Asian Godfathers

Building Wealth for Billionaires While the Masses Struggle

The Southeast Asian nations of Singapore, Malaysia, Thailand, Indonesia and the Philippines – plus the city of Hong Kong – have produced a large number of billionaires. Forbes magazine’s ranking of the world’s richest people lists eight Southeast Asians among the 25 wealthiest people on the planet. These titans of industry and finance include Li Ka-shing of Hong Kong, Robert Kuok of Malaysia, Dhanin Chearavanont of Thailand, Liem Sioe Liong of Indonesia and Kwek Leng Beng of Singapore. In recent decades, Southeast Asia has produced scads of billionaires and multimillionaires. Its capitals boast soaring skyscrapers, high-tech factories and every component of modern infrastructure, all reflecting the high growth rate of the “Asian tigers.”

Indeed, the Asian tiger moniker helped create a myth of fast rising, efficiently run economies. Yet for all the economic success enjoyed by a few extremely wealthy oligarchs, the rising tide hasn’t lifted all boats. Most workers struggle. In Southeast Asia, a $500-a-month laborer is considered well-paid. Why is there such a contrast between the godfathers’ riches ...