Real Life Crazy Rich Asians: The 10 Most Interesting (and Richest) Asians of 2018
You must have heard of the blockbuster film, Crazy Rich Asians, which took the film industry by storm this summer. And if you haven’t you need to check it out, like now. So, as a nod to the blockbuster film, we have decided to take a look at the opulent world of some real-life crazy rich Asians who could be the stars of their own reality shows.
The Hollywood hit is drawing attention to the regions growing wealth. According to Forbes over a third of the world’s wealthiest people are based in the Asia-Pacific. Which is a very impressive number, but it gets even more interesting. Reports say that the Asia-Pacific region is set to become the world’s richest region by 2020.
So with that being said, we thought now would be the perfect time to count down our list of the world’s most interesting (and richest) Asian’s of 2018.
Cho Yang-Ho & Family
BY ALICE HOU
Korean Air/ Hanjin Group
Net Worth: $225M
Country: South Korea
Cho Yang-ho and his family have been involved in multiple news-worthy events and one notorious incident involving macadamia nuts. The truth is, the Cho family is one of the most interesting families in South Korea, and they bring eccentric to a whole new level, it’s nuts (yes, pun intended).
Cho Yang-Ho, the chairman of Hanjin Group, which includes Korean Air, was indicted in October 2018 on multiple charges. It is also said he awarded contracts to companies controlled by his family members. Heather and Emily Cho, became viral sensations for throwing tantrums dubbed as the “nut rage incident” and the “water rage scandal”.
Eldest daughter, Heather made headlines in 2014 for kicking a crew member off a flight after she was served macadamia nuts in a bag rather than a bowl. Whereas Emily, the youngest daughter, was the center of controversy for throwing water in an ad exec’s face in a fit of rage.
The Ambani Brothers
Reliance Industries & Jio Network
Net Worth: $47.1B
Country: India
The Ambani’s are India’s most affluent family. Unfortunately, sometimes along with extreme wealth comes a wealth of trouble. The Ambani brothers are known as being part of one of Asia’s longest corporate feuds. Only ending recently with the victory of older brother Mukesh over younger brother Anil.
Reliance was founded by Dhirubhai Ambani, in 1966, as a small textile manufacturer, and grew into one of India’s most valuable companies, running over $60 billion in revenues in the gas and oil industry. Before their father’s death, the brothers worked alongside each other.
However, after their father’s death in 2002, the Ambani brothers split the family’s assets and went their separate ways. Since then the brothers have become embroiled in competition between themselves. Last year it was announced that Reliance Communications, owned by Anil, would sell its mobile business to Mukesh’s company, Jio.
Hartono Family
Djarum
Net Worth: $32B
Country: Indonesia
The Hartono family is the wealthiest family in Indonesia. The Hartono brothers are the owners of one of the largest tobacco companies in Indonesia – Djarum; a company founded more than half a century ago by their father, Oei Wie Gwan.
The brothers, Robert Budi and Michael took over the company when their father passed in 1963. However, the company suffered quite a bit with unstable economic conditions and the factory burning down. Despite all of the hardship they faced, the brothers turned things around, and it became the most successful enterprise in Indonesia.
These days, Budi’s son Victor is now running operations. Unfortunately, the company faces still faces unstable conditions, with significant crackdowns on tobacco products, with high taxes and other A majority of the family’s wealth lies in their investment in Bank Central Asia, with investments in popular electronic manufacturer Polytron and real-estate holdings in Jakarta.
Chalerm Yoovidhya & Family
Red Bull
Net Worth: $21B
Country: Thailand
Chalerm Yoovidhya is a Thai billionaire and the heir to the Red Bull empire. Chalerm is the oldest son of the late, Chaleo Yoovidhya, the co-creator of the iconic energy drink, Red Bull. Yoovidhya & Family owns 51% of the company, and Chalerm himself is worth about $21 billion USD. However, their extensive wealth does not shield them from controversy in any way.
In August of 2017, it was inadvertently exposed that the Yoovidhya family allegedly uses offshore companies to conceal their assets, such as luxury properties and private jets. This all comes about after an infamous hit-and-run event from 2012 involving Chalerm’s son, Vorayuth Yoovidhya. It was alleged that Vorayuth killed a motorcycle cop in Bankok, in his black Ferrari.
In this high-profile case, the car in question ran over the policeman and fled the scene. Only to be tracked by the police by following brake fluid which led to his home. Unbelievably, Vorayuth has yet to be brought to justice. The investigation, however, has brought to light the Yoovidhya family’s network of offshore companies and secret assets used as tax havens and to protect Vorayuth.
Lee (Byung-Chull) Family
BY ALICE HOU
Samsung
Net Worth: $40.8B
Country: South Korea
As one of Asia’s most affluent families, the Lee’s fortune alone could land them on this list. However, it is their background that could land them their own HBO series. The Lee’s, the family that founded Samsung, was named as one of Asia’s richest families. Unfortunately, the family is surrounded by countless scandals that have plagued them for years.
Sabotage. Espionage. Rivalries and internal wars — it may sound like an episode of “The Sopranos.” However, it is the real-life drama of the Samsung family. In a scandal that brought down the South Korean President, Park Guen-hye, Lee Jae-yong, the heir to the Samsung empire, was convicted of fraud and embezzlement.
Lee was accused of making large donations to particular foundations in exchange for political favours as a way to gain greater control of the company. Surprisingly, in February of this year, after serving more little more than a year of his five-year sentence, he was able to walk free from jail.
Jack Ma
Alibaba Group
Net Worth: $34.6B
Country: China
The infamous Alibaba co-founder, Jack Ma, has probably been called crazy plenty of times in his past — however, he is the one laughing now, all the way to the bank. The former English teacher co-founded the Alibaba Group back in 1999.
Alibaba is now one of the largest e-commerce companies in the world, and Ma is China’s wealthiest person. In an interesting turn of events, in September it was announced that Jack Ma was taking a step back from the company.
In a somewhat typical, yet chaotic way, the news was denied and then confirmed by the board. Daniel Zhang, the current CEO, will become Ma’s successor. Furthermore, this week, it was revealed that Mr Ma is a staunch supporter of the Communist Party of China. This news set Western media outlets into a frantic tizzy about scandals and warning signs.
Ma Huateng
Tencent Holdings/ WeChat
Net Worth: $35.3B
Country: China
Ma Huateng (also known as Pony Ma) makes it on this list because he is CRAZY rich. However, in contrast to his Alibaba billionaire rival, Jack Ma, Pony Ma, keeps a very low profile. He is known as the “Mysterious Billionaire” from humble beginnings.
Mr Ma co-founded an internet messaging service in 1998 and named the company Tencent. Funny enough, using his own messaging service is how he met and fell in love with his wife. These days, Tecent specialises in many Internet-related services and products, including entertainment, artificial intelligence and technology.
Tecent is a huge video game publisher, one of the largest in the world, with Call of Duty and FIFA as some of their most notable games. Tecent Holdings also holds stakes in Tesla, Spotify, Lyft, and video game producer Activision Blizzard. In 2012, the company launched WeChat, which has become a global phenomenon.
Tadashi Yanai
Fast Retailing (Uniqlo, JBrand and Theory)
Net Worth: $19.5B
Country: Japan
As of June 2018, Tadashi Yanai was named the wealthiest man in Japan. He is a self-made billionaire and the founder and current president of Tokyo-based retail clothing empire Fast Retailing, parent of the Uniqlo chain. Their brands include some of the biggest fashion houses in the industry, including, Helmut Lang, JBrand, and Theory.
About a year ago, in January 2017, on one winter day, Mr Yanai learned a hard truth about the stock market, it’s easy to have a bad day. And a bad day he had, a 1.4 billion dollar bad day, to be exact.
Due to unexpected warm weather, and an overstock of “HeatTech” warm winter wear, the company reported a 5% loss in December. This led to a 6.7% drop in Fast Retailing stock, which translated to a personal loss of 1.4 billion dollars for the CEO. Ouch. Fortunately, Yanai still had 16.3 billion dollars more left in the bank, so the loss wasn’t such a massive blow for him.
The Kwok Family
Sun Hung Kai Properties (SUHJF)
Net Worth: $34B
Country: Hong Kong
Kidnapping, family conflicts, legal disputes and endless controversy. And, regardless of it all, billions of dollars in revenue. The drama of the Kwok family reads like a lifetime movie.
The eldest brother of the Kwok family, Walter, died a few months ago, but his story did not die with him. Back in 1997, Walter survived a kidnapping by one of China’s most notorious gangsters. Then almost ten years later, in 2008, he was ousted from Sun Hung Kai Properties by his two brothers, Thomas and Raymond, as well as his mother.
The alleged story was that his family felt Walter was not able to run the company after his kidnapping ordeal and that he was suffering from PTSD. A claim Walter denied. The family was embroiled in conflict until the dispute was finally resolved in 2014. However, later that year Thomas was convicted of corruption and jailed for five years. Raymond was found not guilty, while Walter was arrested but was never charged.
Najib Razak
Former Malaysian Prime Minister
Net Worth: 850M
Country: Malaysia
In 2015, Najib Razak, the Malaysian Prime Minister found himself in the middle of a huge international scandal. The scandal involved embezzlement, money laundering, misappropriation of funds and bribery. For nearly a decade Mr Najib controlled a nation. However, after the Malaysian elections this year, commanding authority was given to his opposition, in a stunning defeat.
Najib claims he knew nothing of the multi-million-dollar 1MDB scandal and declared he has zero knowledge about money from the state fund miraculously appearing and moving (on its own) from 1MDB to his account. Najib has routinely denied any wrongdoing in the case.
The investigation led detectives to look into the vast amounts of jewellery, handbags and other luxury items including a Picasso painting and properties in California and New York. All of which were supposedly bought using money from the state fund, and all connected to Razak and his family.
Premchai Karnasuta
Italian-Thai Construction
Net Worth: $240M
Country: Thailand
The story of Premchai Karnasuta is one of a fall from grace. The high-profile multi-millionaire tycoon who built Thailand’s biggest airport and railway system is now garnering attention for all the wrong reasons. The country is currently caught up in a debate on the privileges of the rich and powerful in Thailand, due to a very unsettling poaching scandal involving Karnasuta. Premchai Karnasuta was arrested in February of 2018 for hunting rare and endangered species protected at a World Heritage wildlife sanctuary in Kanchanaburi, Thailand.
Photos were released shortly afterward of Karnasuta showing off his collection of guns to park rangers. These photos went viral, and have since dominated the news in Thailand and the rest of the world. Unfortunately, the situation was exacerbated after people found out that Premchai and his hunting party attempted to bribe park rangers for their release.
Now out on bail, Karnasuta is facing upwards of 12 charges, which include unauthorized possession of firearms, illegal hunting, and bribery. Some of which carries a maximum penalty of 10 years in prison if he is convicted. The only positive that has come from this situation is that it has caused the country to talk about privilege in an attempt to curb the power imbalance of the rich.
Prawit Wongsuwan
Deputy Prime Minister of Thailand
Net Worth: Unknown
Thailand
In early December of last year, Prawit Wongsuwan made a simple gesture; he raised his hand to shield the sun from his face. Unfortunately for him, this simple act almost tarnished his reputation. By raising his arm, he exposed a few things; one, a Richard Mille watch and a large diamond ring on his finger, and two, undeclared assets that raised suspicions.
In a story dubbed “The Watchgate Scandal,” General Prawit’s extensive collection has come under fire and has sparked corruption rumors throughout Thailand. Aside from a flashy display of money, the story communicates another message: military power and affluence. The story has captivated millions in Thailand and beyond, especially given that the military junta unseated the elected government back in 2014, with the promise to abolish corruption.
Thai deputy prime minister, Prawit Wongsuwan, has served as the minister of defense since 2014 and holds multiple roles in the government. Even though General Prawit, holds multiple official titles, he is now also known for having multiple luxury watches. His extravagant collection is estimated to be worth upwards of USD 1.5 million.
Masayoshi Son
BY ALICE HOU
Masayoshi Son is a Japanese/South Korean businessman, the wealthiest man in Japan, and currently the 8th richest person in Asia. Son is the founder and CEO of SoftBank, a mobile telecom company, and chairman of Sprint Corporation. His company is the largest shareholder of Uber, the peer-to-peer ridesharing app.
The Japanese businessman is an unstoppable force in the startup world and is well-known for his aggressive investing and deal making. He has stakes in countless activities from office sharing company WeWork to French robotics business, Aldebaran. SoftBank had invested in over 100 deals worth more than $35 billion in 2017 alone.
His investment strategy tends to confuse both his critics and admirers. Along the road, Masayoshi Son has confounded his rivals and led them to ask the question; does he know what he is doing? It seems as if the jury is still out on that one. Masayoshi is no stranger to failure. He reportedly set the record for most money ever lost after the ‘Dot Com’ crash in 2000, losing roughly $70 billion in funds. But he does not let his significant loss steer him from his end goal.
The Mistry Family
BY ALICE HOU
Shapoorji Pallonji Group
Net Worth: $14.8B
Country: India
Pallonji Mistry is an Indian billionaire and reclusive tycoon that has once again claimed a top spot in India’s richest list of 2018 on Forbes. The Mistry family controls the 152-year old Shapoorji Pallonji Group. The company has diversified interests in construction, real estate, textiles, appliances, and more.
Shapoorji Mistry, his son, dropped out of school to try his hand in the family business. He then went on to obtain a minority stake in Tata Sons holdings. The family currently holds a 18.4% stake in the company which is part of the Tata Group, now worth upwards of $100 billion.
In 2016, following a boardroom coup, Cyrus Mistry, Shapoorji’s son, was suddenly ousted as chairman of the board. Cyrus was involved in a very messy legal battle with the Tata Group. For over a year the Mistrys were engaged in a bitter public dispute between India’s two most notorious families, the Mistrys and the Tatas.
Yang Huiyan
BY ALICE HOU
Country Garden Holdings
Net Worth: $29.8 B
Country: China
Yang Huiyan is the wealthiest woman in Asia, and the only person on this list under the age of 40, she was born in 1981. She has a net worth of just under $30 billion, which continues to rise rapidly. She has held the exclusive title of China’s richest woman for the last six years, and she remains one of the most successful female entrepreneurs in the world.
Yang appears to be media-shy, so there is not a lot of information or photos found online about her. There are however a few things we do know about her. Yang is a Chinese entrepreneur, venture capitalist, and investor, who is the controlling majority shareholder of Country Garden Holdings. In 2007 before the IPO went public, her father, Guangdong developer, Yang Guoqiang, transferred 70% of his company into her name. She was just 25 years old at the time. Her Younger sister, Yang Ziying, also sits on the companies board of directors.
Country Garden Holdings is active in 261 cities across China, and more than 1,000 townships. The companies revenues jumped almost 50% in 2017, doubling their profits for the year. Furthermore, Yang sits on the board of Bright Scholar Education Holdings, which is the largest operator of international and bilingual schools for kindergarten to 12th grade in China.
Lee Myung-bak
BY ALICE HOU
Former South Korean President
Net Worth: $23.6 M
Country: South Korea
The next on our list is just one of the four former presidents of South Korea who was convicted of corruption. Lee Myung-bak, who allegedly accepted millions in bribes from high profile companies like Samsung and many others, including the National Intelligence Service. Reportedly, Lee was also involved in embezzling funds from DAS, an auto parts maker.
Earlier this year Lee Myung-bak was sentenced to 15 years in jail after admitting to taking an undisclosed amount from the state spy agency while still sitting in office. Making him the last of the country’s former leaders to be embroiled in controversy. Lee denied most of the allegations against him, but he did accept some of the facts, which eventually brought him down.
Lee was the president of South Korea from 2008 to 2013, during which time it was said that he accepted a bribe from Samsung for a pardon for chairman, Lee Kun Hee, who was convicted of tax evasion. Lee refused to attend his own trial and accused prosecutors of carrying out political revenge. However, in the end, he was found guilty and was fined 13 billion won.
Charoen Sirivadhanabhakdi
BY ALICE HOU
Thai Beverage/ Chang Beer
Net Worth: 17.4B
Country: Thailand
Charoen Sirivadhanabhakdi is a Thai billionaire businessman who is the founder of Thai Beverage, best known for Chang beer. Charoen is the son of a Bangkok street vendor, came from humble beginnings and has since become the founder and chairman of Thailand’s largest brewer as well as Thailand’s largest property developer and landlord.
Sirivadhanabhakdi owns at least 50 hotels in Asia, UK, the US, and Australia, including the renowned, Okura Prestige Bangkok and seven Marriott brand hotels in the region. His other assets include supermarket chain Big C Supercenter, and Singapore beverage company Fraser & Neave. Through the years Charoen Sirivadhanabhakdi has faced many allegations of corruption and abuse of political connections. However, in the end, none of which have been substantiated.
Back in 2006, Panote, Charoen’s youngest son, attempted to take Thai Beverage public in Singapore after his attempts failed in Thailand due to protests against the advertising of alcohol. Panote is the current CEO of TCC Assets (Thailand) and Frasers Property Limited. He was recently named 2018’s Real Estate Personality of the Year in Thailand, earning him a unique distinction in the industry.
Joko Widodo
BY ALICE HOU
President of Indonesia
Net Worth: $349M
Indonesia
Joko Widodo is the current President of Indonesia, elected in July 2014. Widodo, commonly called Jodowi, is the first and only Indonesia president to not come from a military background. He was originally mayor of his hometown, Surakarta, and then later became the Governor of Jakarta, Indonesia’s Capital. Jodowi is a widely popular President and seeks re-election in the upcoming 2019 elections.
Unfortunately, he faces some serious challenges as Indonesia’s government continues to be shaken by corruption scandals. Back in March, there was an investigation into a major multimillion-dollar fraud and embezzlement charge against one of the country’s high-profile politicians, Setya Novanto. Novanto is well known as one of Joko Widodo’s key political allies. Setya Novanto fled and has not been heard of since. This situation is haunting the president as he has tried to remove himself from the long history of Indonesia’s famously corrupt political system.
Furthermore, Jodowi has a hard road ahead of him as he attempts to balance the demands of Islamic conservatives and more progressive voters. He also is constantly under fire from human rights groups because of his proposal to outlaw gay and extramarital sex and his reluctance to ban childhood marriage. Earlier this year, Mr. Widodo also drew criticism from human rights groups for incarcerating a teen for insulting him on Facebook.
Robert Kuok
BY JORDANA GOLD
Robert Kuok is known as the “Sugar King of Asia.” He’s also Malaysia’s richest man. In the world, he ranks ninety-sixth. He’s the oldest person on Forbes’ Top 100 Richest People rundown. Kuok owns Kuok Group, a major investment conglomerate with holdings in multiple sectors. Kuok Group has investments in commodities, real estate, and hotels.
Kuok’s hotel prowess is well-documented. Kuok founded the Shangri-la Hotel in Singapore, which is world-renowned for its luxury. Kuok’s nephew, Khoon Hong, is in charge of Wilmar International. Wilmar has made Khoon Hong very rich. Kuok is known for valuing his family. His backstory is quite interesting, too.
Kuok started as a simple errand boy for an office in Malaysia. He was helped by the fact that, as a product of Japanese control over Malaysia, he spoke three languages: Chinese, Japanese, and English. He then worked as a clerk for a rice trading company. He was a big fan of the Japanese Empire, and he took the business skills he learned while working for them and applied them to his own company later on. He isn’t just the Sugar King of Asia now. He also has interests in oil, palm oil, and grains, providing diversification.
The Koo Family
BY JORDANA GOLD
The Koo Family owes its fortune to the electronics company LG Corp. LG Corp has provided over seventy percent of the Koo Family’s wealth. The major shareholder and chairman, Koo Bon-Moo, tragically lost his son in 1994. Koo Bon-Moo adopted Koo Kwang Moo, his nephew. Koo Kwang Moo is next in line to inherit the business, which includes investments in chemicals, fashion, machinery, and telecom.
The Koo family also owns CTBC Holdings, which is an investment company going through some drama currently. Jeffrey Koo, the deceased leader of CTBC, apparently transferred $300 million for personal investments into bank accounts his son, Jeffrey Jr., owned. The problem was, he lied about the personal investments and claimed they were actually for overseas investments made by CTBC’s subsidiaries.
Taiwan prosecutors arrested Jeffrey Jr. and released him recently after he made his bail of $3 million. The charges included violations of Banking and Securities Acts. His bail was likely so high because he could be considered a flight risk by prosecutors. His wealth makes it easy for him to just disappear, should he choose. It remains to be seen what will happen in this scandal.
Shinzo Abe
BY JORDANA GOLD
Shinzo Abe is the Japanese Prime Minister, and he is definitely not scandal-free. Since 2012, he has been the leader of the Liberal Democrat Party in Japan. After resigning in 2007 from his position as Prime Minister, he decided to come back into politics. He won the 2014 and 2017 elections. His views on Japanese history are pretty rosy.
Abe denies that Japan coerced South Korean and Japanese women into “comfort women” roles during World War II, after the Japanese bombed the U.S. Shinzo Abe spawned his own economic term, Abenomics, after his “three arrow approach” consisting of growth, surplus, and reform. Abe’s currently having issues with a school-related scandal. His wife had connections with a public school that was able to purchase land from the Japanese government at suspiciously low rates. Abe is being investigated for this.
His tax minister resigned, and a regional finance bureau employee in the school’s area was found dead. The police are investigating the death as a suicide, but that could change should foul play be discovered. Abe’s ministry won’t comment on the school scandal. The investigation is being completed by Abe’s own people, so whether it will implicate Abe is unlikely at best. Investigating yourself usually leads to a positive conclusion.
Real Life Crazy Rich Asians: The 10 Most Interesting (and Richest) Asians of 2018
BY ALICE HOU
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