Thursday, October 8, 2015

Hong Leong’s Quek Leng Chan’s family sixth richest in Asia - Forbes

KUALA LUMPUR (Oct 8): Malaysia's Hong Leong Group ( Valuation: 2.55, Fundamental: 2.20) executive chairman Tan Sri Quek Leng Chan and his Singaporean relatives, who have a combined wealth of US$18.9 billion (RM79.8 billion), were ranked the sixth richest family in Asia.

Forbes Media said in a statement today Quek's family was among Forbes Asia's inaugural ranking of the top 50 Asian business dynasties.

"The Kweks in Singapore and their cousins, the Queks in Malaysia, own and manage the Hong Leong Group founded by Kwek Hong Png and his three brothers. Today the globally diversified conglomerate has assets of $28 billion with interests in hotels, financial services, consumer and industrial-goods trading.

"Kwek's eldest son, Kwek Leng Beng, oversees the Singapore operations. Across the border, his cousin Quek Leng Chan chairs its Malaysia business. Grandsons Sherman and Eik Sheng are part of the senior management team at group companies," Forbes said.

South Korea's Samsung Group's Lee family is Asia's richest with a combined wealth of US$26.6 billion, according to Forbes.

Hong Kong-based Henderson Land Development founder Lee Shau Kee's family with a collective wealth of US$24.1 billion took the number two spot.

"The Ambani family ranks number three on the list. The family has a fortune of US$21.5 billion which includes the wealth of brothers Mukesh and Anil, both of whom inherited most of their father's fortune on his death in 2002 but opted to do business separately.

"Mukesh's twins, son Akash and daughter Isha, work at and occupy board seats at telecom arm Reliance Jio Infocomm and Reliance Retail. Anil's son Jai Anmol works at Reliance Capital," Forbes said.

Forbes said the minimum combined net wealth to qualify for Forbes Asia's list was US$2.9 billion.

Forbes Asia editor Tim Ferguson said: "Just as a family business brings its useful product to market and evolves from there, this inaugural ranking opens the door to new discoveries in future years."

The top 10 richest families in Asia are:

1) Lee from South Korea; US$26.6 billion
2) Lee from Hong Kong; US$24.1 billion
3) Ambani from India; US$21.5 billion
4) Chearavanont from Thailand; US$19.9 billion
5) Kwok from Hong Kong; US$19.5 billion
6) Kwek/Quek from Singapore, Malaysia; US$18.9 billion
7) Premji from India; US$17 billion
8) Tsai from Taiwan; US$15.1 billion
9) Hinduja from India, UK; US$15 billion
10) Mistry from India; US$14.9 billion

By Sangeetha Amarthalingam /

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