Sy, Zobel families among Asia’s richest

THE family of Henry Sy, Sr., the Philippines’ richest man, jumped to ninth place in the Forbes 2017 list of Asia’s Richest Families, the publication’s annual ranking of dynasties in the region that is once again dominated by India. With a net worth of $20.1 billion, the wealth created by the Sy family in retail, banking and property propelled it to the top 10, from 17th place last year.The Sys, along with the Zobels, are the only Filipino families included in Forbes list of Asia’s 50 richest families. The Zobels, who own diversified conglomerate Ayala Corp., are ranked 43rd with a net worth of $6.13 billion. The family placed 37th in the 2016 list.

THE family of Henry Sy, Sr., the Philippines’ richest man, jumped to ninth place in the Forbes 2017 list of Asia’s Richest Families, the publication’s annual ranking of dynasties in the region that is once again dominated by India.

With a net worth of $20.1 billion, the wealth created by the Sy family in retail, banking and property propelled it to the top 10, from 17th place last year.

The Sys, along with the Zobels, are the only Filipino families included in Forbes list of Asia’s 50 richest families.

The Zobels, who own diversified conglomerate Ayala Corp., are ranked 43rd with a net worth of $6.13 billion. The family was ranked 37th in the 2016 list.

“Asia’s wealthiest business dynasties on the list have remained relevant and successful by producing new generations that push the company in often surprising directions. Some young scions are even charting their own paths away from the family business,” Forbes said in a statement to introduce the list.

The publication cited 29-year- old Howard Sy, a grandson of Mr. Sy, the patriarch of the country’s richest family.

“A former investment analyst, Sy started a 24-hour self-storage company called StorageMart a year ago, anticipating that the country’s condominium boom would create a demand for storage space. His company now operates two facilities in Metro Manila,” it said.

The Zobels, themselves, are the heirs of a business that was founded as early as 1851 — Bank of the Philippines. Ayala has since branched to real estate, telecommunications, water infrastructure, electronics manufacturing, power generation, health care and education, among others.

Missing in this year’s list is a third Filipino clan that was in last year’s ranking — the Aboitiz family. Last year, it ranked 39th with a net worth of $4.95 billion. This year’s 50th wealthiest has a net worth of at least $5 billion.

“Asia’s 50 Richest Families list is a snapshot of wealth using stock prices and currency exchange rates from the close of markets on Nov. 3, 2017. 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,” Forbes said.

Topping this year’s list is India’s Ambani family, which reached that spot for the first time with a net worth of $44.8 billion, the publication said.

Forbes noted the collective wealth of Asia’s 50 richest families hit a record $699 billion, higher by 35% from last year.

“The Ambani family is this year’s biggest gainer in dollar and percentage terms. Their net worth rose by $19 billion as shares in Mukesh Ambani’s conglomerate Reliance Industries soared in the past year due to better refining margins and the demand produced by its telecom arm, Reliance Jio. Since its launch in 2016, Jio has notched up close to 140 million subscribers,” Forbes said.

South Korea’s Lee family dropped to no. 2 even if their wealth rose by $11.2 billion to $ 40.8 billion this year. The family derives nearly 45% of its fortune from Samsung Electronics.

Hong Kong’s Kwok family is in third spot with a net wealth of $40.4 billion. The Kwoks are Asia’s richest real estate family, controlling Sun Hung Kai Properties, which reached a record $6.7-billion in sales under contract for the year ended June 30, up 28% from the previous year, Forbes said.

Thailand’s Chearavanont family placed fourth, with a net worth of $36.6 billion. The family is behind Charoen Pokphand Group, one of the world’s largest producers of animal feed and livestock. Its wealth was boosted by nearly $9 billion by rise in the value of its holding in Chinese insurer Ping An.

“The cascading wealth of Asia’s very richest active tycoons is reshaping the ranks of even this legacy-driven list. Because of India’s size, the Ambanis can never be as dominant there as Samsung’s Lees have been in Korea. But with Mukesh’s next generation establishing a presence at the Reliance Jio telecom operation, this story could play out for years,” said Tim Ferguson, editor of Forbes Asia.

In all, India has 18 families in the list, followed by Hong Kong with nine, Singapore with five, Indonesia and South Korea with four each.