Asia’s Billionaire Boom: Meet the Top 10 Wealthiest Individuals of 2024

Featured & Cover Asia's Billionaire Boom Meet the Top 10 Wealthiest Individuals of 2024

As the global economy undergoes significant transformation, Asia has risen to prominence as a major center for wealth creation. The region now hosts some of the world’s wealthiest individuals, whose substantial contributions have significantly bolstered their nations’ economic prosperity. The net worth of these affluent individuals surged notably in FY 2023–24.

Below is a compilation of the ten wealthiest individuals in Asia as of May 2024. This list includes three individuals from India, with the majority being from China.

  1. Mukesh Ambani:

Mukesh Ambani is the chairman and managing director of Reliance Industries Limited, India’s most valuable company by market value. Under Ambani’s leadership, Reliance has diversified into refining, petrochemicals, retail, and telecommunications. Forbes has consistently ranked him as India’s richest person for the past decade.

  1. Gautam Adani:

Gautam Adani is the founder and chairman of the Adani Group, a multinational conglomerate headquartered in Ahmedabad, Gujarat, India. He diversified his business interests into trading metals, textiles, and agro-products. In 1988, he established Adani Exports, now known as Adani Enterprises, focusing on agriculture and power commodities. Securing the Mundra Port contract in 1995 marked a significant milestone for Adani. His strategic acquisition of Holcim’s Indian assets in 2022 made him India’s second-largest cement producer.

  1. Zhong Shanshan:

Zhong Shanshan, the visionary behind Nongfu Spring, a leading bottled water company, is currently the third richest man in Asia and the wealthiest individual in China. Born in 1963, Zhong started in the beverage industry in the 1980s and founded Nongfu Spring in 1996. The company has since become one of China’s largest beverage companies, offering products like water, juice, and tea. He also significantly influences Beijing Wantai Biological Pharmacy, a key producer of COVID-19 diagnostic tests.

  1. Prajogo Pangestu:

Prajogo Pangestu is the wealthiest individual in Indonesia, known for his ventures in energy and petrochemicals. He began with a timber company, but his enterprise, PT Barito Pacific, has grown to be a leader in petrochemicals, plastic production, mining, and thermal energy in Indonesia. His wealth saw a notable rise in 2023 when two of his group’s companies, Petrindo Jaya Kreasi and Barito Renewables Energy, went public.

  1. Colin Zheng Huang:

Colin Zheng Huang is the founder and chairman of Pinduoduo, a Chinese e-commerce company. Born in 1973, Huang began his career in technology before founding Pinduoduo in 2015. The company has quickly become one of China’s largest e-commerce platforms, focusing on social commerce and group buying. Though Huang stepped down as chairman a few years ago, he retains approximately 28% of the company shares. He also founded the online gaming company Xinyoudi and another e-commerce platform,

  1. Zhang Yiming:

Zhang Yiming is the founder and chairman of ByteDance, the Chinese tech giant best known for creating TikTok. Born in 1983, Zhang began in the technology sector and launched ByteDance in 2012. The company has grown into one of China’s largest tech companies, focusing on social media, e-commerce, and artificial intelligence, boasting a global user base exceeding 1 billion.

  1. Ma Huateng:

Ma Huateng, also known as Pony Ma, founded Tencent Holdings, a leading Chinese technology company. Starting his career in the tech industry, Ma established Tencent in 1998. The company has grown to be one of China’s largest, specializing in social media, e-commerce, and gaming. He oversees WeChat, a messaging app with 1.3 billion users, and has significant stakes in global gaming, including Epic Games. Ma’s influence extends to investments in companies like Tesla and Spotify. He recently announced plans for Tencent to develop new artificial intelligence technologies to benefit humanity.

  1. Savitri Jindal and Family:

Om Prakash Jindal and his wife Savitri Jindal founded Jindal Steel and Power, an Indian steel and power company. Following OP Jindal’s passing, the company diversified into power generation and real estate. Savitri Jindal, the richest woman in India, continues her husband’s legacy, supporting sectors such as education and healthcare.

  1. Tadashi Yanai and Family:

Tadashi Yanai is the founder and chairman of Fast Retailing, a prominent Japanese retail company. Born in 1949, Yanai began his career in retail and founded Fast Retailing in 1963. The company has grown to become one of Japan’s largest retail firms, specializing in fashion and lifestyle products. Yanai drives Fast Retailing, which includes brands like Theory, Helmut Lang, J Brand, and GU, with Uniqlo as its flagship brand. Uniqlo operates over 2,400 stores in 25 countries. In October 2023, Uniqlo opened its first store in Mumbai, India, aiming to establish itself in the competitive local and international market.

  1. Li Ka-Shing:

Li Ka-Shing, born in 1928, founded CK Hutchison Holdings and CK Asset Holdings, two conglomerates based in Hong Kong. His career began in the textile industry, leading to the establishment of CK Hutchison Holdings in 1950. The company has diversified into sectors such as real estate, energy, and telecommunications. Starting with $6,500 in savings and loans from relatives, he launched Cheung Kong Plastics at age 21. Through the Li Ka Shing Foundation, he has donated over $3.8 billion to various causes, primarily in Greater China. Recently, CK Hutchison Holdings and Vodafone Group agreed to merge their British telecommunications businesses, creating the UK’s largest mobile operator.

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