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Forbes Asia

Forbes Asia Special Issue - FG CEO Conference

Forbes Asia chronicles entrepreneurs, executives and companies throughout Asia.

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Country:
United States
Language:
English
Publisher:
Forbes Media LLC
Frequency:
Monthly
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13 Issues

in this issue

2 min.
fisheries’ friend

It hasn’t been the best year for Indonesia. Output stats have been good, and the country has upheld democratic norms too absent elsewhere in ASEAN. But fate frequently deals a cruel blow, such as September’s terrible earthquake and tsunami in Sulawesi. The recovery scramble has diverted attention from ongoing economic and political anxiety but has not made it go away. Economically, Indonesia should feel better than it does. Indeed, the Jakarta stock index—one supposedly predictive indicator—was in a long climb until spring. But then global markets were spooked again (remember the “taper tantrum”?) about rising U.S. interest rates and emerging-market debt exposure. Currencies like the Indonesian rupiah have suffered, even as forex reserves are being spent propping them up. That stress persists amid the urgency of natural-disaster relief. It is one more…

2 min.
the price of the (really) good life

BAD NEWS—OF A very mild variety—for anyone with a couple billion tucked away in the underground lair out back: Living a truly posh lifestyle has gotten juuust a bit pricier over the last 12 months. Our basket of 40 luxury goods is up 2% since last year, nearly half a point above the increase from 2017. Since we began tracking it in 1982, the Cost of Living Extremely Well Index (CLEWI) has outpaced inflation by an average 2.3%. This year’s increase, though, was more than half a point below that of the Consumer Price Index over the same period. Relatively speaking, then, these high-end items are still affordable. Which might make the 3% bump in the cost of one’s new helicopter a little easier to swallow. ENTERTAINMENT AND TOYS +3.5% OPERA: Metropolitan…

3 min.
unstable money = subpar performance

THE BIGGEST OBSTACLE to growth for developing countries—in addition to an unfriendly tax code—is an unstable currency. Weak money spurs capital flight, hurts productive investment, hinders the rise of local entrepreneurs and shifts people’s attention from getting ahead to preserving what they have and coping with getting by on a day-to-day basis. From the early 1970s to the early 1990s, for instance, South Korea’s won held steady in value, and the country’s tax burden was benign. South Korea experienced rip-roaring rates of growth. Then the government reversed course, weakening the won and raising levies. Growth slowed to a snail’s pace. Here’s an iron-clad axiom: Countries with sound currencies always outperform those with wobbly ones. Currencies in numerous countries today are weakening, with Brazil, Mexico, Indonesia, Russia, Turkey, South Africa and Iran among…

3 min.
upheaval among the billionaires

Tumbling stocks and a falling renminbi, amid credit and trade worries, knocked down the fortunes of China’s richest. The net worths of more than three fourths of last year’s top 400 fell, dropping 93 out of the ranks entirely. Of those who remained, 229 are less flush than a year ago, and nearly one third are off 20% or more. The year’s biggest loser in dollar terms was last year’s No. 1, Hui Ka Yan, whose net worth fell by $11.7 billion or 28%. The real estate magnate slipped to No. 3, swapping places with Jack Ma, the charismatic chairman of internet heavyweight Alibaba. Ma, who is worth $34.6 billion, returns to No. 1 for the first time since 2014, despite having $4 billion less than a year ago. Tencent’s Ma…

5 min.
the top 100

1 JACK MA $34.6 BILLION ▾ ALIBABA GROUP AGE: 54 2 MA HUATENG $32.8 BILLION ▾ TENCENT AGE: 47 3 HUI KA YAN $30.8 BILLION ▾ CHINA EVERGRANDE AGE: 60 4 WANG JIANLIN $22.7 BILLION DALIAN WANDA AGE: 64 5 HE XIANGJIAN $19.5 BILLION MIDEA AGE: 76 6 YANG HUIYAN $17.1 BILLION ▾ COUNTRY GARDEN AGE: 37 7 WANG WEI $14.9 BILLION ▾ SF EXPRESS AGE: 48 8 ROBIN LI $14.6 BILLION ▾ BAIDU AGE: 49 9 LI SHUFU $14.2 BILLION ▾ GEELY AUTOMOBILE AGE: 55 10 WILLIAM DING $13.5 BILLION ▾ NETEASE AGE: 47 11 LEI JUN $11.9 BILLION ▾ XIAOMI AGE: 48 12 COLIN HUANG $11.25 BILLION ▾ PINDUODUO AGE: 38 13 WANG WENYIN $11.2 BILLION ▾ AMER INTERNATIONAL AGE: 50 14 ZHANG ZHIDONG $11.15 BILLION ▾ TENCENT AGE: 46 15 SUN PIAOYANG $10.4 BILLION ▴ JIANGSU HENGRUI MEDICINE AGE: 60 16 XU SHIHUI $9.1 BILLION DALI FOODS AGE: 60 17 PANG KANG $8.8 BILLION ▴ FOSHAN HAITIAN FLAVORING & FOOD AGE: 62 18 ZONG QINGHOU $8.5 BILLION HANGZHOU WAHAHA AGE: 73 19 ZHANG YONG $7.7 BILLION ⋆ HAIDILAO INTERNATIONAL AGE: 48 20 GONG HONGJIA $7.35 BILLION ▾ HANGZHOU HIKVISION DIGITAL TECHNOLOGY AGE: 53 21 FAN HONGWEI $7.3 BILLION ⋆ HENGLI PETROCHEMICAL AGE: 51 22 HUI WING MAU $7.2 BILLION SHIMAO PROPERTY AGE: 68 23 MA JIANRONG $7 BILLION ▾ SHENZHOU INTERNATIONAL AGE: 54 24 YAO ZHENHUA $6.9 BILLION ▾ BAONENG GROUP AGE: 48 25 ZHANG YIMING $6.8…

1 min.
zhang hongwei: the explorer

Returning after two years with a $3.7 billion net worth, Zhang (No. 61) saw his United Energy triple its stock price this year in the course of taking over exploration firm Asia Resources Oil and oil and gas assets from OMV Group, both in Pakistan, making it the third-largest operator in the China-friendly South Asia country. In September it further announced the acquisition of Kuwait Energy at up to $651 million, fueling its goal to reach 20 million tons of overall annual production. Zhang gains in a year when other fossil-fuel fortunes were hurt. He also serves as chairman of Orient Group with arms in finance, agriculture, property development and port operation, and as vice chairman of China Minsheng Bank.…