Indian family billionaires lead Asia’s surge, Hong Kong’s suffer reversal – Times of India



Hong Kong’s old-money families are feeling the chill of China’s downturn. An unprecedented four out of the five Hong Kong dynasties who rank among the 20 richest Asian clans have seen their fortunes erode over the past year, according to Bloomberg. The families — many of whom have substantial chunks of their riches in real estate — are confronting both the slide in the city’s stock market and their exposure to the sustained property crisis in China
China Disappears
There wasn’t a single Chinese business family in this year’s Bloomberg top 20 Asian richest clans list. This was largely due to erosion of stock market wealth in the country. Keep in mind, the list doesn’t include first-gen wealth creators like Jack Ma and Gautam Adani. It also excludes fortunes of single heirs
Over A Quarter Of Asia’s 20 Richest Clans Are Indian
Six of Asia’s 20 richest clans are from India. The divergence is an indication of how the concentration of wealth and power in Asia is shifting as China’s growth slows
Ambani’s Wealth, Reliance Market Cap At Record Highs
Ambani family’s fortune ($103 billion) and RIL stock have both hit record highs in recent weeks The six Indian clans are together worth $219 billion, which is 41% of the total wealth of Asia’s top 20 The stock market boom has also bolstered Mistry, Jindal, Birla and Bajaj fortunes
Hong Kong’s Chengs See Their Flagship Co Sink To 20-Year Low
One of the prominent losers in this rejig are Hong Kong’s Chengs, whose $24 billion fortune grew from a jewellery shop a century ago The Chengs’ wealth is $2.4 billion lower than it was last year, the first time it has declined since Bloomberg began tracking the data in 2019 (Cheng Yu-Tung was the group’s patriarch)



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