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Ranked: The 15 Richest Multi-Generational Families in Asia



This graphic shows the richest families in Asia in 2023 with data from Bloomberg.

The 15 Richest Multi-Generational Families in Asia

Today, Asia’s 15 richest families control over $400 billion in wealth.

Many family dynasties have shaped Asia’s economy—from energy conglomerates to banking empires. In many ways, this was supported by social capital and long-term planning often built into family business structures.

The above graphic uses data from Bloomberg to show the wealthiest families in Asia from a multi-generational perspective. Data is based on combined family wealth and does not include first generation founders, or single family heirs.

Ranking the Wealthiest Families

Here are the region’s richest dynasties as of March 14, 2023.

RankFamilyLocation GenerationsCompanyWealth
1Ambani🇮🇳 India3Reliance Industries$79.3B
2Hartono🇮🇩 Indonesia3Djarum, Bank Central Asia$38.8B
3Kwok🇭🇰 Hong Kong3Sun Hung Kai Properties$34.8B
4Mistry🇮🇳 India5Shapoorji Pallonji Group$28.4B
5Chearavanont🇹🇭 Thailand4Charoen Pokphand Group$28.2B
6Yoovidhya🇹🇭 Thailand2TCP Group$27.4B
7Cheng🇭🇰 Hong Kong4New World Development, Chow Tai Fook$25.9B
8Pao/Woo🇭🇰 Hong Kong3BW Group, Wheelock$22.6B
9Tsai🇹🇼 Taiwan3Cathay Financial, Fubon Financial$21.4B
10Lee🇰🇷 South Korea3Samsung$18.5B
11Lee🇭🇰 Hong Kong5Lee Kum Kee$17.9B
12Ng🇸🇬 Singapore3Far East Organization$16.5B
🇸🇬 Singapore, 🇲🇾 Malaysia
3Hong Leong Group$15.8B
14Sy🇵🇭 Philippines3SM Investments$15.7B
15Birla🇮🇳 India7Aditya Birla Group$15.5B

Note: Values are subject to change with market fluctuations.

As seen in the table above, the Ambani family controls a $79 billion empire, the largest in Asia. At the helm is Mukesh Ambani, Asia’s richest person, who lives with his family in a 27-story skyscraper in Mumbai.

For three generations, the Ambanis have run a vast network of energy, retail, and telecom firms in India under Reliance Industries, the largest company in India.

Indonesia’s Hartono family is second on the list with a $39 billion fortune. After inheriting the Djarum cigarette company from their father, brothers Budi and Michael Hartono invested in Bank Central Asia. It is Indonesia’s largest private bank with over $6 billion in revenue in 2022.

The Kwok family, ranked third at $35 billion, control one of Hong Kong’s largest property development companies, covering mainly commercial and residential real estate. They are one of four families in the top 15 from Hong Kong, the largest of any one country or territory.

Driving Higher Returns

Family-run businesses play a major role in Asia beyond establishing family dynasties.

Across a global dataset of 1,000 family-run publicly listed companies from Credit Suisse, 517 were from the Asia-Pacific region in 2022. Overall, family-run companies were shown to have higher innovative output due to longer tenures generating stronger social capital, combined with more efficient operating models.

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Visualizing the $105 Trillion World Economy in One Chart

How much does each country contribute to the $105 trillion world economy in 2023, and what nations are seeing their nominal GDPs shrink?



A chart showing the breakup of the world economy, organized by the size of each country's gross domestic product.

Visualizing the $105 Trillion World Economy in One Chart

By the end of 2023, the world economy is expected to have a gross domestic product (GDP) of $105 trillion, or $5 trillion higher than the year before, according to the latest International Monetary Fund (IMF) projections from its 2023 World Economic Outlook report.

In nominal terms, that’s a 5.3% increase in global GDP. In inflation-adjusted terms, that would be a 2.8% increase.

ℹ️ Gross Domestic Product (GDP) measures the total value of economic output—goods and services—produced within a given time frame by both the private and public sectors. All numbers used in this article, unless otherwise specified, are nominal figures, and do not account for inflation.

The year started with turmoil for the global economy, with financial markets rocked by the collapse of several mid-sized U.S. banks alongside persistent inflation and tightening monetary conditions in most countries. Nevertheless, some economies have proven to be resilient, and are expected to register growth from 2022.

Ranking Countries by Economic Size in 2023

The U.S. is expected to continue being the biggest economy in 2023 with a projected GDP of $26.9 trillion for the year. This is more than the sum of the GDPs of 174 countries ranked from Indonesia (17th) to Tuvalu (191st).

China stays steady at second place with a projected $19.4 trillion GDP in 2023. Most of the top-five economies remain in the same positions from 2022, with one notable exception.

India is expected to climb past the UK to become the fifth-largest economy with a projected 2023 GDP of $3.7 trillion.

Here’s a look at the size of every country’s economy in 2023, according to IMF’s estimates.

RankCountryGDP (USD)% of Total
1🇺🇸 U.S.$26,855B25.54%
2🇨🇳 China$19,374B18.43%
3🇯🇵 Japan$4,410B4.19%
4🇩🇪 Germany$4,309B4.10%
5🇮🇳 India$3,737B3.55%
6🇬🇧 UK$3,159B3.00%
7🇫🇷 France$2,923B2.78%
8🇮🇹 Italy$2,170B2.06%
9🇨🇦 Canada$2,090B1.99%
10🇧🇷 Brazil$2,081B1.98%
11🇷🇺 Russia$2,063B1.96%
12🇰🇷 South Korea$1,722B1.64%
13🇦🇺 Australia$1,708B1.62%
14🇲🇽 Mexico$1,663B1.58%
15🇪🇸 Spain$1,492B1.42%
16🇮🇩 Indonesia$1,392B1.32%
17🇳🇱 Netherlands$1,081B1.03%
18🇸🇦 Saudi Arabia$1,062B1.01%
19🇹🇷 Türkiye$1,029B0.98%
20🇨🇭 Switzerland$870B0.83%
21🇹🇼 Taiwan$791B0.75%
22🇵🇱 Poland$749B0.71%
23🇦🇷 Argentina$641B0.61%
24🇧🇪 Belgium$624B0.59%
25🇸🇪 Sweden$599B0.57%
26🇮🇪 Ireland$594B0.57%
27🇹🇭 Thailand$574B0.55%
28🇳🇴 Norway$554B0.53%
29🇮🇱 Israel$539B0.51%
30🇸🇬 Singapore$516B0.49%
31🇦🇹 Austria$515B0.49%
32🇳🇬 Nigeria$507B0.48%
33🇦🇪 UAE$499B0.47%
34🇻🇳 Vietnam$449B0.43%
35🇲🇾 Malaysia$447B0.43%
36🇵🇭 Philippines$441B0.42%
37🇧🇩 Bangladesh$421B0.40%
38🇩🇰 Denmark$406B0.39%
39🇿🇦 South Africa$399B0.38%
40🇪🇬 Egypt$387B0.37%
41🇭🇰 Hong Kong$383B0.36%
42🇮🇷 Iran$368B0.35%
43🇨🇱 Chile$359B0.34%
44🇷🇴 Romania$349B0.33%
45🇨🇴 Colombia$335B0.32%
46🇨🇿 Czech Republic$330B0.31%
47🇫🇮 Finland$302B0.29%
48🇵🇪 Peru$268B0.26%
49🇮🇶 Iraq$268B0.25%
50🇵🇹 Portugal$268B0.25%
51🇳🇿 New Zealand$252B0.24%
52🇰🇿 Kazakhstan$246B0.23%
53🇬🇷 Greece$239B0.23%
54🇶🇦 Qatar$220B0.21%
55🇩🇿 Algeria$206B0.20%
56🇭🇺 Hungary$189B0.18%
57🇰🇼 Kuwait$165B0.16%
58🇪🇹 Ethiopia$156B0.15%
59🇺🇦 Ukraine$149B0.14%
60🇲🇦 Morocco$139B0.13%
61🇸🇰 Slovak
62🇪🇨 Ecuador$121B0.12%
63🇩🇴 Dominican
64🇵🇷 Puerto Rico$121B0.11%
65🇰🇪 Kenya$118B0.11%
66🇦🇴 Angola$118B0.11%
67🇴🇲 Oman$105B0.10%
68🇬🇹 Guatemala$102B0.10%
69🇧🇬 Bulgaria$101B0.10%
70🇻🇪 Venezuela$97B0.09%
71🇺🇿 Uzbekistan$92B0.09%
72🇱🇺 Luxembourg$87B0.08%
73🇹🇿 Tanzania$85B0.08%
74🇹🇲 Turkmenistan$83B0.08%
75🇭🇷 Croatia$79B0.08%
76🇱🇹 Lithuania$78B0.07%
77🇨🇷 Costa Rica$78B0.07%
78🇺🇾 Uruguay$77B0.07%
79🇵🇦 Panama$77B0.07%
80🇨🇮 Côte d'Ivoire$77B0.07%
81🇷🇸 Serbia$74B0.07%
82🇧🇾 Belarus$74B0.07%
83🇦🇿 Azerbaijan$70B0.07%
84🇨🇩 DRC$69B0.07%
85🇸🇮 Slovenia$68B0.06%
86🇬🇭 Ghana$67B0.06%
87🇲🇲 Myanmar$64B0.06%
88🇯🇴 Jordan$52B0.05%
89🇹🇳 Tunisia$50B0.05%
90🇺🇬 Uganda$50B0.05%
91🇨🇲 Cameroon$49B0.05%
92🇱🇻 Latvia$47B0.05%
93🇸🇩 Sudan$47B0.04%
94🇱🇾 Libya$46B0.04%
95🇧🇴 Bolivia$46B0.04%
96🇧🇭 Bahrain$45B0.04%
97🇵🇾 Paraguay$43B0.04%
98🇳🇵 Nepal$42B0.04%
99🇪🇪 Estonia$42B0.04%
100🇲🇴 Macao$36B0.03%
101🇭🇳 Honduras$34B0.03%
102🇸🇻 El Salvador$34B0.03%
103🇵🇬 Papua
New Guinea
104🇸🇳 Senegal$31B0.03%
105🇨🇾 Cyprus$31B0.03%
106🇰🇭 Cambodia$31B0.03%
107🇿🇼 Zimbabwe$30B0.03%
108🇿🇲 Zambia$29B0.03%
109🇮🇸 Iceland$29B0.03%
110🇧🇦 Bosnia &
111🇹🇹 Trinidad
& Tobago
112🇬🇪 Georgia$28B0.03%
113🇭🇹 Haiti$27B0.03%
114🇦🇲 Armenia$24B0.02%
115🇬🇳 Guinea$23B0.02%
116🇧🇫 Burkina Faso$21B0.02%
117🇲🇱 Mali$21B0.02%
118🇬🇦 Gabon$20B0.02%
119🇦🇱 Albania$20B0.02%
120🇲🇿 Mozambique$20B0.02%
121🇧🇼 Botswana$20B0.02%
122🇾🇪 Yemen$20B0.02%
123🇲🇹 Malta$19B0.02%
124🇧🇯 Benin$19B0.02%
125🇵🇸 West Bank
& Gaza
126🇳🇮 Nicaragua$17B0.02%
127🇯🇲 Jamaica$17B0.02%
128🇲🇳 Mongolia$17B0.02%
129🇳🇪 Niger$17B0.02%
130🇬🇾 Guyana$16B0.02%
131🇲🇬 Madagascar$16B0.02%
132🇲🇩 Moldova$16B0.02%
133🇧🇳 Brunei Darussalam$16B0.01%
134🇲🇰 North Macedonia$15B0.01%
135🇬🇶 Equatorial Guinea$15B0.01%
136🇲🇺 Mauritius$15B0.01%
137🇧🇸 Bahamas$14B0.01%
138🇱🇦 Laos$14B0.01%
139🇳🇦 Namibia$13B0.01%
140🇷🇼 Rwanda$13B0.01%
141🇨🇩 Congo$13B0.01%
142🇹🇯 Tajikistan$13B0.01%
143🇰🇬 Kyrgyz Republic$12B0.01%
144🇹🇩 Chad$12B0.01%
145🇲🇼 Malawi$11B0.01%
146🇲🇷 Mauritania$11B0.01%
147🇽🇰 Kosovo$10B0.01%
148🇹🇬 Togo$9B0.01%
149🇸🇴 Somalia$9B0.01%
150🇲🇪 Montenegro$7B0.01%
151🇸🇸 South Sudan$7B0.01%
152🇲🇻 Maldives$7B0.01%
153🇧🇧 Barbados$6B0.01%
154🇫🇯 Fiji$5B0.01%
155🇸🇿 Eswatini$5B0.00%
156🇱🇷 Liberia$4B0.00%
157🇩🇯 Djibouti$4B0.00%
158🇦🇩 Andorra$4B0.00%
159🇦🇼 Aruba$4B0.00%
160🇸🇱 Sierra Leone$4B0.00%
161🇸🇷 Suriname$3B0.00%
162🇧🇮 Burundi$3B0.00%
163🇧🇿 Belize$3B0.00%
164🇨🇫 Central
African Republic
165🇧🇹 Bhutan$3B0.00%
166🇪🇷 Eritrea$3B0.00%
167🇱🇸 Lesotho$3B0.00%
168🇨🇻 Cabo Verde$2B0.00%
169🇬🇲 Gambia$2B0.00%
170🇱🇨 Saint Lucia$2B0.00%
171🇹🇱 East Timor$2B0.00%
172🇸🇨 Seychelles$2B0.00%
173🇬🇼 Guinea-Bissau$2B0.00%
174🇦🇬 Antigua & Barbuda$2B0.00%
175🇸🇲 San Marino$2B0.00%
176🇸🇧 Solomon Islands$2B0.00%
177🇰🇲 Comoros$1B0.00%
178🇬🇩 Grenada$1B0.00%
179🇻🇺 Vanuatu$1B0.00%
180🇰🇳 Saint Kitts
& Nevis
181🇻🇨 Saint Vincent
& the Grenadines
182🇼🇸 Samoa$1B0.00%
183🇩🇲 Dominica$1B0.00%
184🇸🇹 São Tomé
& Príncipe
185🇹🇴 Tonga$1B0.00%
186🇫🇲 Micronesia$0.5B0.00%
187🇲🇭 Marshall Islands$0.3B0.00%
188🇵🇼 Palau$0.3B0.00%
189🇰🇮 Kiribati$0.2B0.00%
190🇳🇷 Nauru$0.2B0.00%
191🇹🇻 Tuvalu$0.1B0.00%

Note: Projections for Afghanistan, Lebanon, Pakistan, Sri Lanka and Syria are missing from IMF’s database for 2023.

Here are the largest economies for each region of the world.

  • Africa: Nigeria ($506.6 billion)
  • Asia: China ($19.4 trillion)
  • Europe: Germany ($4.3 trillion)
  • Middle East: Saudi Arabia ($1.1 trillion)
  • North & Central America: U.S. ($26.9 trillion)
  • Oceania: Australia ($1.7 trillion)
  • South America: Brazil ($2.1 trillion)

Ranked: 2023’s Shrinking Economies

In fact, 29 economies are projected to shrink from their 2022 sizes, leading to nearly $500 billion in lost output.

A bar chart showing the amount of nominal GDP shrinkage for several countries.

Russia will see the biggest decline, with a projected $150 billion contraction this year. This is equal to about one-third of total decline of all 29 countries with shrinking economies.

Egypt (-$88 billion) and Canada (-$50 billion) combined make up another one-third of lost output.

In Egypt’s case, the drop can be partly explained by the country’s currency (Egyptian pound), which has dropped in value against the U.S. dollar by about 50% since mid-2022.

Russia and Canada are some of the world’s largest oil producers and the oil price has fallen since 2022. A further complication for Russia is that the country has been forced to sell oil at a steep discount because of Western sanctions.

Here are the projected changes in GDP for all countries facing year-over-year declines:

CountryRegion2022–23 Change (USD)2022–23 Change (%)
🇷🇺 RussiaEurope-$152.65B-6.9%
🇪🇬 EgyptAfrica-$88.12B-18.5%
🇨🇦 CanadaNorth America-$50.17B-2.3%
🇸🇦 Saudi ArabiaMiddle East-$46.25B-4.2%
🇧🇩 BangladeshAsia-$39.69B-8.6%
🇳🇴 NorwayEurope-$25.16B-4.3%
🇰🇼 KuwaitMiddle East-$19.85B-10.8%
🇴🇲 OmanMiddle East-$9.77B-8.5%
🇨🇴 ColombiaSouth America-$9.25B-2.7%
🇦🇪 UAEMiddle East-$8.56B-1.7%
🇿🇦 South AfricaAfrica-$6.69B-1.6%
🇬🇭 GhanaAfrica-$6.22B-8.5%
🇶🇦 QatarMiddle East-$5.91B-2.6%
🇦🇴 AngolaAfrica-$3.54B-2.9%
🇿🇼 ZimbabweAfrica-$3.09B-9.4%
🇺🇦 UkraineEurope-$2.79B-1.8%
🇸🇩 SudanAfrica-$2.72B-5.5%
🇮🇶 IraqMiddle East-$2.47B-0.9%
🇹🇱 East TimorAsia-$1.67B-45.7%
🇬🇦 GabonAfrica-$1.60B-7.3%
🇬🇶 Equatorial GuineaAfrica-$1.35B-8.2%
🇲🇼 MalawiAfrica-$1.24B-9.9%
🇱🇦 LaosAsia-$1.21B-7.9%
🇧🇳 BruneiAsia-$1.13B-6.8%
🇾🇪 YemenMiddle East-$1.12B-5.4%
🇸🇸 South SudanAfrica-$0.86B-10.9%
🇧🇮 BurundiAfrica-$0.66B-16.9%
🇸🇱 Sierra LeoneAfrica-$0.42B-10.6%
🇸🇷 SurinameSouth America-$0.05B-1.4%

The presence of Saudi Arabia, Norway, Kuwait, and Oman in the top 10 biggest GDP contractions further highlights the potential impact on GDP for oil-producing countries, according to the IMF’s projections.

More recently, producers have been cutting supply in an effort to boost prices, but concerns of slowing global oil demand in the wake of a subdued Chinese economy (the world’s second-largest oil consumer), have kept oil prices lower than in 2022 regardless.

The Footnote on GDP Forecasts

While organizations like the IMF have gotten fairly good at GDP forecasting, it’s still worth remembering that these are projections and assumptions made at the beginning of the year that may not hold true by the end of 2023.

For example, JP Morgan has already changed their forecast for China’s 2023 real GDP growth six times in as many months after expectations of broad-based pandemic-recovery spending did not materialize in the country.

The key takeaway from IMF’s projections for 2023 GDP growth rests on how well countries restrict inflation without stifling growth, all amidst tense liquidity conditions.

Where Does This Data Come From?

Source: The International Monetary Fund’s Datamapper which uses projections made in the April 2023 World Economic Outlook report.

Note: Projections for Afghanistan, Lebanon, Pakistan, Sri Lanka and Syria are missing from the IMF’s database. Furthermore, all figures used in the article, unless specified, are nominal GDP numbers and rates.


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