Asia’s 20 wealthiest clans are now worth more than $450 billion combined, underscoring how the world’s economic growth engine is minting fortunes on an unprecedented scale.

 Not surprisingly, some of the places spawning these riches are facing widening inequality. Hong Kong, which gave rise to six of the biggest family fortunes, has one of the widest wealth gaps. The street protests that have engulfed the city for months were sparked by fears of eroding freedoms under China but fueled by the divide between the rich and those who struggle to afford housing, reported Bloomberg.

Bloomberg’s categorization of family wealth excludes first-generation fortunes such as that of Alibaba Group Holding Ltd.’s Jack Ma, as well as those in the hands of a single heir. That means no families from mainland China make the list, reflecting the country’s relatively recent surge in affluence. President Xi Jinping’s campaign against extravagance has brought down some of the super-rich who were rising a few years ago. Still, many of Asia’s wealthiest clans have Chinese roots, from the Chearavanonts of Thailand to the Hartonos of Indonesia.

Other trends stand out. Real estate is one; most families on the list derive the bulk of their fortunes from property development or have holdings worth billions.

Asia’s wealthiest also embody the proverb “Rich is the man with no debts.” For the most part, they avoided the credit squeezes of the past few years that ensnared some of their peers, especially in India and China, where tycoons liberally pledge shares in exchange for loans. Bloomberg’s family ranking accounts for such liabilities.

Hong Kong, India and Singapore—the setting for the unapologetic blockbuster “Crazy Rich Asians”—have all abolished taxes on wealth or inheritance in recent years. “Asia’s lack of a debate on taxing wealth is as strange as it is harmful,” said Donald Low, a professor at Hong Kong University of Science & Technology, one of the region’s rare wealth-tax advocates.

Of course, the mood could change if the budding backlash against Hong Kong’s tycoon-dominated economy intensifies. But for now, Asia’s richest families are riding high.

1) Ambani, Reliance Industries, India - $50.4bn

Dhirubhai Ambani, the father of Mukesh and Anil, started building the precursor to Reliance Industries in 1957. When Dhirubhai died in 2002 without leaving a will, his widow brokered a settlement between her sons over control of the family fortune. Mukesh is now at the helm of the Mumbai-based conglomerate, which owns the world's largest oil refining complex.

2) Kwok, Sun Hung Kai Properties, Hong Kong - $38bn

Kwok Tak-seng listed Sun Hung Kai Properties in 1972. The company has since become one of Hong Kong’s largest property developers and the basis of the Kwok family fortune. His sons, Walter, Thomas and Raymond, assumed control when he died in 1990.

3) Chearavanont, Charoen Pokphand Group, Thailand - $37.9bn

Chia Ek Chor fled his typhoon-ravaged village in southern China and started a new life in Thailand, selling vegetable seeds with his brother in 1921. Almost a century later, Chia’s son Dhanin Chearavanont is senior chairman of Charoen Pokphand Group, a conglomerate with food, retail and telecom units.

4) Hartono, Djarum, Bank Central Asia – Indonesia - $32.5bn

Oei Wie Gwan purchased a cigarette brand in 1950 and renamed it Djarum. The business has grown into one of the largest cigarette makers in Indonesia. After Oei died in 1963, his sons Michael and Budi diversified by investing in Bank Central Asia. That stake now makes up most of the family's fortune.

5) Lee, Samsung, South Korea - $28.5bn

Lee Byung-chull started Samsung as a trading company exporting fruit, vegetables and fish in 1938. He got into the electronics business by setting up Samsung Electronics in 1969, which has become the world's largest maker of memory chips and smartphones. After his death in 1987, his third son Lee Kun-hee took over the business. He has been incapacitated by a 2014 heart attack and his son Jay Y. Lee has been leading Samsung.

6) Yoovidhya, TCP Group, Thailand - $24.5bn

Chaleo Yoovidhya originally established T.C. Pharmaceutical in 1956 to sell medication. He later diversified into consumer goods, and in 1975 invented a energy drink he called Krating Daeng, Thai for "red bull." After Austrian marketer Dietrich Mateschitz discovered the drink on a business trip, he teamed up with Chaleo to modify the recipe and market Red Bull globally. The fortunes of the Yoovidhya family and Mateschitz can be largely attributed to the success of Red Bull. Chaleo died in 2012 and Saravoot Yoovidhya, his son, is now TCP Group's chief executive officer.

7) Mistry, Shapoorji Pallonji Group, India - $21.1bn

The Mistry family business was founded in India in 1865, when Pallonji Mistry's grandfather started a construction business with an Englishman. Shapoorji Pallonji Group now operates in various business areas, including engineering and construction. The family also has shares in Tata Sons, the main holding company behind Tata Group, which operates in more than 100 countries and employs more than 700,000 people.

8) Sy, SM Investments Philippines - $20.9bn

Henry Sy was born in China and immigrated to the Philippines when he was 12. He helped his father sell rice, sardines and soap before he opened the first shoe store in 1958. From the tiny shop in downtown Manila, it has grown into a conglomerate with interests including retail, banking and property. Today, the group runs 63 department stores and 56 supermarkets.

9) Chirathivat, Central Group, Thailand - $20.3bn

The Chirathivats control Central Group, which is now led by Tos Chirathivat, of the third generation. The Thai clan of Chinese descent was originally headed by Tiang Chirathivat, who migrated from Hainan to Thailand. From its beginnings as a small family shop in Bangkok in 1947, Central Group is now one of Thailand's largest private commercial conglomerates, with more than 50 subsidiaries.

10) Kadoorie, CLP Holdings, Hong Kong - $18.5bn

In the 1880s, Elly Kadoorie and his older brother Ellis arrived in Hong Kong to work for the Sassoons, a prominent family of the Baghdad Jewish diaspora. The brothers later set up a brokerage and amassed stakes in banking, real estate and power generation facilities. Major investments include CLP Holdings, electricity supplier to Kowloon and New Territories in the city, as well as Hongkong and Shanghai Hotels, the group that owns the Peninsula Hotel chain. Michael, Elly’s grandson, now chairs both businesses.

11) Kwek/Quek, Hong Leong Group , Singapore/Malaysia - $18.4bn

Kwek Hong Png founded Hong Leong Company in Singapore in 1941, along with his three brothers. His eldest son Kwek Leng Beng runs operations in Singapore that range from property development and hospitality to finance. Nephew Quek Leng Chan was sent to lead the family business in Malaysia, which has become one of the largest conglomerates in the country.

12) Cheng, Chow Tai Fook, Hong Kong - $18.2bn

The Cheng family controls Chow Tai Fook Jewellery, a Hong Kong-based jeweler with $8.5 billion in sales for year ending March 2019. Its stock symbol is 1929, the year it was founded. They also control New World Development, a real estate and infrastructure company.

13) Ng, Far East Organization, Singapore - $17.2bn

Ng Teng Fong moved to Singapore from China in 1934. He worked at his parents' soy sauce factory and as a bicycle repairman. Instead of carrying on the family business, he ventured into property development and set up Far East Organization in 1960. He also made inroads into Hong Kong and founded Far East's sister outfit Sino Group. Now, his elder son Robert is in charge of Hong Kong operations, while younger son Philip oversees the business in Singapore.

14) Pao - BW Group, Wheelock, Hong Kong - $16.7bn

Yue-Kong Pao started his shipping business with HK$20,000 brought from Shanghai to Hong Kong more than 60 years ago. The company accumulated a fleet of more than 200 vessels by 1979, managing the world's largest independently owned bulk shipping fleet at that time. Adapting to market conditions, Pao diversified into real estate, using proceeds from ship sales. A sizable portion of current family wealth is derived from Hong Kong property developer Wheelock. When he died in 1991, his businesses were divided among his four daughters and their families.

15) Tsai, Cathay Financial, Fubon Financial, Taiwan - $16.2bn

The Tsai brothers founded Cathay Life Insurance in 1962. In 1979, the family decided to split up their business, with Tsai Wan-lin and Tsai Wan-tsai taking control of Cathay Life Insurance and Cathay Insurance respectively. Cathay Insurance was later renamed to Fubon Insurance. The family now controls two large financial holding companies in Taiwan and has also diversified into other sectors, including real estate and telecommunications.

16)  Hinduja, Hinduja Group, India - $16bn

Parmanand Hinduja, originally from Shikarpur (now in Pakistan) travelled to Mumbai to establish his business in trade and banking in 1914. Five years later, he opened an office in Tehran. The headquarters of the group remained there until 1979. Parmanand died in 1971, and sons Gopichand and Srichand left for London eight years later while Prakash moved to Geneva and Ashok remained in Mumbai. The Hinduja Group currently has businesses in industries such as energy, automotive, finance and health care. The family owns real estate in India, as well as in other cities such as London. A spokesman for the family said the group has "considerable holdings in private unlisted companies," without providing further details, which could mean their fortune is larger than calculated.

17) Ho, SJM Hong Kong - $14.9bn

Stanley Ho and his business partners won the first license to set up a casino in Macau and built the city's first casino in 1962. The Ho family controls SJM Holdings, which owns casinos and hotels, including the Grand Lisboa. His wealth 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.

18) Torii/Saji, Suntory, Japan - $14.8bn

Suntory founder Shinjiro Torii opened his first store in 1899, selling wine and Western-style liquors. His son, Keizo Saji, took over as president in 1961. Under his leadership, Suntory has become a multibillion-dollar conglomerate with interests ranging from alcoholic beverages to health foods. The founder's grandson, Nobutada Saji, chairs the company now.

19) Lee, Lee Kum Kee, Hong Kong - $14.7bn

Lee Kum Sheung invented oyster sauce and founded Lee Kum Kee in 1888. When the original oyster sauce factory burned down in 1902, the business was rebuilt in neighboring Macau, where it remained until it relocated to the more prosperous city of Hong Kong. Third-generation member Lee Man Tat consolidated his control of the company with buyouts of his uncles and brother. The family ventured into the health supplements business in 1992, when they established LKK Health Products Group, a manufacturer and seller of herbal products. The family also owns substantial real estate assets, including the "Walkie Talkie" tower in London.

20) Chung, Hyundai, S.Korea - $13.5bn

Chung Ju-yung, a peasant farmer's son, founded Hyundai in 1946 as an engineering and construction company. It has grown into a conglomerate that makes everything from cars to ships. He died in 2001, shortly after the breakup of the group triggered by a battle for control led by two of his six surviving sons. This resulted in the separation of Hyundai Motor, controlled by the founder's second son, Mong-koo. Hyundai Motor is one of the world's largest car manufacturers.