MANILA - Three families doing business in the Philippines are among the 50 richest families in Asia, according to Forbes magazine.
In its first Asia's Richest Families list, Forbes named 50 clans from 10 Asian countries with a minimum of three generations actively involved in building their fortunes.
A net worth of $2.9 billion was required to make the list, which was topped by the Lee family of Samsung Group in South Korea. They have a combined wealth of $26.6 billion.
Here are the three richest families from the Philippines:
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The Aboitiz family is the 44th richest family in Asia with a net worth of $3.6 billion. Under Aboitiz Equity Ventures, the family has businesses in power, transportation, banking, food and property. Forbes said the family "has a constitution and formal process" for the younger members of the family interested in working for the company. Jon Ramon Aboitiz serves as chairman of the board of the Aboitiz Group.