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Real Life Crazy Rich Asians: The 10 Most Interesting (and Richest) Asians of 2019
BY ALICE HOU
You must have heard of the blockbuster film, Crazy Rich Asians, which took the film industry by storm this summer. And if you haven’t you need to check it out, like now. So, as a nod to the Hollywood hit, we have decided to take a look at the opulent world of some real-life crazy rich Asians who could be the stars of their own reality shows.
1. Cho Yang-Ho & Family
Korean Air/ Hanjin Group
Net Worth: $225M
Country: South Korea
Cho Yang-ho and his family have been involved in multiple news-worthy events and one notorious incident involving macadamia nuts. The truth is, the Cho family is one of the most interesting families in South Korea, and they bring eccentric to a whole new level, it’s nuts (yes, pun intended).
Korean Air / Shutterstock.com | Cho Yang-ho © Reuters.
Cho Yang-Ho, the chairman of Hanjin Group, which includes Korean Air, was indicted in October 2018 on multiple charges. It is also said he awarded contracts to companies controlled by his family members. Heather and Emily Cho, became viral sensations for throwing tantrums dubbed as the “nut rage incident” and the “water rage scandal”.
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2. The Ambani Brothers
Reliance Industries & Jio Network
Net Worth: $47.1B
Country: India
The Ambani’s are India’s most affluent family. Unfortunately, sometimes along with extreme wealth comes a wealth of trouble. The Ambani brothers are known as being part of one of Asia’s longest corporate feuds. Only ending recently with the victory of older brother Mukesh over younger brother Anil.
Ambani Brothers © Reuters
Reliance was founded by Dhirubhai Ambani, in 1966. However, after their father’s death in 2002, the Ambani brothers split the family’s assets and went their separate ways. Since then the brothers have become embroiled in competition between themselves. Last year it was announced that Reliance Communications, owned by Anil, would sell its mobile business to Mukesh’s company, Jio.
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3. Hartono Family
Djarum
Net Worth: $32B
Country: Indonesia
The Hartono family is the wealthiest family in Indonesia. The Hartono brothers are the owners of one of the largest tobacco companies in Indonesia – Djarum; a company founded more than half a century ago by their father, Oei Wie Gwan. The brothers, Robert Budi and Michael took over the company when their father passed in 1963.
Djarum / Shutterstock.com | Hartono Family © Reuters.
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However, the company suffered quite a bit with unstable economic conditions and the factory burning down. Despite all of the hardship they faced, the brothers turned things around, and it became the most successful enterprise in Indonesia. Unfortunately, the company faces still faces unstable conditions, with significant crackdowns on tobacco products, with high taxes and other issues.
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4. Chalerm Yoovidhya & Family
Red Bull
Net Worth: $21B
Country: Thailand
Chalerm Yoovidhya is a Thai billionaire and the heir to the Red Bull empire. Chalerm is the oldest son of the late, Chaleo Yoovidhya, the co-creator of the iconic energy drink, Red Bull. Yoovidhya & Family owns 51% of the company, and Chalerm himself is worth about $21 billion USD. However, their extensive wealth does not shield them from controversy in any way.
Chalerm Yoovidhya & Family - Red Bull / Shutterstock.com
In August of 2017, it was inadvertently exposed that the Yoovidhya family allegedly uses offshore companies to conceal their assets, such as luxury properties and private jets. This all comes about after an infamous hit-and-run event from 2012 involving Chalerm’s son, Vorayuth Yoovidhya. It was alleged that Vorayuth killed a motorcycle cop in Bankok, in his black Ferrari.
5. Lee (Byung-Chull) Family
Samsung
Net Worth: $40.8B
Country: South Korea
As one of Asia’s most affluent families, the Lee’s fortune alone could land them on this list. However, it is their background that could land them their own HBO series. The Lee’s, the family that founded Samsung, was named as one of Asia’s richest families. Unfortunately, the family is surrounded by countless scandals that have plagued them for years.
Samsung / Shutterstock.com
Sabotage. Espionage. Rivalries and internal wars — it may sound like an episode of “The Sopranos.” However, it is the real-life drama of the Samsung family. In a scandal that brought down the South Korean President, Park Guen-hye, Lee Jae-yong, the heir to the Samsung empire, was convicted of fraud and embezzlement. However, he only served little more than a year of his five-year sentence.
6. Jack Ma
Alibaba Group
Net Worth: $34.6B
Country: China
The infamous Alibaba co-founder, Jack Ma, has probably been called crazy plenty of times in his past — however, he is the one laughing now, all the way to the bank. The former English teacher co-founded the Alibaba Group back in 1999. Alibaba is now one of the largest e-commerce companies in the world, and Ma is China’s wealthiest person.
Jack Ma / Shutterstock.com
In an interesting turn of events, in September it was announced that Jack Ma was taking a step back from the company. In a somewhat typical, yet chaotic way, the news was denied and then confirmed by the board. Daniel Zhang, the current CEO, will become Ma’s successor.
7. Ma Huateng
Tencent Holdings/ WeChat
Net Worth: $35.3B
Country: China
Ma Huateng (also known as Pony Ma) makes it on this list because he is CRAZY rich. However, in contrast to his Alibaba billionaire rival, Jack Ma, Pony Ma, keeps a very low profile. He is known as the “Mysterious Billionaire” from humble beginnings. Mr Ma co-founded an internet messaging service in 1998 and named the company Tencent.
Tecent Holdings / Shutterstock.com | Ma Huateng © Reuters.
Funny enough, using his own messaging service is how he met and fell in love with his wife. These days, Tecent specialises in many Internet-related services and products, including entertainment, artificial intelligence and technology. In 2012, the company launched WeChat, which has become a global phenomenon.
8. Tadashi Yanai
Fast Retailing (Uniqlo, JBrand and Theory)
Net Worth: 19.5B
Country: Japan
As of June 2018, Tadashi Yanai was named the wealthiest man in Japan. He is a self-made billionaire and the founder and current president of Tokyo-based retail clothing empire Fast Retailing, parent of the Uniqlo chain. Their brands include some of the biggest fashion houses in the industry, including, Helmut Lang, JBrand, and Theory.
Uniqlo / Shutterstock.com
About a year ago, in January 2017, on one winter day, Mr Yanai learned a hard truth about the stock market, it’s easy to have a bad day. And a bad day he had, a 1.4 billion dollar bad day, to be exact. Fortunately, Yanai still had 16.3 billion dollars more left in the bank, so the loss wasn’t such a massive blow for him.
9. The Kwok Family
Sun Hung Kai Properties (SUHJF)
Net Worth: $34B
Country: Hong Kong
Kidnapping, family conflicts, legal disputes and endless controversy. And, regardless of it all, billions of dollars in revenue. The drama of the Kwok family reads like a lifetime movie. The eldest brother of the Kwok family, Walter, died a few months ago, but his story did not die with him.
The Kwok Family, Thomas Kwok © Reuters
Back in 1997, Walter survived a kidnapping by one of China’s most notorious gangsters. Then almost ten years later, in 2008, he was ousted from Sun Hung Kai Properties by his two brothers, Thomas and Raymond, as well as his mother. However, later that year Thomas was convicted of corruption and jailed for five years. Raymond was found not guilty, while Walter was arrested but was never charged.
10. Najib Razak
Former Malaysian Prime Minister
Net Worth: 850M
Country: Malaysia
In 2015, Najib Razak, the Malaysian Prime Minister found himself in the middle of a huge international scandal. The scandal involved embezzlement, money laundering, misappropriation of funds and bribery. For nearly a decade Mr Najib controlled a nation. However, after the Malaysian elections this year, commanding authority was given to his opposition, in a stunning defeat.
Najib Razak / Shutterstock.com
Najib claims he knew nothing of the multi-million-dollar 1MDB scandal and declared he has zero knowledge about money from the state fund miraculously appearing and moving (on its own) from 1MDB to his account. Najib has routinely denied any wrongdoing in the case.
11. Premchai Karnasuta
Italian-Thai Construction
Net Worth: $240M
Country: Thailand
The story of Premchai Karnasuta is one of a fall from grace. The high-profile multi-millionaire tycoon who built Thailand’s biggest airport and railway system is now garnering attention for all the wrong reasons. The country is currently caught up in a debate on the privileges of the rich and powerful in Thailand, due to a very unsettling poaching scandal involving Karnasuta. Premchai Karnasuta was arrested in February of 2018 for hunting rare and endangered species protected at a World Heritage wildlife sanctuary in Kanchanaburi, Thailand.
Premchai Karnasuta / Shutterstock.com
Photos were released shortly afterward of Karnasuta showing off his collection of guns to park rangers. These photos went viral, and have since dominated the news in Thailand and the rest of the world. Unfortunately, the situation was exacerbated after people found out that Premchai and his hunting party attempted to bribe park rangers for their release.
Now out on bail, Karnasuta is facing upwards of 12 charges, which include unauthorized possession of firearms, illegal hunting, and bribery. Some of which carries a maximum penalty of 10 years in prison if he is convicted. The only positive that has come from this situation is that it has caused the country to talk about privilege in an attempt to curb the power imbalance of the rich.
12. Prawit Wongsuwan
Deputy Prime Minister of Thailand
Net Worth: Unknown
Thailand
In early December of last year, Prawit Wongsuwan made a simple gesture; he raised his hand to shield the sun from his face. Unfortunately for him, this simple act almost tarnished his reputation. By raising his arm, he exposed a few things; one, a Richard Mille watch and a large diamond ring on his finger, and two, undeclared assets that raised suspicions.
Prawit Wongsuwan / Shutterstock.com
In a story dubbed “The Watchgate Scandal,” General Prawit’s extensive collection has come under fire and has sparked corruption rumors throughout Thailand. Aside from a flashy display of money, the story communicates another message: military power and affluence. The story has captivated millions in Thailand and beyond, especially given that the military junta unseated the elected government back in 2014, with the promise to abolish corruption.
Thai deputy prime minister, Prawit Wongsuwan, has served as the minister of defense since 2014 and holds multiple roles in the government. Even though General Prawit, holds multiple official titles, he is now also known for having multiple luxury watches. His extravagant collection is estimated to be worth upwards of USD 1.5 million.
13. Masayoshi Son
Masayoshi Son is a Japanese/South Korean businessman, the wealthiest man in Japan, and currently the 8th richest person in Asia. Son is the founder and CEO of SoftBank, a mobile telecom company, and chairman of Sprint Corporation. His company is the largest shareholder of Uber, the peer-to-peer ridesharing app.
The Japanese businessman is an unstoppable force in the startup world and is well-known for his aggressive investing and deal making. He has stakes in countless activities from office sharing company WeWork to French robotics business, Aldebaran. SoftBank had invested in over 100 deals worth more than $35 billion in 2017 alone.
Masayoshi Son / Shutterstock.com
His investment strategy tends to confuse both his critics and admirers. Along the road, Masayoshi Son has confounded his rivals and led them to ask the question; does he know what he is doing? It seems as if the jury is still out on that one. Masayoshi is no stranger to failure. He reportedly set the record for most money ever lost after the ‘Dot Com’ crash in 2000, losing roughly $70 billion in funds. But he does not let his significant loss steer him from his end goal.
14. The Mistry Family
Shapoorji Pallonji Group
Net Worth: $14.8B
Country: India
Pallonji Mistry is an Indian billionaire and reclusive tycoon that has once again claimed a top spot in India’s richest list of 2018 on Forbes. The Mistry family controls the 152-year old Shapoorji Pallonji Group. The company has diversified interests in construction, real estate, textiles, appliances, and more.
The Mistry Family, Cyrus Mistry © Reuters
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Shapoorji Mistry, his son, dropped out of school to try his hand in the family business. He then went on to obtain a minority stake in Tata Sons holdings. The family currently holds a 18.4% stake in the company which is part of the Tata Group, now worth upwards of $100 billion.
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In 2016, following a boardroom coup, Cyrus Mistry, Shapoorji’s son, was suddenly ousted as chairman of the board. Cyrus was involved in a very messy legal battle with the Tata Group. For over a year the Mistrys were engaged in a bitter public dispute between India’s two most notorious families, the Mistrys and the Tatas.
15. Yang Huiyan
Country Garden Holdings
Net Worth: $29.8 B
Country: China
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Yang Huiyan is the wealthiest woman in Asia, and the only person on this list under the age of 40, she was born in 1981. She has a net worth of just under $30 billion, which continues to rise rapidly. She has held the exclusive title of China’s richest woman for the last six years, and she remains one of the most successful female entrepreneurs in the world.
Country Garden Holdings © Reuters
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Yang appears to be media-shy, so there is not a lot of information or photos found online about her. There are however a few things we do know about her. Yang is a Chinese entrepreneur, venture capitalist, and investor, who is the controlling majority shareholder of Country Garden Holdings. In 2007 before the IPO went public, her father, Guangdong developer, Yang Guoqiang, transferred 70% of his company into her name. She was just 25 years old at the time. Her Younger sister, Yang Ziying, also sits on the companies board of directors.
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Country Garden Holdings is active in 261 cities across China, and more than 1,000 townships. The companies revenues jumped almost 50% in 2017, doubling their profits for the year. Furthermore, Yang sits on the board of Bright Scholar Education Holdings, which is the largest operator of international and bilingual schools for kindergarten to 12th grade in China.
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16. Lee Myung-bak
Former South Korean President
Net Worth: $23.6 M
Country: South Korea
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The next on our list is just one of the four former presidents of South Korea who was convicted of corruption. Lee Myung-bak, who allegedly accepted millions in bribes from high profile companies like Samsung and many others, including the National Intelligence Service. Reportedly, Lee was also involved in embezzling funds from DAS, an auto parts maker.
Lee Myung-bak / Shutterstock.com
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Earlier this year Lee Myung-bak was sentenced to 15 years in jail after admitting to taking an undisclosed amount from the state spy agency while still sitting in office. Making him the last of the country’s former leaders to be embroiled in controversy. Lee denied most of the allegations against him, but he did accept some of the facts, which eventually brought him down.
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Lee was the president of South Korea from 2008 to 2013, during which time it was said that he accepted a bribe from Samsung for a pardon for chairman, Lee Kun Hee, who was convicted of tax evasion. Lee refused to attend his own trial and accused prosecutors of carrying out political revenge. However, in the end, he was found guilty and was fined 13 billion won.
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17. Charoen Sirivadhanabhakdi
Thai Beverage/ Chang Beer
Net Worth: 17.4B
Country: Thailand
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Charoen Sirivadhanabhakdi is a Thai billionaire businessman who is the founder of Thai Beverage, best known for Chang beer. Charoen is the son of a Bangkok street vendor, came from humble beginnings and has since become the founder and chairman of Thailand’s largest brewer as well as Thailand’s largest property developer and landlord.
Chang Beer / Shutterstock.com
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Sirivadhanabhakdi owns at least 50 hotels in Asia, UK, the US, and Australia, including the renowned, Okura Prestige Bangkok and seven Marriott brand hotels in the region. His other assets include supermarket chain Big C Supercenter, and Singapore beverage company Fraser & Neave. Through the years Charoen Sirivadhanabhakdi has faced many allegations of corruption and abuse of political connections. However, in the end, none of which have been substantiated.
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Back in 2006, Panote, Charoen’s youngest son, attempted to take Thai Beverage public in Singapore after his attempts failed in Thailand due to protests against the advertising of alcohol. Panote is the current CEO of TCC Assets (Thailand) and Frasers Property Limited. He was recently named 2018’s Real Estate Personality of the Year in Thailand, earning him a unique distinction in the industry.
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18. Joko Widodo
President of Indonesia
Net Worth: Unknown
Indonesia
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Joko Widodo is the current President of Indonesia, elected in July 2014. Widodo, commonly called Jodowi, is the first and only Indonesia president to not come from a military background. He is a self-made millionaire and was originally mayor of his hometown, Surakarta. He then later became the Governor of Jakarta, Indonesia’s Capital. Jodowi is a widely popular President and seeks re-election in the upcoming 2019 elections. Unfortunately, he faces some serious challenges as Indonesia’s government continues to be shaken by corruption scandals.
Joko Widodo / Shutterstock.com
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Back in March, there was an investigation into a major multimillion-dollar fraud and embezzlement charge against one of the country’s high-profile politicians, Setya Novanto. Novanto is well known as one of Joko Widodo’s key political allies. This situation is haunting the president as he has tried to remove himself from the long history of Indonesia’s famously corrupt political system. Regardless, Jodowi remains very popular with his constituents, with the most recent approval ratings at 60%.
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Jodowi has a hard road ahead of him as he attempts to balance the demands of Islamic conservatives and more progressive voters. He also is constantly under fire from human rights groups because of his proposal to outlaw gay and extramarital sex and his reluctance to ban childhood marriage. Earlier this year, Mr. Widodo also drew criticism from human rights groups for incarcerating a teen for insulting him on Facebook.
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19. Robert Kuok
Kuok Group
Net Worth: $12.9B
Country: Malaysia
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Robert Kuok is known as the “Sugar King of Asia.” He’s also Malaysia’s richest man. In the world, he ranks ninety-sixth. He’s the oldest person on Forbes’ Top 100 Richest People rundown. Kuok owns Kuok Group, a major investment conglomerate with holdings in multiple sectors. Kuok Group has investments in commodities, real estate, and hotels.
Robert Kuok © Reuters
Kuok’s hotel prowess is well-documented. Kuok founded the Shangri-la Hotel in Singapore, which is world-renowned for its luxury. Kuok’s nephew, Khoon Hong, is in charge of Wilmar International. Wilmar has made Khoon Hong very rich. Kuok is known for valuing his family. His backstory is quite interesting, too.
Kuok started as a simple errand boy for an office in Malaysia. He was helped by the fact that, as a product of Japanese control over Malaysia, he spoke three languages: Chinese, Japanese, and English. He then worked as a clerk for a rice trading company. He was a big fan of the Japanese Empire, and he took the business skills he learned while working for them and applied them to his own company later on. He isn’t just the Sugar King of Asia now. He also has interests in oil, palm oil, and grains, providing diversification.
20. The Koo Family
LG
Net Worth: $8.7B
Country: South Korea
The Koo Family owes its fortune to the electronics company LG Corp. LG Corp has provided over seventy percent of the Koo Family’s wealth. The major shareholder and chairman, Koo Bon-Moo, tragically lost his son in 1994. Koo Bon-Moo adopted Koo Kwang Moo, his nephew. Koo Kwang Moo is next in line to inherit the business, which includes investments in chemicals, fashion, machinery, and telecom.
LG Corp Logo / Shutterstock.com
The Koo family also owns CTBC Holdings, which is an investment company going through some drama currently. Jeffrey Koo, the deceased leader of CTBC, apparently transferred $300 million for personal investments into bank accounts his son, Jeffrey Jr., owned. The problem was, he lied about the personal investments and claimed they were actually for overseas investments made by CTBC’s subsidiaries.
Taiwan prosecutors arrested Jeffrey Jr. and released him recently after he made his bail of $3 million. The charges included violations of Banking and Securities Acts. His bail was likely so high because he could be considered a flight risk by prosecutors. His wealth makes it easy for him to just disappear, should he choose. It remains to be seen what will happen in this scandal.
21. Shinzo Abe
Japanese Prime Minister
Net Worth: $41M
Country: Japan
Shinzo Abe is the Japanese Prime Minister, and he is definitely not scandal-free. Since 2012, he has been the leader of the Liberal Democrat Party in Japan. After resigning in 2007 from his position as Prime Minister, he decided to come back into politics. He won the 2014 and 2017 elections. His views on Japanese history are pretty rosy.
Shinzo Abe © Reuters
He denies that Japan coerced South Korean and Japanese women into “comfort women” roles during World War II, after the Japanese bombed the U.S.Shinzo Abe spawned his own economic term, Abenomics, after his “three arrow approach” consisting of growth, surplus, and reform. Abe’s currently having issues with a school-related scandal. His wife had connections with a public school that was able to purchase land from the Japanese government at suspiciously low rates. Abe is being investigated for this.
His tax minister resigned, and a regional finance bureau employee in the school’s area was found dead. The police are investigating the death as a suicide, but that could change should foul play be discovered. Abe’s ministry won’t comment on the school scandal. The investigation is being completed by Abe’s own people, so whether it will implicate Abe is unlikely at best. Investigating yourself usually leads to a positive conclusion.
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22. Kim Jung-ju
Nexon (NXC)
Net Worth: $5.5B
Country: South Korea
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Kim Jung-ju founded the South Korean company Nexon, which specializes in online gaming. Jung-ju also chairs Nexon’s holding company, NXC. Nexon is now South Korea’s largest gaming company, with at least 350 million users in more than 72 countries and is worth 56.7 billion yen.
Nexon Site / Shutterstock.com
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Unfortunately, Nexon’s founder, Jung-ju is not scandal-free. He faced bribery charges by South Korean prosecutors. The charges stemmed from Jung-ju’s “donation” to a prosecutor. The prosecutor was a friend of his from college. He got out of it though after being found not guilty.
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After that hiccup, the company continued to grow. NXC involved itself in cryptocurrency. It now has an 83% share in Korbit, which is a Seoul-based crypto exchange. Kim Jung-ju is also very philanthropic. He pledged millions to children’s organizations. He also made a pledge that his children would not inherit his company.
23. Eka Tjipta Widjaja
Palm Oil
Net Worth: $8.6B
Indonesia
Eka Tjipta Widjaja immigrated from China to Indonesia. He had a humble start selling biscuits. But, from there, his entrepreneurial streak soared. He founded Sinar Mas. Sinar Mas is a holding company with interests in sectors such as finance, agribusiness, telecom, and paper. Sinar Mas also joined with Cespa to form an oleochamical plant on an island in Indonesia, called Riau.
Palm Oil Plantation / Shutterstock.com
Widjaja is married with two wives. Eka’s sons are also successful, with one running a palm oil conglomerate. As the third richest Indonesian, Widjaja has retired in ease. He bought a mansion in Beverly Hills. The seller? Donald Trump. Widjaja’s companies have not been free of their own scandals. The Sinar Mas subsidiary, Asia Pulp & Paper, was involved in a huge Asian corporate default. AP&P owed almost fourteen billion dollars in debt. It stopped paying its bills, and, in an emerging market, that had a big impact.
AP&P’s debt default rocked the scales as the largest in history. Not only that, AP&P also found itself involved in illegal logging. The logging took place in China and Cambodia. AP&P also destroyed an ancient rainforest and more than 200 square kilometers of a national forest in Bukit Tigapuluh. Not exactly an A+ track record with the environmentalists, Widjaja has proven to be good at polygamy and bad with the ecosystem.
24. Anthoni Salim
Salim Group
Net Worth: $5.3B
Country: Indonesia
Anthoni Salim is another controversial figure on this list. The Indonesian magnate owns Salim Group and Indofood. The sectors in which Salim has been profitable are food, banking, and telecom. Salim has kept his business all in the family. Salim Group possesses around 20 billion U.S. dollars in capital, making it a very, very rich conglomerate. Salim and his company managed to make it through dangerous Indonesian riots that rocketed across the company.
Indofood tower Jakarta / Shutterstock.com
Salim discussed, in an interview, watching the fires and riots from his nineteenth-floor office window, unsure if the destruction would touch him too. But Salim Group made it. Salim Group isn’t out of the woods, though. Salim is currently accused of using shadow businesses to deforest forests to obtain palm oil. The company totally destroyed a Borneo peat bog, among many other important land reservations.
Nearly 10,000 hectares of forest and land suffered obliteration by the Salim Group. Though Salim Group isn’t the only company to engage in these ecoterroristic attacks, it certainly is a major pile on. The company was found out by a report from a watchdog, Aidenvironment. The deforesting has consequences. Citigroup, a bank that majorly backed Salim, cut ties with the company after hearing about the report. Other banks underwent accusations of complicity. Whether more will drop out remains to be seen.
25. Chairul Tanjung
CT Corp.
Net Worth: $3.4B
Indonesia
Chairul Tanjung came from pretty humble beginnings. While his family started out rich, they got into debt and had to sell almost all of their rich trappings. They moved to a small apartment. Tanjung opened a little shop with two friends that sold t-shirts and other small items. The company moved up the ranks, selling medical equipment and lab equipment. From there, Chairul Tanjung continued to grow and expand in the business world.
Chairul Tanjung © Reuters
Chairul Tanjung’s CT Corp issues credit cards, operates hypermarkets, and runs TV stations. Tanjung isn’t just involved in these industries. His company, Trans Retail operates grocery stores under the brands Transmart and Carrefour. Its other restaurant venture include Wendy’s. The retail brand has stakes in high-fashion industries, owning franchise in Versace, Mango, and Jimmy Choo.
It is also involved in life insurance, selling off a 49% stake in its insurance investments to Prudential, a U.S. insurance company. CT Corp is betting on the fact that many insurance companies in America are reporting getting wind of a possible uptick in life insurance purchases. CT Corp also diversified, linking French deals to open hotels back in November of last year. 30 hotels have opened in Indonesia. Chairul Tanjung’s company is the definition of diversification.
26. Jho Low
1MDB
Net Worth: $1B
Country: Malaysia
Jho Low has been described in less than favorable terms by the media. His full name is Low Taek Jho. He’s currently wanted by Malaysian police for a scandal related to his company, 1MDB. 1MDB’s scandal has become more of a political scandal. Many top officials in the company funneled (allegedly) millions and millions of dollars to his own personal account. After stealing from their own company, there were massive outcries from Malaysians to stand up to this corruption.
1MDB © Reuters
The Malaysians called for resignations of political figures involved in the scandals. Jho Low stands accused of money laundering. Allegedly, he laundered more than $4 billion. It wasn’t just Malaysians involved in Jho Low’s scandals. Saudis and UAE businesspeople had a hand in the corrupt operations as well. Jho’s wealth, in part, comes from payments from the Malaysian 1MDB company fund.
The US government accused him of taking discretionary trusts out of the company’s money for his own personal gain. Not only is he in hot water for business reasons, he’s also shown himself to be a shady purchaser. His acquisitions of luxury properties, art, companies, and philanthropic organizations have come under scrutiny as well. The tabloids in New York City described him as a “tabloid party boy.”
27. Ananda Krishnan
Maxis/ Astro Malaysia Holdings / Bumi Armada
Net Worth: $7.1B
Country: Malaysia
Ananda Krishnan graduated from Harvard Business School. He used to be an oil trader. That paid off, and now he is the third richest man in Malaysia. Krishnan expanded his investments. He now has investments in Maxis, a telecommunications company, Astro, a media company, and Bumi Armada, which services oilfields. However, Ananda’s road to riches has come under fire recently.
Ananda Krishnan © Reuters
He is having trouble with Aircel, an Indian telecommunication company, and Reliance Communications. The two were supposed to merge, and there were problems with the merger. Aircel has accrued a lot of debt. This has become a major scandal. Indian prosecutors filed charges against him and a dozen others for illegal payments. Not only is Krishnan facing issues with Aircel and Reliance, but he is also involved in a major legal battle.
The battle is with an Indonesian billionaire over a failed business venture. All of this comes on the heels of prior arrests in New Delhi in 2016 for money laundering. Accusations of graft have dogged Krishnan for a while. And when the law comes down on him, it tends to get everyone around him. The recent charges netted eighteen people. Krishnan’s case has a six-month deadline. Investigations into him have half a year to conclude.
28. Lim Kok Thay
Genting Casino
Net Worth: $3.9B
Country: Malaysia
Lim Kok Thay chairs Genting Group. Genting is a leisure and entertainment conglomerate with business around the world. Kok Thay also has investments in gaming, palm oil, biotech, and oil and gas. After receiving an education from the University of London and Harvard Business School, Kok Thay expanded Genting even further. His career followed. He became chair of Genting’s branches in other countries.
Genting Casino / Shutterstock.com
Genting is tied to many famous names. Leisure brands like Crockfords, Awana, Resort World, and Maxims come from the company. Genting also has partnerships in constructing the Hard Rock Hotel in America, Universal Studios, Synthetic Genomes, and Premium Outlets. Kok Thay is also involved in cruise ships. Genting took over Star Cruises Limited. Genting made the cruise line the world’s third-largest, with eighteen ships.
His most recent project in Lim’s Empire Resorts Inc. Lim’s opened Resorts World Catskills for $1.2 billion. This project contains a hotel, entertainment complex, and a casino. It’s the largest casino in New York. It has more than 2,150 slots and 150 table games. Drama involving Kok Thay’s family has made headlines. There is a feud over the family’s assets, particularly a palm oil investment. The local news has been all over that story thus far.
29. Dhanin Chearavanont
Charoen Pokphand Group Company Ltd.
Net Worth: $14.4B
Country: Thailand
Born in 1939, Dhanin Chearavanont is just one part of the massively wealthy Chearavanont family. In 2017, the Chearavanont family was ranked as the fourth-wealthiest family in Asia. This is quite a feat, considering the high amount of Asian billionaires. The family’s total net worth is $36.6 billion. Dhanin chairs the Charoen Pokphand (CP) Group.
CP fresh mart shop, owned by Charoen Pokphand Group © Reuters
The family had somewhat of a humble start. Dhanin’s father and uncle traveled from China to Bangkok to sell seeds and chemicals. The business grew from there, and became a massive conglomerate stretching across Asia. When China opened itself back up to foreign firms, CP Group was right there. CP Group became a preferred partner of U.S. brands like Wal-Mart, Tesco, and Honda. Dhanin doesn’t own the CP Group alone. He and his three brothers, Sumet, Jaran, and Montri) own the company.
The family also has businesses in insurance, convenience stores, fast food restaurants, schools, motorcycles, supermarkets, and more. The family also is connected with True Corporation. True Corporation is the largest Internet service provider in Thailand. Dhanin, who also goes by the name Chia Kok Min, has five children. He still resides in Bangkok, Thailand, where he was raised, choosing not to leave the way his father left China.
30. Krit Ratanarak
Bangkok Broadcasting & Television Co.
Net Worth: $2.9B
Country: Thailand
Krit Ratanarak was born in April in 1946. He is one of six children. His four sisters live outside of Bangkok, Thailand, but his mother chose to remain in the country. Ratanarak and his family are known for being very private people. One publication even referred to them as “secretive.” This closeness has paid off. The family is one of the wealthiest families in Asia. The family is considered “old money.” The wealth certainly does go back generations.
Bangkok broadcasting & tv co.ltd / shutterstock.com
It’s easy to see where Ratanarak got his business acumen from. His father started the Bank of Ayudhya, which is now called Krungsri Bank. Ratanarak also founded Siam City Cement and Bangkok Broadcasting and Television. After Krit’s father died in 1993, Krit took over. Krit chairs the BBT. The holdings his family has include media, real estate, cement, banks, and land.
Krit’s project now focuses on different areas of Thailand that he wants to build up and turn into shopping meccas. Bangkok’s Rama III area has caught Krit’s eye, and he hopes to turn it into a cosmopolitan place. Krit also is involved in politics. At 35, he served four terms as Thailand’s youngest-ever senator. After these terms, which he served in the 1980s, he decided to focus on business full-time.
31. Cecil Chao Sze-Tsung
Cheuk Nang Holdings, Ltd.
Net Worth: $2B
Country: China
Cecil Chao Sze-Tsung is an interesting figure, to say the least. This Chinese billionaire owns Cheuk Nang Holdings, Ltd. which is a development company operating in the midsize range. Its market cap is $390 million, while Sze-Tsung himself has a personal fortune of $2 billion. Another interesting, weird fact about Sze-Tsung is that he is famous for making very public claims about his personal life, namely that he has slept with more than ten thousand women in his lifetime.
Cecil Chao Sze-Tsung © Reuters
He is also well-known for his public campaign to find a husband for Gigi, his lesbian daughter. He offered $180 million to anyone who would marry her, something Gigi did not appreciate. Gigi wrote an open letter to her father in which she stated that she was happy with her lifestyle. Gigi actually married her partner recently after dating for several years.
Chao Sze-Tsung has two other children. All three of his children have different mothers. The 82-year-old billionaire Tycoon received his education from Durham University, in the States. Besides investing, he has worked in many different fields. Ze-Tsung has experience in property, investment, architecture, and finance. Chao’s recent focus has been on affordable housing. He claims that the government needs to develop more land for homes.
32. Meng Wanzhou
Huawei
Net Worth: $3.4B
Country: China
Meng Wanzhou serves as the chairwoman and CFO of Huawei. Huawei is the largest private company in China. Wanzhou’s father, Ren Zhengfei, founded Huawei, leaving Meng the heiress to the company and fortune. Meng is also known as “Cathy” or “Sabrina” Wanzhou. Meng began her career as a receptionist before moving up the ladder to the finance department of Huawei. She is twelfth on Forbes’ list of the top businesswomen in China.
Meng Wanzhou / shutterstock.com
Unfortunately, Meng has been in the headlines recently, but not for her accomplishments. Meng is currently caught up in a major trade war, and she is not coming out the winner.Here is a simplified version of what happened. The U.S. imposed sanctions against Iran. Part of these sanctions was a ban on trade with Iran.
Huawei and other companies were bound to this ban on trade. Meng decided to try to get around the ban by committing fraud. She essentially made up a shadow subsidiary company. She had the subsidiary do business with Iran, but in reality, Huawei was the company working with Iran. Canadian police took Meng into custody when she was at the Vancouver airport. Meng likely will be extradited to the U.S. to face formal charges.
33. Aloke Lohia
Indorama Ventures PCL
Net Worth: $2.8B
Country: Thailand
Aloki Lohia was born in 1958 in Bangkok, Thailand, though he now has Indian citizenship. He founded and is the CEO of the company Indorama Ventures, PCL. Lohia received an education from the University of New Delhi in 1978. From there, Lohia was the financial director of Indorama Synthetics in Indonesia. It was after his time there that he founded his own company. Lohia also, later, received a degree from Harvard University in Executive Education.
Aloke Lohia, Indorama Ventures @IVLTeam / Twitter
Though Lohia has Indian citizenship, he resides in Thailand. Indorama started as a chemical company. Lohia turned corncobs into furfural, a type of alcohol. Indorama also then moved onto wool, becoming the first wool company in Thailand. Indorama then moved into the polyethylene business. These three ventures at first were separate companies, but Aloke Lohia ended up combining them.
In 2010, Indorama Ventures, PCL was listed on the Thai Stock Exchange. The company’s revenue reached a total of $7.5 billion by the end of 2014. Lohia has three children. His spouse, Suchitra, also graduated from Delhi and Harvard. She is the vice chairwoman of Indorama and manages the packaging part of the company. She also oversees several Indorama subsidiary companies.
34. Li Shufu
Zhejiang Geely Holding Group Co. Ltd.
Net Worth: $2.6B
Country: China
Li Shufu is the chairman of the holding group Zheijang Geely. He also is the chairman of Volvo, a popular car company. Born in the Chinese city of Taizhou in 1963, Li Shufu was young when he founded Geely Automobile in 1986. The 23-year-old businessman had become the chair of what would end up as the second-largest auto company in China. Shufu lives in China still, residing in Hangzhou. His net worth is over two billion dollars, and his company’s net worth is over fourteen billion dollars.
Li Shufu © Reuters
For a brief period of time, Li got involved in football. His company sponsored the Chin’Sa Jia B-Team for Guangzhou in 2001. But then there was controversy over potential match-fixing and cheating, so Li left. He claimed he might return to sponsoring football teams if the Chinese gaming environment improves.
Li Shufu also recently lamented about the lack of independent technology. He partnered with China’s Aerospace & Industrial Corp. to focus on developing new technology. His new project is supersonic bullet trains that will use cutting-edge technology. Li claimed that the motivation for this new investment was a lack of reliance. He did not want to be reliant on other peoples’ technology. Instead, he wanted China to have more independence.
35. Supaluck Umpujh
The Mall Group
Net Worth: $2B
Country: Thailand
Supaluck Umpujh’s name is pretty much synonymous with fashion in Thailand. Her father, Supachai Umpujh, founded The Mall Group. The Mall Group is the second-largest retail chain in Thailand. The Umpujh family owns a 65% share of the company, which has a revenue of nearly $2 billion. The Mall Group owes its staggering wealth to its popular locations, such as The Emporium, Siam Paragon Mall, and EmQuartier.
shopping mall, Bangkok / shutterstock.com
Supaluck is also very highly-educated. She received her education from Purdue University, achieving a Masters in Science. Her undergraduate degree comes from Mahidol University. This degree is in pharmacy. Supaluck Umpujh is the thirty-seventh richest person in Thailand. As the chairwoman of The Mall Group, she makes a lot of the decisions as to the Group’s direction.
Supaluck announced that The Mall Group is going to focus heavily on marketing in 2019. More than two billion baht is allocated in 2019 to advertising and marketing. Supaluck stated that she wanted to boost sales by at least sixty billion baht. Any underperforming malls also would undergo renovation come next year. The company is definitely making some major changes in the fashion industry in 2019.
36. Savitri Jindal
Country: India
Net worth: $6.7B
Company: Jindal Steel & Power Ltd.
Born in Tinsukia, Savitri Jindal is an Indian billionaire businesswoman. She was able to inherit the Jindal Steel and Power Limited company after her husband was killed in plane crash. Her husband’s name was O.P. Jindal. The two wed in the 1970s, but it wasn’t until 2005 that she became the sole leader of the company.
Savitri is the richest Indian woman. In all of India, she ranks as the sixteenth-richest person. Jindal Group, her company, is a major conglomerate in the steel industry. It also has a petroleum subsidy, as well as a company in Bolivia. The management is split between Jindal’s four sons. Savitri Jindal also is involved in politics. She was a Haryana Government Minister. She was a member of the Haryana’s Legislature.
Unfortunately, Savitri lost her seat in 2014, but she still remains active in politics. Savitri is part of the Indian National Congress (INC). The INC dates all the way back to 1885, when India was still under colonial rule. Mahatma Gandhi led the INC, and it was the first nationalist movement to spring up in India. The INC was majorly influential in inspiring other anti-colonialist movements. Savitri Jindal is a member of the party, continuing on the nationalist tradition.
37. Nusli Wadia
Wadia Group
Net worth: $6.9B
Country: India
Nusli Wadia was born in Bombay, India. His current nationality is British, but he is still considered a major part of the Indian elite and business culture. Nusli Wadia is the chairman of the Wadia Group. The Wadia Group has a ton of history to it. It goes back to 1736, when Lovji Wadia founded it. The Wadia Group contracted with the East India Company of Great Britain to build docks and ports.
The Wadia Group is majorly responsible for Bombay becoming a major trading port during Britain’s economic ventures in India. Flash forward to the 2000s, the Wadia Group handles real estate, land management, textiles, and manufacturing today.
Nusli Wadia is also politically important. He is a descendent of the Jinnah family through his mother’s side. His grandfather, Muhammad Jinnah, founded Pakistan. Wadia is part of the Parsi community and, because of his family ties, enjoys a lot of importance in India. Nusli’s wife, Maureen, is the head of Gladrags Magazine. She used to be an airline stewardess. Now, she’s one of the major figures in charge of India’s National Beauty Pageant. The couple has two sons, Jehangir and Ness.
38. Rahul Bajaj
Bajaj Group
Net worth: $4.3B
Country: India
Rahul Bajaj is not just a billionaire businessman, he is also a philanthropist and politician. He chairs the Bajaj Group. The Bajaj Group is a major conglomerate with investments in automobiles, iron, steel, home appliances, lighting, travel, and finance. The Bajaj Group was founded in 1926. Currently, it has 37 companies under its control. It holds the distinction of being the world’s largest manufacturer of two-wheeled and three-wheeled automobiles.
High rise building under construction in NOIDA / Shutterstock.com
Rahul, the current chair, received the third-highest award for Indian civilians, Padma Bhushan. He has an impressive educational background. Rahul attended Harvard University, St. Stephen’s College, Government Law College, and, lastly, Cathedral and John Connon School. Rahul was born in 1938. His family wasn’t all business, however. His father, Jamnalal Bajaj, was a freedom fighter. His father was also involved in philanthropy, which is where Rahul got the charitable streak from.
His sons mainly have taken over the company now. Rajiv and Sanjiv Bajaj manage the day to day operations of the Bajaj Group. Despite Rahul stepping back from the company, he still manages to have an impressive fortune. He is number 722 in the world for the richest people. He also has a daughter, Sunaina. Sunaina is married to the former head of the company Temasek India.
39. Samir Mehta
Torrent Group
Net worth: $4B
Country: India
Samir Mehta is a billionaire in charge of Torrent Group, which he runs with his brother. Samir is Gujarati. This ethnic group in India was a major part of the Indian movement for independence from British colonial rule. The Gujarati people tend to be very influential in industry and business, and Samir is no exception. Samir and his brother were born in Ahmedabad, India.
Indian powerplant seen from above / Shutterstock.com
Their company, Torrent Group, was founded fifty-nine years ago by U.N. Mehta. U.N. Mehta was the father of Samir and his brother. U.N. worked a pharmaceutical representative for a Swiss pharma company, Sandoz. It was pharma that made the Torrent Group so wealthy. The Torrent Group encompasses Torrent Pharmaceuticals, which is its flagship. From Torrent Pharma, $2.7 billion in revenue originates.
However, it is not just pharma that the Torrent Group has. The Torrent Group gets billions from Torrent Power. Torrent Power supplies electricity to Gujarat, as well as two other states. Their customer base is currently three million and growing. Torrent Group is also focused on acquiring businesses to add to its domain. Torrent bought out Unichem for over half a billion dollars. Unichem was the company’s major rival in India. Unichem adds a significant amount of wealth to Torrent’s pharmaceutical wing.
40. Rana Kapoor
Yes Bank
Net worth: $1B
Country: India
Rana Kapoor was born in New Delhi in 1957. His parents raised him there as well. He moved from New Delhi to get an education. He first attended Frank Anthony Public School as a youth. Then, he received his B.A. in economics in 1977 from Shri Ram College of Commerce. He then moved up another educational level. He went to the States to Rutgers University in New Jersey. He got not only an MBA; he also was awarded the President’s Medal. Rana also has an honorary Ph.D. from G. B. Pant Tech. From Rutgers, Rana went into the banking industry.
The logo of Yes Bank is pictured on the facade of its headquarters in Mumbai © Reuters
He was entry-level at the Bank of America for a decade before being promoted to the head of wholesale banking. For sixteen years, Rana Kapoor worked at the Bank of America. Then, he decided to start Yes Bank. Rana Kapoor founded Yes Bank after meetings with Rabobank execs in Singapore, the Netherlands, and India.
Kapoor wanted to found a joint venture, including both a bank and a non-banking financial institution. In 2003, the Reserve Bank of India licensed Yes Bank. Rana Kapoor founded the bank in the hopes of creating India’s highest-quality financial institution. It wasn’t until the beginning of 2017 that Kapoor achieved billionaire status.
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