Quek/Kwek family sees wealth soar to $23.3 billion – here are Malaysia and Singapore’s richest families in 2017

Malaysia’s Quek Leng Chan (left) and his Singapore cousin Kwek Leng Beng. Quek oversees Malaysia’s operations for Hong Leong Group while Kwek runs the Singapore business.
Reuters and The Straits Times

Malaysia’s Quek/Kwek family of the Hong Leong Group is again the seventh richest family in Asia after gaining $4.8 billion (RM 20.1 billion, S$6.5 billion) in the past year, the latest Forbes data shows.

The family is now worth $23.3 billion, and is one spot below Hong Kong’s Lee Shau Kee family, who have a combined wealth of $29 billion.

Asia’s richest family this year is India’s Ambani family of Reliance Group fame with a net worth of $44.8 billion, which is an increase of $19 billion from last year.

Mukesh Ambani, chairman and managing director of Reliance Industries, poses with wife Nita Ambani.
Reuters

While there is only one Malaysian family listed on Forbes’ top 50 Asia’s Richest Families list this year, there are five families from Singapore which made the cut.

Many of Malaysia and Singapore’s richest families have members and business interests spread across the two countries.

The combined wealth of richest families in Malaysia and Singapore is now $67.75 billion.

Kuok Group’s Kuok family is Singapore’s richest, with a $16.6 billion wealth placing them at 15th spot on the top 50 list.

 Kuok Khoon Ean, whose father Robert Kuok is the founder of Kuok Group.
The Straits Times

Far East Organisation’s Ng Family came in at 25th with their $9.7 billion wealth, while Maybank’s Khoo family ranked 38th with a net worth of $6.4 billion.

Following close behind as Singapore’s fourth richest family is UOB’s Wee family, with a combined wealth of $6.25 billion at 40th place.

Dr Wee Cho Yaw, chairman of UOB.
The Straits Times

And the fifth richest family in Singapore is the Kwee family at 46th place with a combined net worth of $5.5 billion.

Collectively, the top 50 families are worth a record $699 billion, an increase of 35 per cent from last year.

Although Samsung’s Lee family saw a whopping $11.2 billion increase in their wealth to $40.8 billion, they fell to second place after topping the list for two years.

Samsung chairman Lee Kun-Hee’s daughters, Shilla Lee Boo-jin (C), Lee Seo-Hyun (L) and his only son Jay Lee, who was sentenced to 5 years in prison after being found guilty of corruption.
Reuters

When it comes to real estate, Hong Kong’s Kwok family is Asia’s richest and third on the overall list with a $40.4 billion wealth.

Sun Hung Kai Properties Chairman and Managing Director Raymond Kwok (R) and Adam Kwok, son of the former co-chairman Thomas Kwok.
Reuters

The top 10 richest families in Asia are:

Forbes

Read also: Singapore is No.1 in Asia in terms of average wealth per adult