Michael Hartono, Tang Xiao’ou and Mukesh Ambani.
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Mon 31 January 2022:
According to the Bloomberg Billionaires Index, the wealth of Asia’s 20 wealthiest families has climbed by $33 billion in the last two years.
Bloomberg recently published a report highlighting how the region’s wealthiest families are moving their focus to e-commerce, technology, and cryptocurrency.
Their combined wealth currently surpasses $495 billion, more than Hong Kong’s or Singapore’s gross domestic product. Among these dynasties are the Ambanis, Hartonos, and Mistrys, to name a few.
Indian oil-to-telecoms giant Reliance Industries reported quarterly earnings that beat analyst estimates, helped by higher crude oil prices and a strong recovery across its diversified businesses.
The conglomerate, which is owned by Asia’s richest man, Mukesh Ambani, reported a net profit of 185.5 billion rupees ($2.5 billion) between October and December, 42 percent higher than the same period last year.
The Birla and Bajaj dynasties behind two of India’s biggest conglomerates also debuted on the ranking, signaling the relative strength of the nation’s economy.
“Many tycoons in traditional businesses have seen their businesses could be disrupted by tech firms they never heard of,” said Kevin Au, the director for the Centre for Family Business at the Chinese University of Hong Kong.
“They know that if they don’t react quickly enough, they could be taken over.”
A controversial name on the list is Tang Xiao’ou, who is the founder of SenseTime, an artificial intelligence company blacklisted by the United States over accusations of aiding genocide in Xinjiang.
It raised HK$5.78 billion ($741 million) selling 1.5 billion shares at HK$3.85 per share, the bottom of its price range, according to Bloomberg.
The sale boosted the wealth of Tang Xiao’ou, with the Massachusetts Institute of Technology alum’s wealth jumping by $500 million to roughly $3.9 billion, according to the Bloomberg Billionaires Index.
Meanwhile, Adrian Cheng, whose family is worth about $23 billion, has lost a lot of money and has dropped a lot of places on the list after his company, New World Development Co., one of Hong Kong’s largest property developers, has lost more than 40% of its value since its peak less than three years ago.
Authorities in Hong Kong have been cracking down on a national security law enacted by Beijing in 2020, which some foreign governments, including the US, claim is being used to crush civil society, imprison democracy activists, and quiet criticism.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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Michael Hartono, Tang Xiao’ou and Mukesh Ambani
Mon 31 January 2022:
According to the Bloomberg Billionaires Index, the wealth of Asia’s 20 wealthiest families has climbed by $33 billion in the last two years.
Bloomberg recently published a report highlighting how the region’s wealthiest families are moving their focus to e-commerce, technology, and cryptocurrency.
Their combined wealth currently surpasses $495 billion, more than Hong Kong’s or Singapore’s gross domestic product. Among these dynasties are the Ambanis, Hartonos, and Mistrys, to name a few.
Indian oil-to-telecoms giant Reliance Industries reported quarterly earnings that beat analyst estimates, helped by higher crude oil prices and a strong recovery across its diversified businesses.
The conglomerate, which is owned by Asia’s richest man, Mukesh Ambani, reported a net profit of 185.5 billion rupees ($2.5 billion) between October and December, 42 percent higher than the same period last year.
The Birla and Bajaj dynasties behind two of India’s biggest conglomerates also debuted on the ranking, signaling the relative strength of the nation’s economy.
“Many tycoons in traditional businesses have seen their businesses could be disrupted by tech firms they never heard of,” said Kevin Au, the director for the Centre for Family Business at the Chinese University of Hong Kong.
“They know that if they don’t react quickly enough, they could be taken over.”
A controversial name on the list is Tang Xiao’ou, who is the founder of SenseTime, an artificial intelligence company blacklisted by the United States over accusations of aiding genocide in Xinjiang.
It raised HK$5.78 billion ($741 million) selling 1.5 billion shares at HK$3.85 per share, the bottom of its price range, according to Bloomberg.
The sale boosted the wealth of Tang Xiao’ou, with the Massachusetts Institute of Technology alum’s wealth jumping by $500 million to roughly $3.9 billion, according to the Bloomberg Billionaires Index.
Meanwhile, Adrian Cheng, whose family is worth about $23 billion, has lost a lot of money and has dropped a lot of places on the list after his company, New World Development Co., one of Hong Kong’s largest property developers, has lost more than 40% of its value since its peak less than three years ago.
Authorities in Hong Kong have been cracking down on a national security law enacted by Beijing in 2020, which some foreign governments, including the US, claim is being used to crush civil society, imprison democracy activists, and quiet criticism.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
_____________________________________________________________________________________________________________
FOLLOW INDEPENDENT PRESS:
TWITTER (CLICK HERE)
https://twitter.com/IpIndependent
FACEBOOK (CLICK HERE)
https://web.facebook.com/ipindependent
Think your friends would be interested? Share this story!
Michael Hartono, Tang Xiao’ou and Mukesh Ambani
Mon 31 January 2022:
According to the Bloomberg Billionaires Index, the wealth of Asia’s 20 wealthiest families has climbed by $33 billion in the last two years.
Bloomberg recently published a report highlighting how the region’s wealthiest families are moving their focus to e-commerce, technology, and cryptocurrency.
Their combined wealth currently surpasses $495 billion, more than Hong Kong’s or Singapore’s gross domestic product. Among these dynasties are the Ambanis, Hartonos, and Mistrys, to name a few.
Indian oil-to-telecoms giant Reliance Industries reported quarterly earnings that beat analyst estimates, helped by higher crude oil prices and a strong recovery across its diversified businesses.
The conglomerate, which is owned by Asia’s richest man, Mukesh Ambani, reported a net profit of 185.5 billion rupees ($2.5 billion) between October and December, 42 percent higher than the same period last year.
The Birla and Bajaj dynasties behind two of India’s biggest conglomerates also debuted on the ranking, signaling the relative strength of the nation’s economy.
“Many tycoons in traditional businesses have seen their businesses could be disrupted by tech firms they never heard of,” said Kevin Au, the director for the Centre for Family Business at the Chinese University of Hong Kong.
“They know that if they don’t react quickly enough, they could be taken over.”
A controversial name on the list is Tang Xiao’ou, who is the founder of SenseTime, an artificial intelligence company blacklisted by the United States over accusations of aiding genocide in Xinjiang.
It raised HK$5.78 billion ($741 million) selling 1.5 billion shares at HK$3.85 per share, the bottom of its price range, according to Bloomberg.
The sale boosted the wealth of Tang Xiao’ou, with the Massachusetts Institute of Technology alum’s wealth jumping by $500 million to roughly $3.9 billion, according to the Bloomberg Billionaires Index.
Meanwhile, Adrian Cheng, whose family is worth about $23 billion, has lost a lot of money and has dropped a lot of places on the list after his company, New World Development Co., one of Hong Kong’s largest property developers, has lost more than 40% of its value since its peak less than three years ago.
Authorities in Hong Kong have been cracking down on a national security law enacted by Beijing in 2020, which some foreign governments, including the US, claim is being used to crush civil society, imprison democracy activists, and quiet criticism.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
_____________________________________________________________________________________________________________
FOLLOW INDEPENDENT PRESS:
TWITTER (CLICK HERE)
https://twitter.com/IpIndependent
FACEBOOK (CLICK HERE)
https://web.facebook.com/ipindependent
Think your friends would be interested? Share this story!
