Samsung clan is the Asia’s richest family for second year in a row

South Korea’s Lee family of the Samsung Group has topped the Forbes list of Asia’s 50 Richest Families for the second year, with a wealth of $29.6 billion, up by $3 billion from 2015, despite the global Samsung Galaxy Note 7 fiasco.

Samsung Group, founded by the late Lee Byung-chul as a small trading company in 1938, has grown into the world’s largest smartphone and TV maker.

The late founder Lee’s family and his cousins are running businesses including Samsung, CJ, Shinsegae and Hansol groups - which originated from Samsung - currently pulling in around $340 billion annually.

Interestingly, India is home to seventeen of the top 50 families, according to the American business magazine, with Ambani family of the Reliance Group taking the third spot in the overall list with a wealth of $25.8 billion.

Notably, out of the four new entrants to the list, three hail from India namely Piramal family of Piramal Enterprises, Singh family, DLF group and the Dhingra family of Kolkata-based Berger Paints.

Forbes said the combined wealth of Asia’s 50 richest families stood at $519 billion last year and among them, 41 families saw their assets rise.

To qualify for the list, participation in building a fortune has to extend at least three generations. The importance of succession planning is paramount and especially evident upon the death of the originator of the family’s wealth.

You can see the complete list here.