Choppy stock markets took the sheen off the world’s billionaire factory hurting the fortunes of its wealthiest. The Top 20 billionaires in the Asia-Pacific region are collectively worth $264 billion, poorer by $15 billion from a year ago.
After a seven year gap, Hong Kong’s Li Ka-shing reclaims the top spot as Asia’s richest with a net worth of $25.5 billion, unseating steel magnate Lakshmi Mittal. The London-based Indian tycoon lost $10.4 billion, more than anyone else in the world, as shares of his ArcelorMittal, the world’s largest steelmaker, tumbled. Mittal also drops out of the global top 10 rankings for the first time since 2005.
Fellow Indian Mukesh Ambani keeps his spot as Asia’s second richest with $22.3 billion, though his wealth too declined. Shares of oil and gas conglomerate Reliance Industries which inked a $7.2 billion deal with BP last year, took a hit on its tangle with the Indian government over falling gas output. His younger sibling Anil Ambani remains in the Top 20 with $7.8 billion, though his fortune is down an astounding $34.2 billion from its 2008 peak.
Despite a weakening rupee and a slowing economy, Indians continue to dominate with eight of them in the top 20 league. They are all less well off than in 2011 except for pharma entrepreneur Dilip Shanghvi who’s moved up in the ranks with $7.4 billion. His Sun Pharmaceutical Industries, which forged a generics jv with Merck & Co, is India’s most valuable drug maker.
Notably, two of the three tycoons who don’t feature among the region’s wealthiest 20 this year are Indians, including brothers Shashi and Ravi Ruia. Their London-listed Essar Energy tanked, partly due to India’s Supreme Court ruling that it was liable to pay stake taxes exceeding $1billion. Ravi stepped down as chairman amid investigations over the group’s alleged involvement in India’s telecom corruption scandal. (Essar denies any wrongdoing).
Two of the top 20 are women, including Australian Georgina Rinehart, Asia's biggest gainer. Her wealth doubled to $18 billion due to a $10 billion deal she inked with South Korean steel giant Posco. A tussle with her children over control of a family trust may impact her fortune in the future but for now she’s the region’s richest woman.
Another big gainer this year is Hong Kong property baron Cheng Yu-Tung, a longtime list member who has appeared on 25 of 26 billionaire lists. The 86-year old was richer by $7 billion after taking jewelry arm Chow Tai Fook Jewelry Group, public. It was a bumper year too for Japanese retailer Tadashi Yanai who opened an 89,000 square foot Uniqlo store in Manhattan, his biggest ever. He added $2.4 billion to take his wealth to $10 billion.
