Forbes' top Asia's richest families list is out! Three Indian names included in it

The much-awaited inaugural list of Asia's 50 richest families was published on Thursday by Forbes Asia magazine with South Korea's Lee family, which controls the formidable Samsung conglomerate, is at the top.

As of late September, the Lee family had a net worth of $26.6 billion, with second and third generation members now running over 50 businesses.

Founded in 1938, the Samsung empire was owned by wealthy landowner's son Lee Byung-Chull. It has now diversified interests ranging from mobile phones to construction and shipbuilding.

According to Forbes Asia, Samsung, the biggest of the "chaebol" or family-run conglomerates dominating the nation’s economy, accounted for 22% of the South Korea’s total gross domestic product (GDP) in 2014.

"Nearly half of the richest families in Asia are of Chinese descent, yet none of the inaugural 50 is based in the mainland, where conglomerates are young, run by the first generation," it said in a report.

Now comes the second richest in the list, that is the Hong Kong Chinese family, also surnamed Lee. The family controls Henderson Development and boasts a fortune of $24.1 billion.

The Ambanis of India's Reliance Group ranked third richest in the list with a combined net worth of $21.5 billion, followed by Thailand's Chearavanont family with $19.9 billion, generated from the agriculture-based Charoen Pokphand group.

Rounding out the top five is the Kwok family, which controls Hong Kong's Sun Hung Kai property empire, with a combined net wealth of $19.5 billion.

Only families with business involvement extending to at least three generations were included in the survey.

The family of Hong Kong tycoon Li Ka-shing, who has a current net worth of $25 billion based on a Forbes global list, was excluded because he has no grandchildren who have taken serious roles in the family business, it said.

The estimates of family fortunes were based on stock prices and exchange rates at the close of markets on September 25.

The top 10 richest families in Asia on the Forbes Asia list with their main businesses:

1) Lee from South Korea (Samsung): US$26.6 billion

2) Lee from Hong Kong (Henderson): $24.1 billion

3) Ambani from India (Reliance): $21.5 billion

4) Chearavanont from Thailand (Charoen Pokphand): $19.9 billion

5) Kwok from Hong Kong (Sun Hung Kai): $19.5 billion

6) Kwek/Quek from Singapore, Malaysia (Hong Leong): $18.9 billion

7) Premji from India (Wipro): $17 billion

8) Tsai from Taiwan ( Cathay Financial): $15.1 billion

9) Hinduja from India, Britain (Hinduja Group): $15 billion

10) Mistry from India (Shapoorji Pallonji Group): $14.9 billion

(Image: Indiatimes)