Family Offices in Southeast Asia

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Family Offices in Southeast Asia

The top family businesses in South East Asia were identified based on The Family Capital's top 750 family business rankings. The qualification criteria for the ranking was that the family "would have to control at least 50% of the voting shares in a privately held company and at least 32% of the voting rights in a publicly listed company." The Forbes rankings were used to identify family business owners not listed among the top 750 in the world but were among the top three in a SEA country.

Ranking Criteria

  • The company-holding-specific net worth of the owners as of 1st Jan2020 was used to rank the wealthiest family business owners in SEA. The formula for company-holding-specific net worth:
  • Company-holding-specific net worth = family shareholding * market cap as of 1st Jan 2020
  • The calculations for the same can be found in the attached spreadsheet.
  • We have added one Singapore-based and two Vietnam-based family businesses from outside of the Family Capital 750 list. Only families that resided in and had their primary business headquartered in the same country were considered. For example, Zhang Yong & Shu Ping were not considered even though they are Singapore's wealthiest family as their company Haidilao International Holding Ltd is headquartered in Beijing.

Top Family Business Owners

  • The list of the top 2-3 family businesses in Singapore, Indonesia, Vietnam, Malaysia, Philippines, Thailand has been provided below. For each of the family-owned firms, we have provided the 2018 revenue, employees in 2018, and the market cap on Jan 1, 2020.


1) Zhong Family
  • The Zhong family owns a 71.9% stake in Yanlord Land Group Limited.
  • "Yanlord Land Group Limited (Yanlord) is a Singapore-based investment holding company. The Company is a procurer of funds. The Company's segments include property development, property investment, and others.
2) Widjaja Family
  • The Widjaja family owns a 50.4% stake in Golden Agri-Resources Ltd.
  • "Golden Agri-Resources Ltd is a palm oil plantation company. The company is engaged as an investment holding company. Its primary activities include cultivating and harvesting oil palm trees, processing fresh fruit bunches (FFB) into crude palm oil (CPO) and palm kernel (PK), refining CPO into industrial and consumer products, as well as merchandising palm products across the world."
3) Robert Ng & Philip Ng
  • "Brothers Robert and Philip Ng control Far East Organization, Singapore's largest private landlord and property developer."
  • "Far East Organization is one of Asia's largest real estate group, with a range of products in residential, commercial, hospitality and retail space segments."


1) Hartono Family
  • The Hartono family owns PT Djarum (private) and has a 54.9% stake in PT Bank Central Asia Tbk.
  • PT Djarum is a privately-owned family business that "includes manufacturing cigarettes from tobacco or other materials." PT Bank Central Asia Tbk and its subsidiaries offer conventional banking services, "securities underwriting and brokering services", general insurance, and financing.
2) Pangestu Family
  • The Pangestu family owns a 70.8% stake in PT Gudang Garam Tbk
  • "PT Barito Pacific Tbk is an Indonesia-based company primarily engaged in the petrochemicals industry. The Company’s business activities are grouped into four segments namely petrochemical, wood manufacturing, property, and plantations."
3) Wonowidjojo Family
  • The Wonowidjojo family owns a 75.6% stake in PT Gudang Garam Tbk.
  • "PT Gudang Garam Tbk is an Indonesia-based company primarily engaged in manufacturing clove cigarettes, which are locally known as kretek. Its business is classified into three operating segments: cigarettes, paperboards, and others."


1) Vuong Family
  • The Vuong family owns a 75.6% stake in Vingroup Joint Stock Company.
  • "Vingroup is the largest private enterprise in Vietnam. Vingroup’s focus is on Technology (including scientific research and application of Technologies), Industrials (automobile, e-motorcycle and smart device manufacturing) and Services (residential, commercial and hospitality real estate development, education and healthcare)."
2) Thao Family
  • CEO of budget carrier Vietjet Air, a family-owned enterprise, Nguyen Thi Phuong Thao is the second-wealthiest person in Vietnam. She and her husband own "Furama Resort Danang and two other resorts in Khanh Hoa, and Ho Chi Minh City’s Dragon City project. She was one of the founders of Techcombank and VIB, and is currently vice-chairman of HDBank."
  • "Vietjet Aviation Joint Stock Company (Vietjet) is a Vietnam-based company primarily engaged in the airline sector. The Company's leading business activities include the transportation of passengers and cargo via scheduled flights, the operation of chartered flight services, the rental of aircraft spaces for advertisement, the trading and leasing of aircrafts, as well as the provision of other support activities for air transport businesses."
3) Long Family
  • The Long family has a one-third stake in Hoa Phat Group.
  • Hoa Phat Group Joint Stock Company is primarily engaged in the steel sector. "The Company's operations are organized under four segments: Steel, Industrial, Agriculture, and Real Estate."


1) Lee Family
  • The Lee family owns a 47.2% stake in Batu Kawan Berhad and a 47% stake in Kuala Lumpur Kepong Berhad.
  • "Batu Kawan Berhad is an investment holding company. The Company operates through four segments: Plantation, Manufacturing, Property development, and Investment holding/Others. Kuala Lumpur Kepong Berhad (KLK) is a plantation company. The Company's principal activity is oil palm and rubber plantations. Its divisions include Plantations, Oleochemicals, and Property."
2) Lim Family
  • The Lim family owns a 42.9% stake in Genting Berhad.
  • "Genting Berhad is a Malaysia-based investment holding and management company, which manages Genting Group mainly operating in the hospitality industry. The Group's major business activities are classified into five segments: Leisure & Hospitality, Plantation, Power, Property and Oil & Gas."
3) Lay Family
  • The Lay family owns a 49.9% stake in YTL Corporation Berhad,
  • "YTL Corporation Berhad is a Malaysia-based investment holding and management company. The Company's segments include Construction, Information technology & e-commerce related business, Hotel operations, Cement manufacturing & trading, Management services & others, Property investment & development, and Utilities."


1) Sy Family
  • The Sy family owns a 43.7% stake in SM Investments Corporation.
  • "SM Investments Corporation is engaged in the property, retail, and financial services and other businesses. The Company operates through three segments: property, retail, and financial services and others."
2) Gokongwei Family
  • The Gokongwei family owns a 38% stake in JG Summit Holdings, Inc.
  • "JG Summit Holdings, Inc. is a holding company for a group of companies with business interests in foods, and petrochemicals, among others. The Company's segments include foods, agro-industrial and commodities businesses, air transportation, real estate and hotels, petrochemicals, banking, and other supplementary businesses."
3) Zobel de Ayala Family
  • The Zobel de Ayala family owns a 47.3% stake in Ayala Corporation.
  • "Ayala Corporation and its subsidiaries operate in the following industries: business process outsourcing (BPO) services, information technology, transport infrastructure, education, healthcare," real estate and hotels, commercial banking and insurance, telecommunications, water distribution and wastewater services, electronics manufacturing services, automotive, and energy.


1) Chearavanont Family
  • The Chearavanont family has a 34% stake in CP ALL Public Company Ltd and a 57% stake in Charoen Pokphand Foods Public Company Ltd.
  • "CP All Public Company Limited is a Thailand-based company engaged in the operation of convenience stores, cash and carry, payment centers and related supporting services. The Company is the sole operator of 7-Eleven convenience stores in Thailand. Charoen Pokphand Foods Public Company Ltd is an agro-industrial and food conglomerate.
2) Vajiralongkorn Family
  • The Vajiralongkorn family has a 33.6% stake in Siam Cement Public Company Ltd.
  • The Siam Cement Public Company Ltd is a diversified group with "operations encompassing three core business units: SCG Cement-Building Materials, SCG Chemicals, and SCG Packaging."
3) Chirathivat Family
  • The Chirathivat owns The Central Group (private). As the family business is private, it was chosen over Indorama Ventures Public Company Ltd based on revenue.
  • "Central Group consists of a variety of diverse investments in various corporations domestically and internationally, each of which is a leader in the retail, property development, brand management, hospitality, and food and beverage sectors, and in digital lifestyle."

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