In this article, we discuss the 30 richest people in Asia in 2024. To skip the detailed analysis, go directly to the 5 Richest People in Asia in 2024.
Asia’s Economic Outlook and Billionaire Economy
Asia’s compelling economic growth and wealth landscape has consistently seized global attention. Asia’s richest person is Mukesh Ambani and he has long sustained his position, with a net worth of $110.2 Billion, as of May 7. According to Hurun Research’s 2024 Global Rich List, Mumbai has emerged as Asia’s billionaire hub, surpassing Beijing for the first time. Mumbai now has 92 billionaires while Beijing has 91, despite China’s overall count of 814 billionaires compared to India’s 271. Mumbai is the third leading city in terms of the total number of billionaires worldwide, with New York leading with 119 billionaires followed by London with 97. Other Asian cities including Beijing, Shanghai, Shenzhen, Hong Kong, and New Delhi are among the top cities in the world with the most billionaires. Beijing has 91, Shanghai has 87, Shenzhen has 84, Hong Kong has 65, and New Delhi has 57 billionaires.
Asia is the wealthiest region in the world. According to the Global Wealth Report of 2023 by Credit Suisse, the total wealth of Asia-Pacific, including China and India, stood at around $177.82 trillion in 2022, while North America’s total wealth was $151.17 trillion and Europe’s wealth was around $104.41 trillion. The wealth per adult in Asia-Pacific in 2022 was around $61,154, excluding China and India. In 2022, the wealth per capita in China and India was $75,731 and $16,500, respectively. Major economies including Japan, Indonesia, Taiwan, Saudi Arabia, and the United Arab Emirates add to the total wealth of the Asia-Pacific. These countries are also some of the richest countries in Asia by GDP per capita.
China and India are two of the largest economies in the world in 2024. According to the economic outlook by the Asian Development Bank, the growth in East Asia rebounded from 2.9% in 2022 to 4.7% in 2023, as China removed all the pandemic restrictions. However, China has suffered an economic slowdown followed by the property market crisis and deflation threats. China is one of the countries with dangerously low inflation. The growth in developing Asia will remain healthy at 4.9% in 2024 and 2025, despite the slowdown in China. Moreover, the growth rate in the Caucasus and Central Asia increased from 5.2% in 2022 to 5.3% in 2023. Overall, the regional forecast for Asia is 4.5% for 2024, as per IMF’s regional outlook.
Companies Owned by Asian Billionaires
Reliance Industries Limited (NSE:RELIANCE), Adani Enterprises Limited (NSE:ADANIENT), and Fast Retailing Co., Ltd. (TYO:998) are some of the leading companies owned by billionaires in Asia. Let’s take a look at their latest updates.
Reliance Industries Limited (NSE:RELIANCE) is one of the largest companies in India. On April 22, Reliance Industries Limited (NSE:RELIANCE) announced its fourth-quarter results for the financial year of 2024. The company posted annual revenue of around $119.9 billion in the financial year 2024, up by 2.6% year-over-year. The annual EBITDA was $21.4 billion, a rise of almost 16.1% year-over-year. For the fourth quarter of 2024, Reliance Industries Limited (NSE:RELIANCE) reported a revenue of $31.8 billion, driven by double-digit growth in O2C and consumer business. Here is what the chairman of the company, Mukesh D. Ambani, said:
“Initiatives across RIL’s businesses have made a remarkable contribution towards fostering growth of various sectors of the Indian economy. It is heartening to note that alongside strengthening the national economy, all segments have posted a robust financial and operating performance. This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the ₹100,000-crore threshold in pre-tax profits.”
Adani Enterprises Limited (NSE:ADANIENT) is another leading multinational conglomerate based out of India. On April 28, Adani Enterprises Limited (NSE:ADANIENT) announced that its joint venture with EdgeConneX, AdaniConneX, has launched the largest sustainability-linked financing in India to raise almost $1.44 billion. AdaniConneX’s financing has an initial commitment of $875 million, with an agreement to extend it up to $1.44 billion. This sustainability-linked data center financing will speed up digital infrastructure growth in India.
Fast Retailing Co., Ltd. (TYO:998) is one of the leading retail holding companies in Japan. On May 2, Fast Retailing Co., Ltd. (TYO:998) announced that its casual wear designer brand, UNIQLO, has collaborated with the Singapore National Paralympic Council (SNPC). Fast Retailing Co., Ltd.’s (TYO:998) UNIQLO is now the Official Clothing Partner for the Singapore Paralympics team and will provide LifeWear apparel to Singapore’s officials at summer sports tournaments in France. UNIQLO is offering its LifeWear apparel to a national team in Southeast Asia for the first time.
The billionaire’s companies play a major role in the economic development of the region. With this context, let’s take a look at the richest people in Asia in 2024.
An expansive view of the cityscape, showing the impact of the company’s activities in China.
Our Methodology
We gathered the data for the 30 richest people in Asia from the Forbes Real Time Billionaires Index. The list of richest people from Asia is ranked in ascending order of billionaires’ net worths, as of May 7.
30 Richest People in Asia in 2024
30. Radhakishan Damani
Net Worth: $20.5 Billion
Radhakishan Damani is the founder of Avenue Supermarts Limited (NSE:DMART) and took the company public in 2017. Damani also has stakes in other companies including VST Industries Limited (NSE:VSTIND) and India Cements Limited (NSE:INDIACEM). Radhakishan Damani ranks 30th among the richest people in Asia in 2024.
29. Cyrus Poonawalla
Net Worth: $21.1 Billion
Cyrus Poonawalla founded the Serum Institute of India and built it into one of the world’s largest vaccine makers. Cyrus also has a stake in Poonawalla Fincorp Limited (NSE:POONAWALLA).
28. Kumar Birla
Net Worth: $21.2 Billion
Kumar Birla is the fourth-generation head of the Aditya Birla Group, which operates in cement, textiles, telecom, aluminum, paints, financial services, branded jewelry, and hospitality. Kumar Birla ranks 28th among the richest people in Asia in 2024.
27. Takemitsu Takizaki
Net Worth: $21.8 Billion
Takemitsu Takizaki founded the sensors and electronic components manufacturer, Keyence Corporation (OTC:KYCCF). In 2015, Takizaki stepped down as chairman of the company. Takemitsu Takizaki has a net worth of around $21.8 billion.
26. Gennady Timchenko
Net Worth: $23.4 Billion
Gennady Timchenko has a diversified portfolio from stakes in businesses including gas company Novatek and petrochemical producer Sibur Holding. Gennady Timchenko has a net worth of $23.4 billion and ranks 26th among the richest people in Asia in 2024.
25. Michael Hartono
Net Worth: $23.5 Billion
Michael Hartono’s fortune comes from the family tobacco business. Hartono also made his fortune from investments in the Bank of Central Asia (BCA). Hartono along with his brother listed Global Digital Niaga Tbk PT (IDX:BELI) in 2022.
24. Vladimir Potanin
Net Worth: $23.7 Billion
Vladimir Potanin is one of the richest Asian people in 2024. Potanin purchased Norilsk Nickel during Russia’s privatization in 1995. In 2022, Potanin bought Rosbank from Societe Generale.
23. R. Budi Hartono
Net Worth: $24.4 Billion
Budi Hartono is the brother of Michael Hartono and gets the majority of his fortune from investments in Bank Central Asia. With a net worth of around $24.4 billion, R. Budi Hartono ranks 23rd among the richest people in Asia in 2024.
22. Dilip Shanghvi
Net Worth: $24.7 Billion
Dilip Shanghvi started Sun Pharmaceutical Industries Limited (NSE:SUNPHARM) in 1983 with a $200 loan from his father. Dilip Shanghvi has a net worth of around $24.7 billion.
21. Jack Ma
Net Worth: $25.3 Billion
Jack Ma is one of the richest Chinese billionaires. Jack Ma co-founded the famous e-commerce firm, Alibaba Group Holding Limited (NYSE:BABA).
20. Alexey Mordashov
Net Worth: $25.5 Billion
Alexey Mordashov ranks 20th among the richest people in Asia in 2024. Mordashov is the majority shareholder in the steel firm, Severstal.
19. Low Tuck Kwong
Net Worth: $25.9 Billion
Low Tuck Kwong founded the coal mining firm, Bayan Resources Tbk PT (IDX:BYAN). Kwong also runs Singapore’s renewable energy company Metis Energy Ltd (SGX: L02) and has stakes in Park Company, Samindo Resources, and Voksel Electric. Low Tuck Kwong has a net worth of around $25.9 billion.
18. He Xiangjian
Net Worth: $26.4 Billion
He Xiangjian founded one of the top appliance manufacturers, Midea Group Co., Ltd. (SHE:000333). Xiangjian stepped down from Midea Group operations in 2012. He Xiangjian is one of the richest Asian billionaires.
17. Vladimir Lisin
Net Worth: $26.6 Billion
Vladimir Lisin is the chairman of NLMK Group, a top manufacturer of steel products. Lisin also has a stake in the port management firm, Port One. Vladimir Lisin has a net worth of $26.6 billion.
16. Leonid Mikhelson
Net Worth: $27.4 Billion
Leonid Mikhelson founded the natural gas producer PAO NOVATEK (MCX:NVTK). Mikhelson serves as the chairman of NOVATEK (MCX:NVTK) and owns around 30% stake in petrochemical company Sibur.
15. Masayoshi Son
Net Worth: $28.2 Billion
Masayoshi Son ranks 15th among the richest people in Asia in 2024. Son founded and runs the investment giant SoftBank Group Corp. (OTC:SFTBY). Masayoshi Son is seeking about $100 billion to fund an AI chip initiative codenamed Izanagi.
14. Vagit Alekperov
Net Worth: $28.6 Billion
Vagit Alekperov has served as the deputy minister overseeing the oil industry in the Soviet Union. Alekperov set up Russia’s leading independent oil company, Lukoil. Vagit Alekperov owns a 30% stake in Lukoil and is one of the richest Asians in 2024.
13. Lee Shau Kee
Net Worth: $28.7 Billion
Lee Shau Kee co-founded Sun Hung Kai Properties Ltd (HKG:0016). In addition, Kee started Henderson Land Development in 1976, which accounts for most of his wealth. Lee Shau Kee has a net worth of around $28.7 billion.
12. Shiv Nadar
Net Worth: $30.6 Billion
Shiv Nadar is one of the IT pioneers in India and co-founded India’s leading tech firm, HCL Technologies Limited (NSE:HCLTECH). Shiv Nadar ranks 12th among the richest people in Asia in 2024.
11. William Ding
Net Worth: $32.3 Billion
William Ding has a net worth of around $32.3 billion. Ding is the CEO of NetEase, Inc. (NASDAQ:NTES), one of the leading online games companies in the world.
10. Savitri Jindal
Net Worth: $35 Billion
Savitri Jindal is the chairman of Jindal Group, a firm founded by her late husband Om Prakash Jindal. Savitri Jindal has a net worth of $35 billion and ranks 10th among the richest people in Asia in 2024.
9. Li Ka-shing
Net Worth: $37.4 Billion
Li Ka-shing is a senior advisor of CK Hutchison Holdings and CK Asset Holdings. Ka-shing retired as chairman of both firms in 2018. Li Ka-shing has a net worth of around $37.4 billion.
8. Ma Huateng
Net Worth: $39.5 Billion
Ma Huateng is one of the richest people in Asia. Ma Huateng is the chairman and CEO of the Chinese internet giant, Tencent Holdings Limited (OTC:TCEHY).
7. Tadashi Yanai
Net Worth: $40.1 Billion
Tadashi Yanai is the founder of Fast Retailing Co., Ltd. (TYO:998). Tadashi Yanai has a net worth of around $40.1 billion.
6. Zhang Yiming
Net Worth: $43.4 Billion
Zhang Yiming is one of the founders of the Chinese tech firm ByteDance, owner of social media giant TikTok. Zhang Yiming has a net worth of around $43.4 billion and ranks sixth among the richest people in Asia in 2024.
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Disclosure. None. 30 Richest People in Asia in 2024 is originally published on Insider Monkey.