MANILA - The Philippines' Sy family, which owns the SM shopping mall, bank and property empire, is the 9th richest family in Asia, according to rankings released by Forbes Magazine on Wednesday.

The Sy clan patriarch, Henry Sy, was also earlier listed by Forbes as the Philippines' richest man. The Zobel family, which controls Ayala Corp, ranked 43rd.

• Henry Sy is PH richest for 10th straight year: Forbes

India's Ambani family topped the Forbes list of 50 richest families in Asia for the first time, dethroning South Korea's Lee family, which controls Samsung Electronics.

Forbes singled out Sy's grandson, 29-year-old Howard Sy, for charting his own path with a 24-hour self-storage company, StorageMart.

• Henry Sy goes back to 'Shoe Mart' roots with retail experiment

The top 10 richest families in Asia, and their estimated net worth, according to Forbes Magazine, are as follows:

1. Ambani (India, $44.8 billion)
2. Lee (South Korea, $40.8 billion)
3. Kwok (Hong Kong, $40.4 billion)
4. Chearavanont (Thailand, $36.6 billion)
5. Hartono (Indonesia, $32 billion)
6. Lee from (Hong Kong, $29 billion)
7. Kwek/Quek (Singapore, Malaysia, $23.3 billion)
8. Cheng (Hong Kong, $22.5 billion)
9. Sy (Philippines $20.1 billion)
10. Chirathivat (Thailand, $19.3 billion)