Richest families in Asia: Ambanis on top with twice the wealth the 2nd wealthiest family in Asia
- 3 years ago
Ambanis retained the top spot despite the decline of Anil Ambani (chairman of ADAG), who is no more a billionaire.
The Ambani family is now the richest family in Asia with a total wealth of $76 billion as per a Bloomberg Billionaire Index which ranks Asia's 20 richest families. Ambanis alone own nearly 17% of the total $463 billion fortune that the top 20 richest families in Asia own.
The Ambani family is now more than twice as rich as the Kwok family of Hong Kong, which is the second richest family in the region and thrice rich as South Korea's Lee family (owner of Samsung), whose total wealth is pegged at $26.6 billion by the Bloomberg Index.
Ambanis' wealth saw a massive jump during the COVID pandemic. When the entire world was busy in fighting the pandemic, Mukesh Ambani, India's richest and the chairman of the oil-to-telecom-retail conglomerate Reliance Industries, was in a fundraising spree. He raised $20.2 billion from leading private equity players such as KKR, TPG and strategic investors like Facebook and Google by selling a stake in its digital venture Reliance Jio Platforms. That's not all, after raising over $20 billion from its digital arm, India's largest conglomerate Reliance kicked off another fundraising spree for its retail business, Reliance Retail.
Last month, RIL in a statement said that it has completed the current phase of a fundraising exercise for its retail venture. The company raised over Rs 47,000 crore by selling 10.09% stake in Reliance Retail. Worth mentioning here is that it was the largest fund raising exercise in the retail space and was completed within two months. Such a massive fundraising in the shortest span of time and Ambani's efforts to diversify from his traditional oil & gas business, whose returns are shrinking, fuelled a buying spree in Reliance Industries shares. RIL shares surged over 50% this year before witnessing some correction last month.
RIL's stock rally pushed Mukesh Ambani's wealth by over $16 billion this year, creating such a wide gap in the wealth if the top 20 richest families in Asia. Ambanis retained the top spot despite the decline of Anil Ambani (chairman of ADAG), who is no more a billionaire.
The above ranking excludes first-generation wealth such as that of Alibaba Group Holding's Jack Ma, as well as those in the hands of a single heir. Due to this the list does not have any entry from mainland China.
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