Asia’s 20 Richest Families, a ranking produced by Bloomberg that takes into account the family’s wealth, excluding first- generation fortunes as well as those in the hands of a single heir, includes two Macau-built business empires which, according to the ranking, are worth as much as a combined $29.6 billion (MOP239.2 billion).
Ho and Lee are the families included in the ranking, occupying the 17 and 19 positions respectively.
Sociedade de Jogos de Macau (SJM), the empire started by tycoon Stanley Ho which is now in its second generation, is worth some $14.9 billion (MOP120.4 billion).
It all started when Ho and his business partners won the first license to set up a casino in Macau. They built the city’s first casino in 1962, at the time under the name of Sociedade de Turismo e Diversões de Macau (STDM).
Today, the Ho family controls SJM Holdings, which owns casinos and hotels, including the Grand Lisboa.
The wealth of the family is divided amongst various heirs, including daughter Pansy Ho, who has stakes in MGM China, fourth wife Angela Leong, who is an executive director of SJM Holdings, and son Lawrence Ho, chief executive officer of Melco Resorts & Entertainment.
Lee’s business, worth some $14.7 billion (MOP118.8 billion), started when Hong Kong’s Lee Kum Sheung invented oyster sauce and founded Lee Kum Kee (LKK) back in 1888.
When the original oyster sauce factory burned down in 1902, the business was relocated and rebuilt in Macau, where it remained for several decades until it moved back to the original place in Hong Kong. Currently in its third generation, the business is mostly in the hands of Lee Man Tat, who consolidated his control of the company with buyouts of his uncles and brother.
In 1992, the family expanded its business ventures into health supplements, establishing the LKK Health Products Group, a manufacturer and seller of herbal products.
Besides Hong Kong and Macau, the family also owns substantial real estate assets abroad, including the “Walkie Talkie” tower in London.
The first place ranking is held by Indian entrepreneurs the Ambani family, accountable for as much as $50.4 billion (MOP407.3 billion).
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