Friday, November 17, 2017

Tesla Founder Elon Musk Lost $800 Million This Week - TIME

Posted: 03 Nov 2017 11:09 AM PDT

The downside of owing most of your net worth to an erratically profitable company: Your paper value fluctuates. A lot.
After a earnings report that did little to pique investor optimism over the Model 3, shares of Tesla fell, leading to a roughly 7% drop off since Monday.
That made Elon Musk’s net worth drop by roughly $800 million over the same period. The billionaire CEO who backs Tesla and aerospace company SpaceX, who owes the majority of his net worth to his electric car company, owned a stake in Tesla worth about $10 billion as of Friday.

His net worth is now nearly $19 billion thanks to his $9.6 billion stake in SpaceX, and excluding some liabilities, based on data from Bloomberg.
Musk’s net worth has fluctuated by billions of dollars, as investors have increasingly bet on, or against, Tesla’s success. At one point earlier this year, the billionaire was worth nearly $23 billion thanks to optimism surrounding the Model 3.
And both bulls and bears have a case. Tesla has been burning cash in a bid to produce its mass market Model 3. It has only posted two profitable quarters in its history as a company. Yet in a letter to shareholders recently, Tesla warned of Model 3 production bottlenecks. s a result, Tesla said it would reach a rate of producing 5,000 Model 3 vehicles at the start of 2018. Previously, Tesla said it would reach the rate by the end of 2018.
On the other hand, bullish investors are betting on the future of electric vehicles, arguing some patience will result in a successful Model 3 production ramp, leading to steady profitability.
Musk is also in a sense, better off than he was just a year ago. Over the course of the past 12 months, Tesla’s stock has risen 59%. According to the Bloomberg Billionaire Index, his net worth was about $8.2 billion back then.

Toto Riina, Mafia 'boss of bosses', dies in jail aged 87 - BBC News

Toto Riina, Mafia 'boss of bosses', dies in jail aged 87
"Toto" Riina in his 1993 police mugshot, after Italy's most powerful Mafia boss was finally captured
Notorious Sicilian Mafia "boss of all bosses" Salvatore "Toto" Riina has died from cancer in jail, aged 87.
Riina was serving 26 life sentences and is believed to have ordered more than 150 murders.
The head of the feared Cosa Nostra spent nearly a quarter of a century on the run before being jailed in 1993. He ordered more murders from jail.
As well as kidney cancer, he was said to have been suffering from a heart condition and Parkinson's disease.
Riina had been in a medically induced coma and his family had been given special permission to visit him in the prisoners' wing of the hospital in Parma, northern Italy.
No Italy 'baby bonus' for Mafia boss's daughter Lucia Riina
Mafia boss's son's interview sparks fury in Italy
The secret lives of the Mafia hunters
Riina was born in 1930 to poor farmers in Corleone, Sicily - the birthplace of Don Corleone, the fictional Godfather in Francis Ford Coppola's film trilogy.
His father was killed when he was 13 and at 19 he joined the local Mafia, committing his first murder to gain entry.
Riina seized control of the Cosa Nostra crime group in the 1970s. His reputation for cruelty earned him the nickname "The Beast".
He spent 24 years as a fugitive, remaining all the while on the island of Sicily.
Judge Giovanni Falcone (second from left), surrounded by armed bodyguards, arrives 21 October 1986 in Marseille, FranceImage copyrightAFP
Image caption
Judge Giovanni Falcone, second from left, surrounded by armed bodyguards in 1986, earned Riina's wrath by jailing scores of Mafiosos
Italian President Giorgio Napolitano looks at the remains of a police car destroyed during of the assassination of top judge Giovanni Falcone during a ceremony marking the 20th anniversary of the event on May 23, 2012 in Palermo, ItalyI
And six years later, he was killed in a bombing that left this wreckage of a police car - ordered by Toto Riina
Salvatore
In his final days in jail, Riina was recorded saying he "regrets nothing"
In 1992, two anti-Mafia judges - Giovanni Falcone and Paolo Borsellino, who had brought scores of mobsters to trial in the 1980s - were killed in Riina's "war against the state".
A year later, he was finally captured.
Even in detention, Riina ordered the murder of a 13-year-old boy kidnapped to try to prevent his father revealing information about the Mafia. The boy was strangled and his body dissolved in acid.
And, partly in protest at his arrest, his associates carried out a series of bombings in Rome, Milan and Florence in 1993, leaving 10 people dead.
Riina had been imprisoned under the "Article 41-bis prison regime" imposing tight security measures on Mafiosos intended to completely cut off prisoners from their criminal contacts.
The regime includes strictly limited family visits.
Petitions for him to be released into house arrest for his last days were met with angry protests from the relatives of some of his many victims.
Earlier this year, Riina was recorded on a wiretep saying he "regrets nothing... They'll never break me, even if they give me 3,000 years" in jail, reported AFP news agency.
The mobster's eldest son, Giovanni, is serving a life sentence in jail for four murders.

Central Banks Seen Using Blockchain Settlements This Decade - Bloomberg

Central Banks Seen Using Blockchain Settlements This Decade
By Krystal Chia and Chanyaporn Chanjaroen
November 17, 2017,
Adoption between one to five years away, Ripple CEO says
Signals Ripple could make acquisitions using its XRP coin
MAS' Mohanty on Fintech, Blockchain, Big Data
MAS' Mohanty on Fintech, Blockchain, Big Data
It’s only a matter of time before central banks adopt blockchain to settle high-value, interbank fund transfers, according to the head of Ripple, whose technology has won support from former Fed Chairman Ben S. Bernanke.
As the technology, which is based on encrypted distributed ledgers, catches on, central banks around the world will be afraid to miss out, Ripple Chief Executive Officer Brad Garlinghouse said Thursday in an interview with Bloomberg.
“Once that movement takes hold, that acceleration goes quickly,” Garlinghouse said on the sidelines of the Singapore FinTech Festival. “Is it one year or is it five years? It’s probably somewhere in between.”
His opinions carry some weight, as the head of a payments-focused blockchain developer that’s tied to the fourth-largest cryptocurrency by market value. Ripple worked recently on a blockchain trial with the Bank of England and earlier this month hosted officials from more than two dozen central banks at a blockchain summit in New York.
The San Francisco-based startup helps financial institutions process global payments using blockchain and works with over 100 firms. Its backers include venture capital firms Andreessen Horowitz and Google Ventures and banks such as Standard Chartered Plc and Banco Santander SA. American Express Co. said Thursday it will use Ripple’s network for overseas payments to Santander customers in the U.K.
In October, Ripple’s technology was described as “promising” by Bernanke, who oversaw the Federal Reserve in the aftermath of the financial crisis. His appearance at a Ripple-hosted conference in Toronto as a keynote speaker had surprised some pundits, owing to his previous skepticism over cryptocurrencies.
Central banks that are exploring blockchain technology include:
Bank of England: Conducted a proof of concept test with Ripple, integrating the company’s blockchain technology for simulated cross-border payment.
Bank of Canada: Collaborating with Payments Canada and TMX Group to experiment with an integrated securities and payment settlement platform.
Monetary Authority of Singapore: Leading a group of banks, the city’s stock exchange and technology companies to explore applications for payments
Hong Kong Monetary Authority: Developing a cross-border network for trade and trade finance with Singapore’s MAS
While a rising number of entities are exploring blockchain-based payments, including the global cross-border service SWIFT and upstarts such as the Enterprise Ethereum Alliance, Garlinghouse doesn’t see them as competitors.
“There’s a massive difference between testing something and deploying it at scale,” he said.
Industries from finance to health care to utilities are working with blockchain, with the goal of radically changing how payments are tracked, securities and derivatives trades are processed, and health records are stored, among potential uses. Ripple refers to this as the “internet of value,” where money travels as far and as fast as information moves on the internet.
While Ripple isn’t considering going public just yet, Garlinghouse signaled that the company is open to buying payment companies. He put a value of more than $12 billion on Ripple’s holdings of its cryptocurrency, XRP.
“Companies often go public so that they have a security they could use to make acquisitions,” he said. “Our hurry to go public may be lower because I can use XRP as a strategic asset to invest in an ecosystem and to maybe make acquisitions.”

Tax overhaul drama moves to Senate as House approves its bill - Reuters

NOVEMBER 16, 2017
Tax overhaul drama moves to Senate as House approves its bill
David Morgan, Amanda Becker
WASHINGTON (Reuters) - Congressional Republicans took important steps on Thursday toward the biggest U.S. tax-code overhaul since the 1980s, with the House of Representatives approving a broad package of tax cuts, and a Senate panel advancing its own version of the legislation sought by senior lawmakers and President Donald Trump.
The House vote shifted the tax debate to the Senate, where a tax-writing panel finished debating and approved a bill late Thursday evening. That measure has already encountered resistance from some within the Republicans ranks. Full Senate action is expected after next week’s Thanksgiving holiday.
Four Republican senators - enough to derail the legislation - have been talking privately about opposing the bill because it would balloon the federal deficit, according to a Time magazine report.
Trump, who is still seeking his first major legislative win since taking office in January, went to the U.S. Capitol just before the House vote to urge Republicans to pass the tax bill, which Democrats call a giveaway to the wealthy and businesses.
“A simple, fair and competitive tax code will be rocket fuel for our economy, and it’s within our reach. Now is the time to deliver,” White House spokeswoman Sarah Sanders said after the largely party-line House vote of 227-205.
Congress has not thoroughly overhauled the sprawling U.S. tax code since Republican Ronald Reagan was president. The House measure is not as comprehensive as Reagan’s 1986 package, but it is more ambitious than anything since then.
The path forward for the tax plan in the Senate, where Republicans have a narrow majority, is fraught with obstacles about concerns over the deficit, healthcare and the distribution of tax benefits. Republicans can lose no more than two Senate votes if Democrats remain united in opposition.
Senate Republican tax-writers earlier this week made the risky decision of tying their plan to a repeal of the requirement for people to get healthcare insurance under former President Barack Obama’s Affordable Care Act. That exposed the tax initiative to the same political forces that wrecked Republicans’ anti-Obamacare push earlier in July.
‘FIGHT IS NOT OVER’
The House bill, estimated to increase the federal deficit by nearly $1.5 trillion over 10 years, would consolidate individual and family tax brackets to four from seven and reduce the corporate tax rate to 20 percent from 35 percent.
It also would scale back or end some popular tax deductions, including one for state and local income taxes, while preserving a capped deduction for property tax payments.
Democrats have pointed to analyses showing millions of Americans could end up with a tax hike because of eliminated deductions. Repealing or shrinking some deductions is a way to offset the revenue lost from tax cuts.
“It’s a shameful piece of legislation, and the Republicans should know better,” House Democratic leader Nancy Pelosi told lawmakers before the vote.
Senate Democratic leader Chuck Schumer warned Republicans that by increasing the deficit, the tax bill would imperil other important priorities such as military spending.
Thirteen House Republicans opposed the bill, all but one from New York, New Jersey or California - states with high taxes where residents would feel the pinch from eliminating the deduction for state and local income taxes.
“This fight is not over. I look forward to continuing negotiations to improve this proposal for my constituents,” said Republican Representative Lee Zeldin of New York, who voted against the bill.
U.S. President Donald Trump arrives with Director of the National Economic Council Gary Cohn at the U.S. Capitol to meet with House Republicans ahead of their vote on the "Tax Cuts and Jobs Act" in Washington, U.S., November 16, 2017. REUTERS/Aaron P. Bernstein
Investors have cheered the prospect of a tax overhaul. U.S. stocks rose and the dollar edged higher against a basket of major currencies on Thursday after the House vote.
Brian Battle, director of trading at Performance Trust Capital Partners in Chicago, said stocks’ strong gains on the day were helped by the House vote.
“It’s helping stocks now and the bond market’s turned around,” he said. “The tax plan isn’t a foregone conclusion, but it passed the lowest hurdle in the House. The even higher hurdle is to have something pass in the Senate.”
ELECTION PROSPECTS
Republicans have long promised tax cuts and see enacting them as critical to their prospects of retaining power in Washington in the November 2018 congressional elections, particularly after failing to meet their promise to repeal the Affordable Care Act, better known as Obamacare.
But it will be a challenge in the 100-seat Senate, where Republicans have only a 52-48 majority.
Senators Jeff Flake and James Lankford are among the four Republicans considering opposing the plan, Time reported.
A Lankford spokesman said he was “eager to work with colleagues to pass tax reform.”
Flake, who often clashes with Trump and has announced he will not seek re-election next year, told Reuters on Thursday he was “more worried about the fiscal problem” than other issues.
Several other senators, including Ron Johnson and Susan Collins, who helped sink the Republican effort to repeal Obamacare, have expressed concerns.
Johnson announced his opposition because of what he said were unequal rates for small businesses and non-corporate enterprises known as “pass-throughs,” versus corporations. He is working with the White House to fix the issue, he told Reuters.

Cambodia faces U.S., EU action after banning opposition - Reuters

Cambodia faces U.S., EU action after banning opposition
Amy Sawitta Lefevre, Prak Chan Thul
PHNOM PENH (Reuters) - The United States stopped election support for Cambodia with a promise of more “concrete steps” and the European Union threatened vital trade preferences after the main opposition party to Prime Minister Hun Sen was banned.
Buddhist monks walk past a banner of opposition leader and President of the Cambodia National Rescue Party (CNRP) Kem Sokha at the party's headquarters in Phnom Penh, Cambodia, November 17, 2017. REUTERS/Samrang Pring
But China voiced support for Cambodia’s government, standing behind the former Khmer Rouge commander who has become one of Beijing’s most important allies in Southeast Asia after more than three decades in power.
The ban on the Cambodia National Rescue Party (CNRP), decreed by the Supreme Court at the government’s request, followed the arrest of its leader, Kem Sokha, for treason. He is accused of plotting to take power with American help.
Hun Sen’s critics called the CNRP dissolution an attempt to steal the election and the death knell for democracy. Western donors have spent billions of dollars since 1993 trying to build a multiparty system following decades of war.
“On current course, next year’s election will not be legitimate, free or fair,” a White House statement said, promising to take “concrete steps”.
The first of those was to end support for the Cambodian National Election Committee ahead of the 2018 election, it said.
In Brussels, an EU spokesman said the election could not be legitimate without the opposition and noted that respect for human rights was a prerequisite for Cambodia’s access to EU trade preferences under its “Everything But Arms scheme.”
That scheme, giving tariff-free access, and similar trade preferences in the United States have helped Cambodia build a garment industry on low-cost labor. Between them, EU and U.S. markets take some 60 percent of Cambodia’s exports.
In a symbolic step, the U.S. Senate passed a resolution calling on the Treasury and State departments to consider placing Cambodian officials implicated in abuses on a watch list for asset freezes and travel bans.
Huy Vannak, undersecretary of state at Cambodia’s Interior Ministry who is close to Hun Sen, said the U.S. position was “made without consideration to the evidence and court hearing”.
“We hope that the U.S. will consider the overall bilateral relations with Cambodia and continue to collaborate with common interests of both countries,” he said.
Men stand in front of the Cambodia National Rescue Party (CNRP) headquarters in Phnom Penh, Cambodia, November 17, 2017. REUTERS/Samrang Pring
In Beijing, foreign ministry spokesman Geng Shuang told a news briefing that China supports Cambodia in pursuing its own development path. China is by far the biggest single donor to Cambodia and its biggest investor.
WAR OF WORDS
Hun Sen has been in a deepening war of words with the U.S. embassy and State Department over a crackdown on his critics, but at the weekend posed with U.S. President Donald Trump at a regional summit and praised his policies of non-interference.
The fact that the threat of action came from the White House gave it greater weight than previous statements from the State Department calling for the release of Kem Sokha.)
So far Western countries have shown little appetite for sanctions and the opposition itself has shied away from calling for steps to restrict garment exports because of the hundreds of thousands of workers who depend on them.
But leaders of the CNRP now say they support some sanctions.
“Sanctions are the best leverage for negotiation for free, fair and inclusive elections,” said Mu Sochua, a deputy to CNRP leader Kem Sokha, who fled Cambodia fearing arrest.
There have been no protests over the opposition party ban and many people in the capital, Phnom Penh, said they were afraid to speak out.
China says it supports Cambodia in pursuing its own development path
There were no party members at the CNRP headquarters on Friday, only security guards. “They are worried about their safety,” said security guard Chin Savy.
The central market was full of its usual bustle and one man told Reuters he was glad to see the back of the opposition.
“Hun Sen has a lot of help from China. If he just depended on the U.S., we wouldn’t be anywhere,” said Khen Kong, 69, a businessman.
In a televised address on Thursday, Hun Sen told Cambodians the election would go ahead “as normal” and appealed to politicians from the CNRP who had not been banned to join his Cambodian People’s Party.

Trump's Clinton Fixation Should Scare All Americans - Bloomberg

Trump's Clinton Fixation Should Scare All Americans
His attacks sound just like the Two Minutes Hate in Orwell's "1984."
By Cass R. Sunstein
November 17, 2017,
It's hard to watch. Photographer: Andrew Harrer/Bloomberg
During his presidency, Barack Obama was under considerable pressure to initiate prosecutions against officials in the George W. Bush administration. Even before taking office, Obama strongly signaled that he would not do this, suggesting that “we need to look forward as opposed to looking backwards.” In 2009, he added, “At a time of great challenges and disturbing disunity, nothing will be gained by spending our time and energy laying blame for the past."
As late as 2015, Human Rights Watch argued for “the opening of new investigations,” complaining that criminal prosecutions of Bush officials were obligatory under international law, above all for what it described as “torture” by the Central Intelligence Agency. It contended that without prosecutions of Bush-era officials, the legacy of the Obama administration would be “forever poisoned.”
Those are strong words, but the Obama administration resisted such arguments. It was right to do so.
To be sure, no one is above the law. Political opponents of a president cannot claim immunity from prosecution. But the bar must be set very high. That conclusion is vindicated not only by principle, but also by longstanding traditions. Whether Republican or Democratic, American presidents have been extraordinarily reluctant to call for prosecution of their political rivals. They have looked forward rather than backward.
With his enthusiasm for prosecuting Hillary Clinton, President Donald Trump is breaking that longstanding norm of American democracy.
Prosecuting political rivals and their associates is a tactic of authoritarians, and it reeks of authoritarianism. It suggests that political victors will not be content to have won; they will bring the force of the criminal law against those they have defeated.
That suggestion is dangerous to self-government and political liberty. It tells people who dissent, or who support rivals to current leaders, that they may be at risk. It turns opposition into an act of courage, rather than an exercise of rights.
Prosecution of political rivals politicizes the Justice Department, and in the most damaging way. Sure, the attorney general works for the president. But in a free society, prosecutorial judgments should be, and should be perceived to be, objective – rooted only in the law and the facts. Whenever national prosecutors pursue a political opponent of their president, many people will ask, naturally enough: What is the real motivation here?
Such prosecutions have the additional vice of intensifying a nation’s political divisions. They suggest that one side has been led by criminals, possibly even traitors. They announce to the millions of people who supported the president’s political opponent: You favored a crook.
For purely partisan reasons, some people will cheer any such prosecution, and others will rage and mourn. After an election, it is far better to accept Abraham Lincoln’s suggestion, offered in a time of Civil War, that we should “bind up the nation's wounds.”
These points raise an obvious question: Why is Trump fixated, nearly a year into his presidency, on prosecuting Hillary Clinton? I think I know the answer, and it is unfathomably sad.
To see it, we have to step back a bit and consider one of George Orwell’s most powerful creations: the Two Minutes Hate, directed against Emmanuel Goldstein, “the Enemy of the People” and opponent of Big Brother.
As Orwell depicts it in “1984,” Big Brother focuses the public on Goldstein’s misdeeds and the continuing threat he poses: “He was the commander of a vast shadowy army, an underground network of conspirators.” As citizens see Goldstein’s face on a screen, they break out into “uncontrollable exclamations of rage,” followed by a “hideous ecstasy of fear and vindictiveness, a desire to kill, to torture, to smash faces in with a sledge-hammer.”
Orwell’s ominous words suggest that every human heart is vulnerable to that ecstasy. “The horrible thing about the Two Minutes Hate was not that one was obliged to act a part, but, on the contrary, that it was impossible to avoid joining in.” (Think of what happens on contemporary social media.)
For Big Brother, the Two Minutes Hate is shrewd politics. It is a diversion from issues of policy, and from problems that people face in their ordinary lives. It focuses citizens’ attention on a malevolent, even demonic force, who continues to threaten them.
Of course, Orwell was producing a caricature, and Donald Trump, freely elected in a system with checks and balances, is no Big Brother. But politicians on the right and the left, and in both democratic and undemocratic societies, have found it useful, or irresistible, to identify their own Goldsteins, and to initiate a period of Hate – minutes, weeks, months or years.
Hillary Clinton is Trump’s Emmanuel Goldstein.

The Little Black Book of Billionaire Secrets - Forbes

NOV 14, 2017 The Little Black Book of Billionaire Secrets
Asia's Richest Families 2017: The Billion-Dollar Clans Ruling The Region
Grace Chung , FORBES STAFF
This story appears in the November Special 2017 issue of Forbes Asia.
Collectively, the 50 families on our list are worth a record $699 billion, up by nearly $200 billion from last year.
For the third time India enjoys the biggest presence in the ranking, with 18 families.
Mukesh Ambani, chairman of Reliance Industries, in September 2017. The Ambanis of India superseded the Lees of the Samsung empire to become the richest family in Asia. (Photo credit: PRAKASH SINGH/AFP/Getty Images)
This story is part of Forbes' coverage of Asia's 50 Richest Families 2017. See the full list here.
Asia's wealthiest business dynasties remain successful by producing new generations that push the company in often surprising directions. But some scions have such an entrepreneurial bent that they're compelled to chart their own path away from the family firm, at least when they're young.
One example is 29-year-old Howard Sy, a grandson of Henry Sy, the founding patriarch of the Philippines' richest family. A former investment analyst at Macquarie, Sy started a 24-hour self-service storage company called StorageMart a year ago, anticipating that the country's condominium boom would create a demand for storehouses. With an initial investment of about a half a million dollars, it now operates two facilities in Metro Manila and boasts 100 customers. "It cost me my entire personal life savings ... plus three and a half years of my analyst salary," he told Forbes Asia.
Walter Bollozos/Philippine Star Lifestyle
Howard Sy, a 3rd generation member of the Philippines richest family.
The Sy family ranks No. 9 on our third annual ranking of Asia's wealthiest business families, with a fortune of $20.1 billion, up 57% in 12 months.
Indeed, 43 clans from the 2016 list added to their net worth from a year ago. A key reason: Asia's stock markets jumped 25% overall for the year ended October 31, according to the MSCI AC Asia Index. Collectively, the 50 families on our list are worth a record $699 billion, up by nearly $200 billion from last year.
Samsung's Lee family lose No. 1 spot
No family highlights this surge better than the Ambanis of India, this year's biggest gainer in dollar and percentage terms. Their net worth rose by $19 billion, to $44.8 billion, superseding the Lees of the Samsung empire to claim the No. 1 spot. That perch was always occupied by the South Korean family, which still saw its wealth swell by $11.2 billion. Shares in Mukesh Ambani's conglomerate Reliance Industries soared, due to improved refining margins and the demand produced by its telecom arm, Reliance Jio, which notched up 140 million subscribers since it launched in 2016.
Chairman of Samsung Electronics Lee Kun Hee with his wife Ra-Hee Hong during the Opening Ceremony of the London 2012 Olympic Games at the Olympic Stadium on July 27, 2012 in London, England.
For the third time India enjoys the biggest presence in the ranking, with 18 families. Hong Kong follows with nine this time. Among the six clans making their debut are the Chey family (No. 39) of South Korea's SK Group, widely known for its wireless service provider, SK Telecom. The other newcomers are the Yoovidhyas of Thailand (No. 22), the Sehgals (No. 41) and Wadias (No. 42) of India, and the Lees (No. 30) and Tungs of Hong Kong (No. 49).
The ticket to entry this year was $5 billion, some $1.6 billion more than in 2016. Some families couldn't keep pace: The Aboitiz clan of the Philippines and the Koos of Taiwan both fell short by small margins.
The full list
Family Net Worth Country
1 Ambani $44.8 billion India
2 Lee (Byung-Chull) $40.8 billion South Korea
3 Kwok $40.4 billion Hong Kong
4 Chearavanont $36.6 billion Thailand
5 Hartono $32 billion Indonesia
6 Lee (Shau Kee) $29 billion Hong Kong
7 Kwek / Quek $23.3 billion Malaysia
8 Cheng Family $22.5 billion Hong Kong
9 Sy $20.1 billion Philippines
10 Chirathivat family $19.3 billion Thailand
11 Premji $19.2 billion India
12 Hinduja $18.8 billion India
13 Tsai (Wan-Tsai & Wan-Lin) $17.7 billion Taiwan
14 Mittal $17.2 billion India
15 Kuok $16.6 billion Singapore
16 Mistry $16.1 billion India
17 Chung $14.8 billion South Korea
18 Saji $14.2 billion Japan
19 Birla $14.1 billion India
20 Godrej $14 billion India
21 Pao $13.4 billion Hong Kong
22 Yoovidhya family $13.1 billion Thailand
23 Kadoorie $11 billion Hong Kong
24 Widjaja $10.4 billion Indonesia
25 Ng $9.7 billion Singapore
26 Bajaj $9.3 billion India
27 Salim $8.8 billion Indonesia
28 Koo Family (In-Hwoi) $8.7 billion South Korea
29 Lohia $8.68 billion Indonesia
30 Lee $8.4 billion Hong Kong
31 Law $7.8 billion Hong Kong
32 Jindal $7.68 billion India
33 Mori $7.6 billion Japan
34 Tsai (Eng-Meng) $7.1 billion Taiwan
35 Burman $7.05 billion India
36 Lal $7 billion India
37 Bangur $6.7 billion India
38 Khoo $6.4 billion Singapore
39 Chey $6.3 billion South Korea
40 Wee $6.25 billion Singapore
41 Sehgal $6.15 billion India
42 Wadia $6.14 billion India
43 Zobel $6.13 billion Philippines
44 Singh $6.1 billion India
45 Patel $6 billion India
46 Kwee $5.5 billion Singapore
47 Piramal $5.38 billion India
48 Munjal $5.37 billion India
49 Tung $5.2 billion Hong Kong
50 Lo $5 billion Hong Kong
The list of Asia’s 50 Richest Families is a snapshot of wealth using stock prices and currency exchange rates from the close of markets on November 3, 2017. Private companies were valued by using financial ratios and other comparisons with similar publicly traded companies. To qualify, a family’s wealth must be rooted in Asia and participation in building that fortune has to extend at least three generations.
Nearly half of the richest families in Asia are in China, yet none of 50 we ranked this year are based in the mainland, where conglomerates are young, run by first and second generations who were able to muster billions of dollars in wealth in an open economy.
Additional reporting: Yinan Che, Shu-Ching Jean Chen, Muhammad Cohen, Russell Flannery, Forbes Indonesia, Jane Ho, Naazneen Karmali, Luisa Kroll, Anis Muslimin and Anuradha Raghunathan.
Think we missed a clan? Email me at grace.chung@forbes.com
More coverage on Asia's 50 Richest Families 2017:
Asia's Richest Families 2017: The Next Generation Of Wealthy Business Dynasties
Asia's Richest Families 2017: Trust Fund Troubles For Hong Kong's Lo Family
Near Misses: Three Families That Almost Landed On Asia's Richest Families 2017 List
Asia's Richest Families 2017: The Lee Clan's Billion-Dollar Recipe For Success


Asia's Richest Families 2017: How Kenneth Lo Went From Rags To Riches