Samsung’s Lee Family Tops Forbes Asias’ List Of Wealthiest Families In Asia With $26.6 Billion Net Worth

The family behind Samsung conglomerates, Lee family lead the roster of Asia's richest, according to Forbes Asia Magazine.

The report released October 8 revealed that Lee family topped the list leaving behind 50 more wealthiest families.

Forbes Asia reported on Oct. 8 that the family from South Korea who controlled the Samsung Group have recorded a net worth of about $26.6 billion followed by Lee family from Hong Kong with $24.1 billion while the Ambani of Reliance Group in India ranks third with $21.5 billion net worth.

"The Lee family of Samsung Group is a good illustration - the group's 2014 revenues were equivalent to 22% of South Korea's GDP (Gross Domestic Product)", the magazine reported.

The Samsung Group began when a small trading company established in Daegu by the son of an affluent landowner Lee Byung Chull in 1938 flourished into a food manufacturing and textile business.

It is then continued by his son Lee Kun Hee in 1987 until Samsung spawned into four entities namely Samsung Group, CJ Group, Shinsegae Group and Hansol Group in the 1990.

It was all run by the succeeding generations of the Lee family. Forbes Asia said "at least 15 relatives run more than 55 businesses, with total sales of $ 335 billion."

The qualification of the Forbes magazine for the families to be considered in the list of wealthiest families is that their riches and their participation in its fortune should reach to at least to the third generation.

Korea Times reported on Friday that the Lee family is the only South Korean family who belonged in the top 10 because the economy of China dominated the international trade.

The magazine reinforced this saying that "nearly half of the richest families in Asia are of Chinese descent, yet none of the inaugural 50 is based in the mainland, where conglomerates are young, run by the first generation."