasties, with a fortune valued at US$19.9 billion, while South Korea's Lee family, which controls the Samsung Group, tops the
The Chearavanont family runs the Charoen Pokphand Group. Today the group is led by co-founder Chia Ek Chor’s son Dhanin and the clan’s wealth is shared with his three brothers and other relatives. Dhanin’s three sons are active in the business and are expected to succeed him.
The inaugural list recognises that family is at the core of Asia’s biggest conglomerates and some of its best-known brands. The Lee family of Samsung Group is a good illustration – the group’s 2014 revenues were equivalent to 22 per cent of South Korea’s gross domestic product. While few dominate to such an extent, many business dynasties hold wide regional sway with their sprawling, cross-border empires.
The latest Forbes list recognises this prominence, and the succession and operational challenges inherent in family businesses. To qualify, a family’s wealth and participation in building that fortune has to extend to at least three generations.
Today, Samsung Group, CJ Group, Shinsegae Group and Hansol Group are all run by second- and third-generation Lees. At least 15 relatives run more than 55 businesses, with total sales of $335 billion.
No 2 on the list is the Lee family of Henderson Land Development from Hong Kong with a combined wealth of $24.1 billion. Founder Lee Shau Kee moved to Hong Kong from mainland China’s Guangdong province in 1948 and initially traded in precious metals and currencies. He later co-founded Sun Hung Kai with Kwok Tak-Seng (No 5) and Fung King Hey before setting up Henderson Development in 1973. His children Peter, Martin and Margaret have active roles in the business, while a third generation is being groomed for management.
India’s Ambani family ranks No 3 on the list. The family has a fortune of $21.5 billion, which includes the wealth of brothers Mukesh and Anil, both of whom inherited most of their father’s fortune on his death in 2002 but opted to do business separately. Mukesh’s twins – son Akash and daughter Isha – work at and occupy board seats at telecom arm Reliance Jio Infocomm and Reliance Retail. Anil’s son Jai Anmol works at Reliance Capital.
