Ambani Family Tops Forbes 2017 Asia’s Richest Families List; 18 Indian Clans make it to the Prestigious List

India enjoys the biggest presence on the list with 18 families

India’s richest man, Mukesh Ambani, has added another feather to his cap. The Ambani family has topped the Forbes list of Asia’s Richest Families for the first time with a net worth of USD 44.8 billion. Their net worth has increased by USD 19 billion from the previous year, when they were ranked at No. 3. The list was released on November 15 and comprises 50 richest families in the Asian region. India enjoys the biggest presence on the list with 18 families. 

The Ambani family has overtaken the Lees of the Samsung empire to claim the No. 1 spot. Not just that, the Ambani family is also the biggest gainer in terms of percentage and dollars from the previous year. Forbes attributes this meteoric rise to factors such as ‘better refining margins and the demand produced by its telecom arm, Reliance Jio.’ The price war between telecom companies following the launch of the 4G service was evidence of the disruption caused by Jio’s launch. Jio currently boasts of around 140 million subscribers. Business magnate Mukesh’s younger brother Anil runs Reliance Communications. Their kids are also involved in the business.

The second richest Indian family on the list is the Premji family. They occupy Rank 11 with a net worth of USD 19.2 billion. The Premji family is closely followed by the Mittal family at Rank 14 (net worth USD 17.2 billion) and the Birla family at Rank 19 (net worth USD 14.1 billion). These make for the top five families on the list.

In a press statement, Forbes said that the collective wealth of Asia’s 50 richest families on the list is a record USD 699 billion, up 35 percent from last year. The list is created using stock prices and currency exchange rates from the close of markets on November 3, 2017. Private companies have been valued based on similar companies that are publicly traded. To make it to the list, a family’s wealth has to be rooted in Asia and at least three generations of the family must have participated in creating that wealth.