Red Bull clan debuts on Forbes rich list
The Yoovidhya family, the maker and marketer of Krating Daeng and gold Red Bull energy drinks in Asia, has made the 2017 Forbes list of Asia’s richest families, trailing two other notable Thai clans: the Chearavanonts and the Chirathivats.
The latest issue of Forbes Asia puts the Yoovidhya family at 22nd on the list with total wealth of US$13.1 billion.
The Chearavanont family, meanwhile, took the fourth spot on the list with a net worth of $36.6 billion.
The family behind Charoen Pokphand (CP) Group, one of the world’s largest purveyors of animal feed and livestock, got a nearly $9-billion boost to its wealth, partly due to a surge in the value of its holding in Chinese insurer Ping An.
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 chief executive, Mr Dhanin in January named his eldest son, Soopakij, as CP chairman and his youngest son, Suphachai, as chief executive.
The magazine also highlighted Korawad Chearavanont, founder of Eko Communications, as one of the notable next-generation scions of Asia’s richest families.
The Chirathivat family, which controls Central Group, ranked No.10 with total wealth of $19.3 billion.
The 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 are 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.
The collective wealth of Asia’s 50 richest families reached a record $699 billion, up 35% from last year.
India’s Ambani family topped the list for the first time with a net worth of $44.8 billion. The family was this year’s biggest gainer in dollar and percentage terms; its net worth rose by $19 billion as shares in
Mukesh Ambani’s conglomerate Reliance Industries soared on better refining margins and demand produced by its telecom arm, Reliance Jio.
Since its launch in 2016, Jio has notched close to 140 million subscribers. Mukesh Ambani’s younger brother Anil runs Reliance Communications. The Ambani family superseded the Lees of the Samsung empire to claim the No.1 spot.
Dropping to No.2, Korea’s Lee family still saw its wealth soar by $11.2 billion to $40.8 billion this year. The family derives nearly 45% of its fortune from Samsung Electronics.
Chairman Lee Kun-Hee remains in a coma after a heart attack in 2014. His son, vice-chairman Jay Y Lee, is appealing a fiveyear prison sentence. Despite the family’s recent misfortunes, shares of the electronics giant are up 75% in the past year.
Tim Ferguson, editor of Forbes Asia, said: “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.”