Oct 09, 2015

    Kwek/Quek family is 6th-richest in Asia: Forbes

    WITH a combined wealth of US$18.9 billion (S$26.7 billion), the Kwek/Quek family from Singapore and Malaysia is the sixth-richest family in Asia, according to an inaugural Forbes ranking of Asia's 50 wealthiest dynasties.

    Topping the list is the Lee family of Samsung Group, with a combined wealth of US$26.6 billion.

    "This inaugural list recognises that family is at the core of Asia's biggest conglomerates and some of its best-known brands," said Forbes in a release yesterday.

    To qualify, a family's wealth and participation in building that fortune has to extend to at least three generations. The minimum combined net wealth cut-off is US$2.9 billion.

    No. 2 on the list is the Lee family of Henderson Land Development from Hong Kong with a combined wealth of US$24.1 billion.

    Closer to home, the Kweks in Singapore and their cousins, the Queks in Malaysia, own and manage the Hong Leong Group founded by Kwek Hong Png and his three brothers.

    Today, the globally diversified conglomerate has assets of US$28 billion with interests in hotels, financial services, consumer and industrial-goods trading. Mr Kwek's eldest son, Kwek Leng Beng, oversees the Singapore operations.

    "Nearly half of the richest families in Asia are of Chinese descent, but none of them is based in mainland China, where conglomerates are young and run by first generations. Families from India hold 14 of the 50 spots, easily the most from any jurisdiction," noted Forbes.