The Lee family behind the Samsung empire was ranked second on Forbes’ list of Asia’s wealthiest families, losing the top spot to the Ambanis, the family which controls the Indian conglomerate Reliance Industries.


According to the annual report by the US magazine, the South Korean family, which topped the list in 2015 and 2016, saw its wealth surge to a combined $40.8 billion this year but was overtaken by the Ambanis, which saw their shares in Reliance Industries soar, driven by gains in its telecom arm, Reliance Jio.

The list was followed by the Kwoks of Hong Kong, dubbed Asia’s richest real estate family, and the Chearavanonts of Thailand, which owns animal feed producer the Charoen Pokphand Group. Indonesia’s Hartono family which owns Djarum Group was ranked fifth. The Chungs of Hyundai Motor Group were placed 17th with $14.8 billion of assets. The Koos of LG and the Cheys of SK with $8.7 billion and $6.3 billion, respectively, also made the list.