MALAYSIA’S 50 RICHEST JU NE JAPAN’S 50 RICHEST

20 23
CHAYADI KARIM LUCIO TAN III

Harsh
Agarwal

Seo Kyoung Lee

MC Cheung
Tin-Fu

Lorin
Winata

300 INNOVATORS
IN 10 INDUSTRIES
MEET THE CLASS OF 2023

W W W. F O R B E S .C O M

DISPLAY UNTIL MID-JULY 2023

AUSTRALIA....................A $15.00 INDIA................................RS 600 KOREA........................... 12,000 PHILIPPINES.......................P 400 THAILAND..........................B 320
CHINA.......................RMB 95.00 INDONESIA...............RP 110,000 MALAYSIA...................RM 35.00 SINGAPORE...................S $14.00 OTHERS........................US $15.00
HONG KONG.................HK $100 JAPAN......................¥1273 + TAX NEW ZEALAND...........NZ $15.00 TAIWAN..........................NT$300
 June 2023 Volume 19 • Number 3

4
INSIDE
CONTENTS

& MOLLY ROGERS: WREN STEINER FOR FORBES ASIA; KYOSUKE SHIBATA: SHUNICHI ODA FOR FORBES ASIA; HARSH AGARWAL, YASHOVARDHAN PODDAR & AKSHAY RAMPURIA:
BO ZHIYUAN, ZHAO YARAN: TIM GAO FOR FORBES ASIA; LORIN WINATA: ETHAN PINES FOR FORBES ASIA; MC CHEUNG TIN-FU: JOCELYN TAM FOR FORBES ASIA; EMMA CLEGG
KARAN NEVATIA FOR FORBES ASIA; SEO KYOUNG LEE: JAE-HYUN KIM FOR FORBES ASIA; SIMRAN KAUR: MICHELLE HYSLOP FOR FORBES ASIA
AS I A 2 0 2 3

THE LIST

16 | Forbes 30 Under 30 Asia Class of 2023 COVER CREDITS

(FROM LEFT TO RIGHT)
Introducing this year’s Forbes 30 Under 30 Asia list honorees, whose creativity
LORIN WINATA:
has proven to be a valuable asset to survive—and thrive—amid tougher Ethan Pines for Forbes Asia
circumstances. From deploying AI to streamline tasks across industries to HARSH AGARWAL:
Karan Nevatia for Forbes Asia
tackling financial literacy inclusion and revamping craftsmanship-based and SEO KYOUNG LEE:
adaptive fashion, these outstanding young individuals are driven by their Jae-hyun Kim for Forbes Asia
determination and desire for positive change. MC CHEUNG TIN-FU:
Jocelyn Tam for Forbes Asia
Edited by Rana Wehbe Watson
Assistant editors Ardian Wibisono and Yue Wang

FORBES ASIA JUNE 2023

 June 2023 Volume 19 • Number 3

INNOVATION THE PROFILE

50
14 | Cleaning Up 50 | Moving Up
Manufacturing is a “national security Lucio Tan III, grandson of Philippine
issue,” according to water-technology billionaire Lucio Tan, steps up to
startup Gradiant, whose revenue is steer the diversified company that his
6 expected to double this year to nearly grandfather started six decades ago.
$200 million. But he must find new profit sources as
By Amy Feldman its mainstay cigarette business declines.
CONTENTS

By Jonathan Burgos
FEATURES

30 | Branching Out JAPAN’S 50 RICHEST

Indonesian palm oil tycoon Bachtiar 68 | Rising Tide

Karim’s 31-year-old son, Chayadi Karim, ENTREPRENEURS
After falling last year, collective wealth
seeks to build a $1 billion hotel-centric
property empire in five years to help
rose 13% to $192 billion. 84 | Master Class
diversify his family’s assets. By Naazneen Karmali Danilo Iervolino started one of Italy’s

CHAYADI KARIM: JULIANA TAN FOR FORBES ASIA; LUCIO TAN III: SONNY THAKUR FOR FORBES ASIA; SYED AZMAN SYED IBRAHIM: JEFFREY LIM FOR FORBES ASIA
By Gloria Haraito first online universities at age 28
MANUFACTURING and sold it for more than $1 billion
fifteen years later. Now the 45-year-
76 | Common Ground old entrepreneur is trying to reinvent
As demand rises and reliance on China himself—and figure out what to do
becomes an issue of economic security, with his newfound fortune.
Noveon offers a solution. By Giacomo Tognini
By Amy Feldman

10 | Fact & Comment

TECHNOLOGY
Steve Forbes
82 | Photo Shop Biden worldview: Bleak and wrong.
Despite the public roasting Levi’s
took for flirting with AI, smaller 12 | Tech Connector
clothing sellers who model their own Rich Karlgaard
products online maintain a growing Moonshots vs. marginal gains.
interest in replacing themselves with
the computer-generated kind. 88 | Thoughts
By Lauren Debter On mentorship.

30

MALAYSIA’S 50 RICHEST

38 | Fresh Look
Despite a dip in the stock market,
combined wealth edged up and
five newcomers made their debut.
By Naazneen Karmali and Jane Ho

46 | Sky’s the Limit

Former Malaysian army officer turned
entrepreneur Syed Azman Syed Ibrahim
has ambitious plans for his Weststar
Group as it looks to get a lift from
new markets.
46
By Anuradha Raghunathan

FORBES ASIA JUNE 2023

FUTURE FO CUSED
On the ground and in the air, Gulfstream is innovating for a more
sustainable future in flight. Join us for the journey.
 BUSINESS EDITORIAL
Chief Executive Officer William Adamopoulos Editor Justin Doebele
Senior Vice Presidents Tina Wee, Eugene Wong Asia Wealth Editor & India Editor Naazneen Karmali
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Senior Director, Sales Janice Ang Special Projects Director Rana Wehbe Watson
Director, Circulation Eunice Soo Design Director Mirna Aprilla
Directors, Sales Michelle Ong, Kathy Cheng Senior Reporter Jonathan Burgos
Deputy Director, Circulation Pavan Kumar Associate Editor John Kang
Deputy Director, Events & Communications Audra Ruyters Associate Wealth Editor Jane Ho
Deputy Director, Conferences Jolynn Chua Senior Designer Mossy Chew
Deputy Director, Marketing & Research Joan Low Reporter/Multimedia Producer Zinnia Lee
Deputy Director, Ad Services – Digital Keiko Wong Multimedia Producer Shan Shan Kao
Deputy Director/Assistant to CEO Jennifer Chung Reporter Catherine Wang
Associate Editor, Custom Content Zuhara Yusoff Executive Assistant Sharon Joseph
Senior Manager, Events & Communications Melissa Ng Contributing Editors Richard Borsuk, Susan Cunningham,
Senior Manager, Ad Services Fiona Carvalho Gloria Haraito, Kyunghee Park, Phisanu Phromchanya,
Managers, Conference Clarabelle Chaw, Peh Ying Si Amit Prakash, Yessar Rosendar, Mary E. Scott, Jessica Tan,
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Manager, Advertising Elaine Chan Anuradha Raghunathan, Yue Wang
Assistant Manager, Marketing & Research Goh Yu Zhen
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 SIDELINES

Recession Watch 9

s we reach the midpoint of the year,

A there’s plenty of talk about when the

world might experience a global reces-
sion. For sure, interest rates are up,
which can slow growth and thus make
it easier for a recession to appear. And so far, judging
by the contents of this issue, there’s still plenty of opti-
mism about the future.
There are three signature features, the annual 30
Under 30 Asia list, Japan’s 50 Richest list and Malay-
sia’s 50 Richest list. Japan, one of the world’s biggest
economies, has seen its stock market surge 11% since
the last list, and the collective fortunes of the 50 richest
Japanese are up by 13% to $192 billion. And more than
half on that list are richer than they were a year ago.
Malaysia tells a similar if somewhat more muted tale.
While the stock market has slipped 8%, the economy
is doing okay, since our last list. Malaysia’s GDP regis-
tered growth of 8.7% last year and is forecast to hit a
still-respectable 4% this year, as the post-Covid boom one division, which makes Tanduay rum, and now
cools off. In a sign of a brighter future, we have a feature is looking to find new growth and more earnings
on Syed Azman Syed Ibrahim, with an estimated for- across the entire enterprise. It is also a commitment
tune of $825 million, who has a lofty ambition to turn to family obligations, as his grandfather, Lucio Tan,
his Weststar Aviation Services into the world’s largest is the billionaire founder of the company and still its
operator of helicopters. He already has 34 in his fleet chairman, and the company is a major source of the
and just inked a deal for five more, making his company family’s wealth.
one of the largest in the Asia-Pacific region. The sky’s So in sum, there is some evidence that there are
the limit for him. reasons to be cheerful despite the backdrop of con-
Finally, there are the 300 members of the 30 Under cern about possible slowing growth. The wealthy
30 Asia list this year. As always, this group provides on our lists and the entrepreneurs profiled in these
plenty of inspiration. While still at a relatively young pages are known for taking the risk of pushing
age, they are excelling in multiple fields, whether it is ahead when others were fearful. As always, all com-
the arts, science, athletics or entrepreneurship. They ments welcome at editor@forbesasia.com.
aren’t waiting for things to get better; they are building
a better tomorrow with their accomplishments.
Two profiles are also included in this issue. Singa-
pore-based Chayadi Karim, the son of one of Indone-
sia’s wealthiest businessmen, sees much value in creat-
ing a portfolio of properties around Asia, with a focus
on the hospitality sector—with the goal to have $1 bil-
lion in assets within five years. Over in the Philippines,
Lucio Tan III is stepping into the presidency of one of
the country’s most important companies, LT Group. JUSTIN DOEBELE
Within just four years, he’s already boosted profits at EDITOR, FORBES ASIA

JUNE 2023 FORBES ASIA

 “With all thy getting, get understanding”

FACT & COMMENT

By Steve Forbes, Editor-in-Chief

10
Biden Worldview: Bleak and Wrong
If you want to feel truly downcast about The focus on renewables will also damage
the U.S.’ future, read a recent speech given developing countries by hitting them with
by National Security Advisor Jake Sullivan. artificially high energy costs. This is why
He thought he was outlining a dynamic vi- India, China and others are going all-in on
sion of where the Biden Administration fossil fuels.
wants to take the country and the world; What Sullivan and his ilk conveniently
“dystopian” would be more accurate. ignore is that economies “guided” by gov-
Free markets? Forget ’em! Without gov- ernments in the way he envisions invari-
ernment guidance, Sullivan avers, free-mar- ably do worse than those geared more to-
ket economies will go in undesirable direc- ward free enterprise. U.S. growth rates over
tions. He reels off the usual tropes about in- the years have vastly outperformed those of
equality, stock buybacks, the hollowing out statist European nations.
of U.S. manufacturing, sending jobs over- Sullivan’s manifest distaste for free mar-
seas and letting China and others take the kets reflects a distrust of free people. Mar-
lead on semiconductors and other critical technologies. kets, after all, are people making countless numbers of buy-
Sullivan scorns “tax cutting and deregulation, privatiza- and-sell decisions every day. Creativity and innovation usu-
tion over public action and trade liberalization as an end ally come from people who are not bound by conventional
in itself.” In his mind we need more government planning wisdom. Progress requires constant experimentation from
and less reliance on free markets: “A modern American numerous individuals and entities.
industrial strategy identifies specific sectors that are foun- Government “guidance” ultimately guarantees stagna-
dational to economic growth, strategic from a national se- tion. The innovative NASA of the 1960s gave way to a hide-
curity perspective and where private industry on its own bound agency lacking in imagination. Thankfully, along
isn’t poised to make the investments needed to secure our came Elon Musk and SpaceX, whose know-how and vision
national ambitions. It deploys targeted public investments exceed NASA’s—and China’s.
in these areas.”
Forcing the use of renewables, primarily windmills and
solar panels, is the top priority, as well as waging war against Don’t Muzzle AM Radio!
fossil fuels: “ . . . to harness that opportunity, America needs
a deliberate, hands-on investment strategy to pull forward AM radio is under assault, and it is too important to be si-
innovation, drive down costs and create good jobs.” lenced. AM radio is over 100 years old and has been a main-
Sullivan’s raps about free markets are off-base. stay in cars and trucks for decades. It has tens of millions of
Inequality? People want rising incomes. Thanks to tax listeners and is also essential for emergency broadcasts. Yet
cuts enacted in 2017 that benefited both business and in- more and more auto manufacturers have slated AM radio
dividuals, wages for lower-income earners and minorities for elimination. Ford Motor just announced that this legacy
rose faster than those in higher-income brackets. band will be disappearing in virtually all its new models.
Semiconductors? The U.S. has a five-year lead on ad-
vanced chip architecture over China.
Manufacturing? It was hurt by a binge of mostly unjus-
tified regulation in the early years of this century. Deregu-
lation—as well as tax cuts—during the Trump years saw
improvement in manufacturing.
As for governments forcing the use of renewables, this
has sharply raised energy costs in Germany and elsewhere
to levels more than double our own. And renewables are a
notoriously unreliable power source.
Moreover, greater production of green energy requires
massive, environmentally disastrous increases in mining.

FORBES ASIA JUNE 2023

 Most makers of electronic vehicles RESTAURANTS: GO, CONSIDER, STOP
(EVs), notably Tesla, don’t provide AM be- Edible enlightenment from our eatery experts and colleagues Monie Begley,
cause the vehicles generate electromagnet- Richard Nalley and Randall Lane, as well as brothers Bob, Kip and Tim.
ic signals that interfere with AM reception.
z The Bar at Daniel 20 minutes for cocktails to arrive, and
But as the Ford move indicates, traditional 20 more for the appetizers. When the
60 East 65th St. (Tel.: 212-288-0033)
vehicles with internal-combustion engines main course was done, we waited
Chef Daniel Boulud celebrated 30
are also being designed with dashboards another 20 minutes for the plates to be 11
years of serving French-influenced, cleared. One hour of wasted time that
that don’t have AM radio. multicourse prix fixe and tasting menus the restaurant caused. As the gelati ar-
The EV interference problems are re- at Daniel in May. Since reopening rived, the manager put the check down

FACT & COMMENT

solvable. The remedies will come at a cost, postpandemic, he has also presented ($500—it’s expensive). She returned five
a delightful in-house alternative at his minutes later to say the people at the
but they are small change, especially con- glamorous Bar, where one can enjoy an bar really wanted our table and she
sidering the countless billions of dollars abbreviated menu that features main was under a lot of pressure to turn it.
President Biden is shoveling out for EV in- menu offerings à la carte. The Michigan We pointed out the wait time we didn’t
cucumber “vichyssoise” is velvety cause and inquired if we were sup-
dustry subsidies. and filled with chilled Peekytoe crab. posed to put the gelati in our pockets
Public emergency officials are wor- Arancini is served with wild ramps and and purses. There were no apologies
ried. Seven former heads of the Federal Parmesan. Rabbit “chaud froid” is a de- from her, the waiter or anyone else. It
licious taste of foie gras with a mild mus- was one of the most unpleasant and
Emergency Management Agency (FEMA)
tard sauce. For vegetables, the Alsatian expensive evenings ever.
sent a letter of warning to Transportation white asparagus is served with hazelnut
Secretary Pete Buttigieg, declaring, “Feder- in a comté-sauternes emulsion, and the z T Bar
al law mandates that FEMA always main- green salad with burrata and asparagus 116 East 60th St. (Tel.: 212-772-0404)
is wonderfully rich. The cheese cart—
tain its ability to deliver messages to the complete with a “Captain of Cheeses” Tony Fortuna and Derek Axelrod
American people en masse. The National to guide you in your choices—is dizzying invested a great deal in renovating
with its more than 30 selections of T Bar’s new home, a three-story, spa-
Public Warning System, the only method cious and sexy interior done in muted
French and American cheeses. To close,
the government has to reach every point of the desserts are divine. tones. The all-American menu offers
the country at once, allows it to do so. what you’d expect, but the results are
z Gotham beyond good. To start, try the seared
“Because of the great distances that its
octopus, the delicious guacamole, the
signal carries, and due to its resiliency 12 East 12th St. (Tel.: 212-380-8660)
shrimp cocktail or the tuna tartare,
during even the worst natural disasters, Gotham is back and better than ever. whose flavor and freshness cannot be
The interior refurbishment was done improved upon. Cavatelli Antonucci,
the success of the National Public Warn- with a deft hand: The walls are lighter; a tribute to restaurateur Francesco
ing System hinges on the use of AM radio. the ceiling baffles are more like sails Antonucci, makes a great shared
However, should EV makers continue re- than their predecessors and keep mid-course. The Dover sole is moist and
noise levels comfortable. Service is simply prepared; the crusted tuna is
moving AM radios from their vehicles, this
impeccable, and the food is a notch also perfectly cooked.
vital public safety system will no longer beyond what was previously merely
function as intended.” fabulous. Start with the artichoke with z l’abeille
AM radio has its flaws, starting with the crumbled bacon and melted cheese 412 Greenwich St., between Laight
or the garden salad with its refreshing & Hubert streets (Tel.: 212-542-3898)
quality of music on its stations on up to the vinaigrette. The lobster is sweet and
static that listeners often experience around succulent, and the strip steak is sub- L’abeille, which means “the bee” in
limely tender. Save room for dessert, French, has generated a lot of buzz but
power lines. Overall listenership has been packs a powerful sting when the check
especially the dark passion—a wonder-
trending down, but clearly, AM has staying ful pairing of rich dark chocolate cake arrives. Unless one sits at the bar and
power here and around the world. and passionfruit sorbet—or the blood orders à la carte, one must order from
This brings us to another mortal threat orange crème fraîche parfait. the six-course chef’s tasting menu for
$225 or the four-course discovery menu
to both AM and FM radio: Auto manufac- z Rezdôra for $165. With both, supplements can
turers want to tap into the billions of dol- 27 East 20th St. (Tel.: 646-692-9090) add up quickly. The beet salad features
lars in potential revenue from subscrip- three different beets with a rose-water-
This rustic Italian restaurant features infused yogurt. The second part of the
tions for various services on the auto dash- specialties and pastas of the Emilia first course, served separately, is an
board as it becomes more technologically Romagna region—and the food is quite abalone en croute with caviar and has
good. However, the place defies any
sophisticated. Their appetites have been a $65 supplement—we demurred. Next
standard of hospitality, service or course is a delicious roasted Japanese
whetted by drivers’ willingness to pay sub- comfort. After a strenuous effort to Spanish mackerel, followed by a choice
scription fees for SiriusXM. Why give away capture a reservation, the 5:30 p.m. of crispy veal tenderloin with aspara-
all that radio programming for free? time slot for four was the assignment. gus or a grilled A5 Wagyu beef with a
The setting is a long banquette with braised half turnip. The 1.5-by-2.5-inch
Conservatives should be working over- small tables along it, facing a long bar. cube of beef entails a $95 supplement.
time to save AM. After all, talk radio has There is also a small section up a flight Dessert is hickory ice cream, blackberry
been absolutely crucial to getting conser- of stairs for 15 or so guests. We were mousse and dark chocolate, followed
offered a table by the front door, which by petits fours. Service is impeccable,
vative views across to listeners in an other- opened every four to five minutes, so and the low-key, contemporary 54-seat
wise increasingly hostile environment. we settled on the table at the far end, interior is a nondistracted setting for
AM must be preserved. next to the service station. We waited superb fare—at a price!

JUNE 2023 FORBES ASIA

 TECH CONNECTOR
By Rich Karlgaard

12
Moonshots vs. Marginal Gains
From 2010 to 2019, a dominant every 18 months. The rival Soviets,
The original
international sports franchise moonshot, with superior rocketry, lacked
was British cycling group, Team Apollo 11 in 1969
guidance systems run by these tiny
Sky, led by general manager, Dave chips. The Soviet moonshot failed
Brailsford. Sky found success in because it was a moonshot.
making small improvements in all Green tech is oft-described
areas of performance: bike frames, by politicians and the press as a
gears, wheels, tires, tubes, shoes, moonshot that will reduce the
helmets, clothing, training, recov- world’s dependence on—and even-
ery, nutrition, hydration and so tually eliminate—fossil fuels. But
on. Brailsford even obsessed about that’s magical thinking. The per-
finding perfect hotel room tem- centage contribution of wind, solar
peratures for sleeping. (He said cy- and biofuels to the world’s energy
clists worn out from multiday races mix has barely moved in 20 years.
like the Tour de France sleep best in a cooler range of 16 to The electric vehicle revolution is slowed by existing bat-
18 degrees Celsius.) tery technology that is improving, at best, 5% to 7% a year.
Brailsford called his idea “marginal gains.” If you can That’s not a moonshot pace.
make small improvements each year, in all you do, you will If you believe that sustainability and lower carbon foot-
accomplish big things. This worked for Sky, which won prints are good things for the world, you will see that real
seven Tour de France team titles from 2012 to 2019 (the sustainability runs through marginal gains. It is Shell using
last under its new name Team Ineos). Automaker Toyota sensor data and predictive analytics to cut offshore drill-
similarly has its kaizen system of continuous improvement, ing emissions steadily each year. It is Maersk digitizing its
often in small tweaks that cumulatively raise production supply chains to cut paperwork to eliminate wasted time
and quality standards. in ports. It is Toyota’s vision that hybrid engines are not
Marginal gains is not a sexy subject. It’s far more fun to yesterday’s technology but still have a long improvement
read about moonshots. Test this for yourself: Would you curve ahead of them. It is Singapore’s data-driven quest for
rather read about Steve Jobs or his successor, Tim Cook? results-oriented governance.
The life of the late Apple cofounder was all about Jobsian True moonshots require breakthroughs in science. To-
moonshots: The barefoot hippie who implausibly chal- day’s wireless communications needed the discovery of
lenged giant IBM. Decades later Jobs launched the iPhone the electromagnetic spectrum in the 19th century. Nuclear
moonshot of 2007, which Microsoft’s former CEO Steve power needed nuclear fission built from a new kind of
Ballmer said had no chance for success. Jobs was a roman- physics born in the 1890s. Green moonshots that excite
tic, and romantics love moonshots. But it’s Cook, the for- people today will require huge breakthroughs in material
mer chief operating officer, who holds the world record of science. Will that happen? No doubt. When? Hard to say.
CEO market value creation. When Jobs died in 2011, Apple Engineering always lags scientific discoveries.
was worth $360 billion. Under Tim Cook, Apple has grown If you want to solve big problems, improve the world,
to $2.7 trillion. No other CEO in history has created that delight customers, grow your company and make money,
much wealth. Cook did it with thousands of small experi- become a zealot for marginal gains.
ments, each relentlessly analyzed for results.
HUM IMAGES/GETTY IMAGES

Fact is, moonshots don’t come along often. When at- Rich Karlgaard is editor at large at Forbes.
tempted, moonshots more often result in capital destruc- As an author and global futurist, he has
published several books, the latest of
tion and wasted time. Successful moonshots are often an which is Late Bloomers, a groundbreaking
illusion. They are more often a story of marginal gains exploration of what it means to be a late
that compounded fast. The original moonshot, Apollo 11 bloomer in a culture obsessed with SAT
scores and early success. For his past
in 1969, was due in large part to silicon chips, which had columns and blogs visit our website at
been invented in 1959 and were doubling their capability www.forbes.com/sites/richkarlgaard.

FORBES ASIA JUNE 2023

Under the theme “Sea Change,” the 21st edition of the Forbes Global CEO
Conference will examine the economic transformation that is underway. The
world is in reverse: deleveraging, decelerating and deglobalizing. It’s more than
a pivot, it’s a global grinding of the gears as the world shifts to a new normal—
or a new abnormal? The conference will gather insights from leading CEOs,
thought leaders, entrepreneurs and investors as they chart new courses to
ride the waves of sea change.

For more information, please visit forbesglobalceoconference.com or email info@forbesasia.com.sg

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 INNOVATION
By Amy Feldman

14
Cleaning Up
Manufacturing is a “national security issue,” according to water-technology startup G R A DI AN T ,
whose revenue is expected to double this year to nearly $200 million.

students at MIT investigating water purification. Both

had grown up in India, and had seen how water scar-
city could harm people and communities. Govindan’s
research focused on a desalination process based on a
humidification and dehumidification cycle that mimics
the rain cycles in nature. Bajpayee had the idea of ap-
plying it to an oil field. After completing their Ph.D.s in
2012, the two spun out the concept as a business.
Because Gradiant’s early costs were so low—half the
cost of existing technologies, Bajpayee says—customers
were willing to give the startup a try. Soon, it gained
bigger customers and launched additional water-treat-
ment technologies. Today, Gradiant has approximately
600 water-treatment facilities and offers half a dozen
A typical semiconductor fab different water-purification technologies for complex
uses 38 million liters of water a day, and in the process of industrial operations. It holds hundreds of patents on
making chips it contaminates that water with chemicals those technologies.
and other toxic materials. That’s a big cost for the factory In some cases, Bajpayee says, Gradiant can recycle
and an environmental problem. In cleaning up industrial 98% of its customers’ contaminated water, and do it over
wastewater, and allowing it to be recycled for use, Bos- and over again. For a chip factory, with its 38 million
ton-based Gradiant has built a fast-growing business. liters a day, or a pharmaceutical plant, which requires
Gradiant said in May it had reached a $1 billion ultra-pure water, that’s a huge thing, keeping the plant
valuation—the first water-technology startup to attain operating regardless of the climate and potentially re-
that milestone—with $225 million in funding led by ducing both the costs of production and the plant’s
billionaire John Arnold’s Centaurus Capital and New environmental impact. Instead of bringing in 38 mil-
York family office BoltRock Holdings. The new invest- lion liters of freshwater every day to operate a fab, for
ment brings the company’s total funding to more than example, Gradiant’s recycled wastewater could reduce
$400 million. the need for new water to just 757,000 liters a day. “You
More importantly, the company’s revenue approached cannot eliminate reliance on water, but you can reduce it
$100 million last year and is expected to double this year, significantly to increase the sustainability by a very long
nearing $200 million. Among its customers are semi- shot,” Bajpayee says.
conductor giants TSMC and Micron, pharmaceutical
companies Pfizer and GSK, Coca-Cola, and mining firm
Rio Tinto.
“It’s become more of a national security issue, or an
existential issue, to have these manufacturing capabili-
“IT’S BECOME MORE OF A
ties and each of them needs water,” Anurag Bajpayee, NATIONAL SECURITY ISSUE, OR AN
Gradiant’s cofounder and CEO, says. “We not only
minimize, or in some cases eliminate, the contaminated EXISTENTIAL ISSUE, TO HAVE THESE
water, we recycle it to reduce the impact on society.”
A decade ago, Bajpayee, 38, and his cofounder, chief
MANUFACTURING CAPABILITIES AND
operating officer Prakash Govindan, 39, were doctoral EACH OF THEM NEEDS WATER.”
FORBES ASIA JUNE 2023
 15

I N N OVAT I O N
For GSK, Gradiant worked up a wastewater Gradiant cofounders cover the water and the brine is the byproduct;
Prakash Govindan
treatment program for its large amoxicillin plant (left) and Anurag here the brine is the product.”
in Singapore beginning in January 2020. Waste- Bajpayee. Gradiant’s processing, he says, will allow the
water from the penicillin antibiotic—a key ingre- lithium to be extracted from the brine in a cost-
dient in GSK’s drug Augmentin—is particularly effective and ecologically feasible way. SLB presi-
hazardous and tough to manage. Gradiant ex- dent of new energy Gavin Rennick told Forbes
tracts some five tons of waste per day from the India last year that the Gradiant technology was
plant’s wastewater. “To treat the sludge we were “key” to its goal of improving sustainability of
getting was extremely difficult,” says Colin McKee, lithium production at a time of unprecedented
GSK’s head of capital strategy and management. growth in demand for the mineral.
With critical minerals receiving increased With the new funding, Bajpayee says that the
political attention, Gradiant’s water-treatment company plans to expand further into existing
process is also finding new uses. Oil-field ser- markets, which include semiconductors (current-
vices company Schlumberger, which is an inves- ly its largest area), pharmaceuticals, food and bev-
tor as well as a customer, will soon begin using erage and critical minerals. It also plans to enter
Gradiant to extract the lithium required for bat- new markets in the Middle East and Europe.
teries that power electric vehicles from brine in- Arnold, once a hugely successful trader at
COURTESY OF GRADIANT

stead of from rock at a facility in Nevada. “As far Enron, set up Centaurus, which invests in in-
as we’re concerned, it’s a desalination or water- dustrials, energy, financials and renewables,
treatment process,” Bajpayee says. “We take the after Enron’s collapse. He’s worth $3.3 billion.
water out of that solution so … it concentrates BoltRock is the family office of Craig Huff, a for-
the lithium brine where it becomes easier to ex- mer partner at Ziff Brothers and cofounder of
tract the lithium from it. In most cases, we re- Reservoir Capital Group.

JUNE 2023 FORBES ASIA

 THE LIST
For the full list, please go to
forbes.com/30-under-30/2023/asia

16

FORBES ASIA
 ENTERTAINMENT & SPORTS
Steven Adams, 29,
New Zealand
Athlete
Milly Alcock, 22, Australia
Actress
Siddhant Chaturvedi, 29,
India
Artist
Chen Jianying, 28, China
Film director
MC Cheung Tin-fu, 26,
Hong Kong
Singer 17
Gue-sung Cho, 24,
South Korea
Soccer player
Min-jeong Choi, 24,
South Korea
Speed skater
Neeraj Chopra, 25, India
Athlete
Amie Donald, 12,
New Zealand
Actress
Gao Tingyu, 25, China
Speed skater
Hannah Green, 26, Australia
Golfer
Dae-heon Hwang, 23,
South Korea
Speed skater
Ji-so Jung, 23, South Korea
Actress

MC CHEUNG Hye-yoon Kim, 26,

South Korea

WITH GLOBAL ECONOMIC uncertainty on the TIN-FU Actress

KJ Apa, 25, New Zealand
Age: 26 • Singer • Hong Kong Actor
rise and a significant drop in VC funding, young Ryoyu Kobayashi, 26, Japan
entrepreneurs in Asia-Pacific have faced a new Ski jumper
Le Sserafim, South Korea
set of challenges in the past year. But the cur- Michael Cheung Tin-fu used to be a famil- K-pop band
rent environment hasn’t killed innovation. Judg- iar face in Hong Kong’s busy underpasses, Yoo-mi Lee, 28, South Korea
ing by this year’s cohort of 30 Under 30 Asia belting out tunes from Jay Chou and Actress
Maroon 5. Now known as MC, Cheung is a LØREN, 27, South Korea
honorees, creativity has proven to be a valuable Singer
rising star on the local Cantopop music
asset to survive—and thrive—amid tougher scene. His first full-length album This Is VannDa Mann, 25,
Cambodia
circumstances. From deploying AI to streamline MC became the bestselling album in Hong Rapper
tasks across industries to tackling financial Kong the week of its release in January, and Emma McKeon, 28, Australia
Swimmer
literacy inclusion and revamping craftsman- in the same month, he performed a sold-
Momoka Muraoka, 25,
ship-based and adaptive fashion, there is no out concert in the 12,500-seat Hong Kong Japan
Coliseum. His songs include the 2021 hit Paralympic skier
stopping our listees. These outstanding young
single “Pillow Talk,” which topped local Ambika Nayak, 28, India
individuals are driven by their determination charts for 12 weeks and has 23 million Musician

and desire for positive change. In addition to NewJeans, South Korea

views on YouTube. Born in Hong Kong and K-pop band
resilient startup founders, the list also highlights raised in Canada, Cheung’s big break came Metawin Opas-iamkajorn,
artists, athletes and scientists whose talents are in 2019, when he won second place in the 23, Thailand
Actor
reality TV singing competition King Maker.
recognized at home and abroad in their respec- Jack Robinson, 25, Australia
The singer credits his success to his father, Athlete
tive fields. To compile the eighth edition of this who nurtured his musical talent before Elena Rybakina, 23,
annual list, our team of reporters and editors passing away from cancer during the sea- Kazakhstan
Tennis player
looked into over 4,000 nominations from which son’s semifinals. In 2020, Cheung was
Shye, 20, Singapore
the final 300 entries were selected and vetted signed by Warner Music Hong Kong, and Singer
by a group of highly qualified judges. in 2021 released his debut EP Have a Good Ajla Tomljanovic, 29,
JOCELYN TAM FOR FORBES ASIA

Time. Cheung says new artists such as him- Australia

Tennis player
E D I T E D BY R A N A W E H B E WAT S O N self are reenergizing the Cantopop genre,
Thomas Weatherall, 22,
ASSISTANT EDITORS ARDIAN WIBISONO AND YUE WANG and he believes it can have global appeal Australia
like K-pop. Cheung hopes to continue Actor
Research and reporting: performing live while pursuing acting.
Karsha Green, John Kang, Danielle Keeton-Olsen, Yessar
“Whether I’m a busker, or performing on
Rosendar, James Simms, Catherine Wang and David Yin with JUDGES: Kuok Meng Ru,
Ramakrishnan Narayanan and Phisanu Phromchanya stage, I approach my music the same way,” founder and group CEO,
the artist says. “I really prefer the face-to- Caldecott Music Group;
Hua Fung Teh, cofounder
*The birthday cutoff to make the list was Dec. 31, 1992. face connection.” —Catherine Wang and group president, ONE

JUNE 2023 FORBES ASIA

 Kangmin Ahn, 27,

CONSUMER TECHNOLOGY
South Korea
Founder, Sling
Aziz Arman, 25, Bangladesh
Founder, Jatri
Sukhans Asrani, 24,
New Zealand
Founder, Zorbi
Candace Chen, 29, Taiwan
Founder, Fluv
Hojun Choi, 29, South Korea
President, Law&Good
Atsushi Fukada, 29, Japan
18 Founder, PetVoice
Samanyou Garg, 25, India
Founder, Writesonic
Jibran Gulzar, 25, India
30 UNDER 30 ASIA

Founder, Gatoes
Vicky Tan, 29;
Kai Song Eer, 27, Malaysia
Cofounders, GuruLab
Chan Yu-An, 25; Lin Yu-Fan,
26; Wu Yu-Chuan, 25, Taiwan
Cofounders, Heptabase
Ashwini Jain, 29, India
Cofounder, ForeignAdmits
Ray Jang, 28, Singapore
Founder, Scenius
Keita Kato, 23, Japan
Founder, FIT
Mansoor Rahimat Khan, 28,
India
Cofounder, Beatoven.ai
Sota Kimura, 27, Japan
Founder, SmartRyde
Felix Lee, 25, Singapore
Cofounder, ADPList
Shubhodeep Mukherjee, 27,
India
Head of Engineering, Winuall
Keito Nakao, 23, Japan
Founder, New Innovations
Ha Nguyen, 28, Vietnam
Cofounder, MindX
Donggyun Ko, 25; Chaeyoung
Lee, 24; Donghwan Shin, 25,
South Korea
Cofounders, Noutecompany
Drishti Gupta, 25;
Bani Singh, 25, India
Cofounders, Now&Me
Akshay Rampuria, 28;
Yashovardhan Poddar, 29,
India
Cofounders, Openhouse
Manish Agarwal, 29;
Aashay Mishra, 28;
Atulya Kaushik, 27, India
Cofounders, PrepInsta
AKSHAY RAMPURIA AND Diptha Saha, 27, Bangladesh
Cofounder, Agroshift
YASHOVARDHAN PODDAR Technologies
Jonah Schumer, 27,
Ages: 28, 29 • Cofounders, Openhouse • India South Korea
Principal, Riiid
Jordan Shreeve, 26, Australia
Founder, Inke Packaging
Akshay Rampuria (left) and Yashovardhan Poddar founded Openhouse in 2018, partly as an answer to Yuya Takaku, 28, Japan
the limitations they saw in the Indian education system. The chain of after-school tutoring hubs offers Founder, Sportip
Bumjun Kim, 27; Jeongho
support in subjects such as math and science, as well as extracurricular activities, including robotics and Jeong, 29, South Korea
hip-hop dance. The two Stanford University graduates launched the first of their eight centers, which Cofounders, Theatrum
feature bright, modern classrooms, in Kolkata before expanding to Bangalore. The company claims Parith Thiengtham, 29,
Thailand
10,000 students, mostly aged 3 to 10, and charges a monthly subscription of $35 to $50, depending on Cofounder, Edsy
KARAN NEVATIA FOR FORBES ASIA

the classes taken. Rampuria and Poddar grew up in India but after studying abroad saw an opportunity Sonia Vora, 29, India
Director of product, Acko
for a more holistic approach to education compared with an emphasis on rote learning. Their strategy
favors in-person teaching, though parents can follow their children’s progress through the Openhouse
app. “We believe that learning happens best offline,” Poddar says. Covid-19 pushed Openhouse to offer
virtual lessons, but it reverted to in-person teaching when the pandemic receded. Openhouse raised $11 JUDGES: Vinnie Lauria,
million in a series A round in December, bringing total funding to $17 million from investors including founding partner, Golden Gate
Ventures; Hian Goh, founding
venture capital firms Accel, Matrix Partners and GSV Ventures. It is seeking to add more hubs in India partner, Openspace Ventures;
and overseas, possibly on a co-ownership basis. Rajat Agarwal, managing director of Matrix Partners, Chandra Tjan, cofounder
and general partner,
says the company is “well-capitalized and … breaking even at a number of locations.” —Ardian Wibisono Alpha JWC Ventures

FORBES ASIA JUNE 2023

 Radhika Agarwal, 28, India

FINANCE & VENTURE CAPITAL

Investor, Blume Ventures
Sai Araveti, 26, India
Investor, Susquehanna
International Group
Misbah Ashraf, 29, India
Cofounder, JAR
Shreya Bakliwal, 29, India
Principal, Aureolis Ventures
Nattapat Chaimanowong, 29;
Win Vareekasem, 29, Thailand
Cofounders, Beam
Shyam Murugan, 21;
Eeshan Sharma, 22; 19
Mehul Jindal, 22, India
Cofounders, BharatX
Shauraya Bhutani, 28,

30 UNDER 30 ASIA
Singapore
Cofounder, Capital Connect
Advisors
Christopher Chang, 29, Japan
Strategic advisor, Beenext
Capital Management
Christopher Choo, 29,
Singapore
Cofounder, Qashier
Rahul Raj, 29;
Rakesh Yadav, 27, India
Cofounders, Flobiz
Geng Ran, 29, China
Director, OrbiMed
Mason Bleakley, 25;
Stephanie Benseman, 27,
New Zealand
Principals, Icehouse Ventures
Anuvrat Jain, 28, India
Vice president, Lightspeed
Venture Partners
Sambhav Jain, 27, India
Cofounder, Nakad
Waleed Amjad Islam, 25;
Shershah Hassan, 25, Pakistan
Cofounders, Kalpay
Ren Kurita, 25, Japan
Founder, Miive
Seo Kyoung Lee, 28,
South Korea
Associate, TPG
Rishabh Jain, 26;
Kushal Prakash, 25, India
Cofounders, Mewt
Kavya Nair, 29, India
Director, Advay Capital
Yusuke Noro, 29, Japan
Cofounder, Paytner
Vinay Palathinkal, 28,
Singapore
Venture partner,
The Fintech Fund
Avinash Ramanathan, 29, India
Vice president, Kalaari Capital
Alwyn Rusli, 26, Indonesia

SEO KYOUNG LEE

Investor, Trihill Capital
Tang Jiacheng, 28, China
Senior investment manager,
BAI Capital Age: 28 • Associate, TPG • South Korea
Yashoraj Tyagi, 27, India
Chief technology officer,
CASHe
Wing Vasiksiri, 25, Thailand Seo Kyoung Lee, a rising star at the Seoul office of private equity giant TPG, is always busy working on
Founder, WV deals—but 2021 was especially noteworthy. That year, Lee helped Kakao Mobility raise more than $500
Aaron Villegas, 25, Philippines million in funding, working with the company and investors such as Google, LG and Carlyle. Kakao
Cofounder, Lista
Valerie Vu, 29, Vietnam Mobility is important for TPG, not only because it’s Korea’s top ride-hailing company, but because TPG
Founder, Ansible Ventures is its second-largest shareholder after parent Kakao Corp. The funds raised helped Kakao Mobility to
JAE-HYUN KIM FOR FORBES ASIA

Giovanni Wilson, 26, Indonesia maintain its leadership in the ride-hailing market. Lee became a board member of Kakao Mobility in
Senior investment analyst,
AC Ventures November last year, making her the youngest female board member of a major Asian tech company. “It
Yang Yanci, 28, China was a bold decision,” says Lee in a video interview. South Korea has the lowest percentage of women on
Managing director,
ZhenCheng Capital boards in Asia—just 4% of board seats in the country were filled by women, according to a report by
Deloitte last year. By comparison, the regional average was 12% while board representation in Japan
JUDGES: JP Gan, founding (the second lowest in Asia) hovered around 8%. “I hope the board membership shows younger women
partner, INCE Capital;
In Kyung Lee, partner, that it can be done and it creates more opportunities for women,” adds Lee. “I’m the youngest, but I
MBK Partners; David Gowdey, certainly won’t be the last.” A graduate of Seoul National University, Lee worked in investment banking
managing partner,
Jungle Ventures at JPMorgan Chase before joining TPG in January 2019. —John Kang

JUNE 2023 FORBES ASIA

 20
30 UNDER 30 ASIA

FORBES ASIA
 MEDIA, MARKETING & ADVERTISING
Michelle Akhidenor, 28,
Australia
Founder, The Peers Project
Vinay Anand, 29, India
Cofounder, Aer Media
Sharan B Hegde, 27, India
Founder, The 1% Club
Dev Abhilash, 27;
Gayathri Reddy, 27, India
Cofounders, Bellplus Media
Shivesh Bhatia, 26, India
Content creator
Emma Carey, 29, Australia 21
Author
Lucas Cheung, 27,
Hong Kong

30 UNDER 30 ASIA
Managing partner,
Gusto Collective
Rachael De Foe, 28,
Singapore
Founder, Redefy
Eric Fan, 29, Australia
Cofounder, Lumos
Karishma Gangwal, 29, India
Content Creator
Simran Kaur, 26; Sonya
Gupthan, 26, New Zealand
Cofounders, Girls That Invest
Kevin Lerdwichagul, 28;
Luke Lerdwichagul, 23,
Australia
Cofounders, Glitch Productions
Joshua Wong, 28;
Low Lin Hui, 28, Singapore
Cofounders, Hypotenuse AI
Koh Jong Won, 28;
Keon Jun Lee; 28, South Korea

SIMRAN KAUR AND

Cofounder, Inedit
Clayton Jacobs, 25, Taiwan

SONYA GUPTHAN
Founder, CreatorDB
Azam Mahmood, 29, Pakistan
Screenwriter
Ages: 26, 26 • Cofounders, Girls That Invest • New Zealand
Tasfia Tasbin, 27; Rubaiyat
Farhan; 27, Bangladesh
Cofounders, Markopolo.ai
Simran Kaur (pictured) and Sonya Gupthan call their Tejas Rathod, 29;
Kunal Kothari; 29, India
journey an “unlearning process,” overcoming insecurities Cofounders, Mobavenue
that they didn’t have the right background, education or Nutticha Namwong, 26,
experience to make investments. The two Aucklanders, Thailand
Content creator
friends since they were five, started their podcast Girls Kevin Ng Jia Quan, 28,
That Invest based on conversations at university about Singapore
Founder, Vicinity Studio
investing in stocks, funds and property. The podcast is
Cheah Wenqi, 27;
in the top 1% of Spotify’s most shared shows globally Matthew Chew, 29;
at the end of 2022, according to Spotify, two and a half Ng Kai Yuan, 29, Singapore
Cofounders,
years after the first episode. Kaur attributes its success Our Grandfather Story
to the hosts’ relatability. “We are two young South Asian Jaejun You, 23; Junho Lee, 23,
women that talk about things that are not what you South Korea
Cofounders, Plask
expect someone in finance to talk about … we talk about Wonjeong Seo, 26,
Birkin bags, we talk about Love Island,” Kaur says. “It South Korea
Content creator
makes it seem [to listeners], ‘If they can do it, I can do
Parveen Singhal, 29, India
it.’” Kaur sees the podcast—which touts content “without Cofounder, Stage
the finance bros, without the jargon and without the Alex Pan, 26; David Peng, 28;
condescending tones”—as an entry point into investing. Chang Yu-Sheng, 27, Taiwan
Cofounders, Storipress
She and Gupthan have added a six-week investment
Toh Xing Jie, 28, Singapore
course three times a year meant to create a roadmap for Founder, Ugly Carrot Studio
MICHELLE HYSLOP FOR FORBES ASIA

financial freedom. Kaur wrote a book (also called Girls Hai-Anh Tran, 29, Vietnam
Graphic novelist
That Invest), released last August, that now ranks No. 13
Michael Christidis, 29;
among Amazon’s bestsellers in stock market investing. Filippo Palermo, 29, Australia
Gupthan says her own investing barrier was a fear of Cofounders, Untitled Group
making mistakes, and honesty about their struggles Kyla Zhao, 24, Singapore
Author
has helped them reach their devoted audience. “When
explaining things, [we think] ‘How can we make it fun?
How can we keep the language inclusive to our peer JUDGES: Patrick Grove,
group? And that's really worked,” she says. cofounder and group CEO,
Catcha Group; Janice Lee,
—Danielle Keeton-Olsen CEO, Viu

JUNE 2023 FORBES ASIA

 Shubham Agrawal, 29, India

ENTERPRISE TECHNOLOGY
Founder, Vyapar
Yuki Kitagata, 21; Naoki
Shirahige, 20, Japan
Cofounders, Atena
Aravind Kandiah, 29; Charles
Wong, 28, Singapore
Cofounders, Bifrost AI
Mirsa Sadikin, 27; Afra Sau-
san, 25, Indonesia
Cofounders, Biteship
Bo Zhiyuan, 29, China
Founder, Qingflow
22 Shin Chen,28; Ukyo Ogasa-
wara, 28; Shintaro Ogiwara,
28; Shunya Watanabe, 26,
Japan
Cofounders, CrossBorder
Keechin Goh, 29;
Denzel Lee, 29, Singapore
Cofounders, Datature
Palash Golecha, 26;
Abhishek Kankani, 25;
Kushagra Vaish, 26, India
Cofounders, Dyte
Pritam Khan, 27;
Mainak Sarkar, 29, India
Cofounders, Explorex
Technologies
Jayesh Gadewar, 23, India
Cofounder, Scrut Automation
Koya Iwasa, 26, Japan
Founder, Cloudbase
Siddhanth Jayaram, 29, India
Cofounder, Climes.io
Nikhil Gupta, 25; Aniket
Bajpai, 26, India
Cofounders, LimeChat
Wing Liu, 29, Hong Kong
Cofounder, DimOrder
Sagar Khatri, 29; Vamsi
Krishna, 29, Singapore
Cofounders, Multiplier
Hari Nair, 25, Singapore
Cofounder, Zuno Carbon
Yusuke Ohira, 29, Japan
Founder, Leaner Technologies
Hrishi Olickel, 28, Singapore
Cofounder, Greywing
Shi (CJ) Looi, 29;
Cyril Nie, 29, Singapore
Cofounders, PixCap
Qi Fanchao, 28, China
Cofounder, DeepLang AI
Arnav Sharma, 29, India
Cofounder, Enterpret
Divyaanshu Makkar, 29;
Mayur Bhangale, 26;

BO ZHIYUAN
Vikas Garg, 29, India
Cofounders, Sourcewiz
Shang Yanyi, 25;
Age: 29 • Founder, Qingflow • China Wu Zhengyang, 29, China
Cofounders, StellarRover
Yoshihiro Takahashi, 25,
Japan
Over three years of Covid-19 lockdowns, Bo Zhiyuan saw demand surge for his collaborative workplace Founder, Pricing Studio
platform Qingflow as Chinese companies started using remote working tools. Its cloud-based workflow- Angelina Terlaki, 25,
management software builds web and mobile applications to manage business processes and projects Singapore
Cofounder, Red Dot Analytics
across teams, departments and locations. Customized content for data entry, contract monitoring and Leland Tran, 28, Singapore
invoicing can be created through a drag-and-drop interface that doesn't require coding skills. “There Cofounder, Momos
are many individual needs from different teams, which often can’t be met by a company’s standard IT Henson Tsai, 28, Hong Kong
Founder, SleekFlow
system,” says Bo, founder and CEO of the Shanghai-based company. “The pandemic has only expanded Wang Yu, 26, China
this need for new tools.” The China market for low-code services is forecast to grow 44% CAGR to Founder, StarCross Technology
$1.7 billion in 2025 from $400 million in 2021, according to Beijing-based iResearch, which says over Christopher Withers, 29,
Singapore
500,000 Chinese companies have tried Qingflow’s products. Smartphone maker Xiaomi says it’s used Founder, Klikit
TIM GAO FOR FORBES ASIA

Qingflow's platform to build software for managing legal-related material and updating internal proto- Victoria Zorin, 25, Australia
Cofounder, Nola Technologies
cols. Qingflow’s basic tools are free, but clients can get more professional services starting at $1,400 a
year. Bo, who has a cloud computing MA from Shanghai Jiao Tong University, started Qingflow in 2015
with a prototype helping schools manage events and student applications. It has raised about $30 mil- JUDGES: Kai-Fu Lee, chair-
man and CEO, Sinovation
lion in funding from investors including Tencent and Qiming Venture Partners. Bo wants to service Ventures; Akiko Naka,
bigger firms as well as work with local partners in Japan and Southeast Asia. “Our product can cater to founder and CEO, Wantedly;
S.D. Shibulal, cofounder,
different needs in different countries,” he says. —Yue Wang Infosys and Axilor Ventures

FORBES ASIA JUNE 2023

 Harsh Agarwal, 27, India

THE ARTS (ART&STYLE, FOOD&DRINK)

Founder, Harago
Ayesha Mubarak Ali, 26,
Pakistan
Artist
Gwyneth Ang Yee Lyn, 29,
Singapore
Cofounder, One Prawn & Co
Elaine Chiu, 26, Hong Kong
Artist
Silvano Christian, 29,
Indonesia
CEO, Dapur Cokelat 23
Elin Fu, 25; Nelson Htoo, 28,
Hong Kong
Cofounders, Common Abode

30 UNDER 30 ASIA
Ryo Iwamoto, 25, Japan
Founder, TeaRoom
Dhruv Khurana, 27, India
Founder, Almost Gods
Rieul Kim, 29, South Korea
Designer, Rieul
Yubeen Kim, 25, South Korea
Flutist
Kartik Kumra, 22, India
Creative director,
Karu Research
Lester Li, 25, Singapore
Founder, King of Fried Rice
Yunchan Lim, 18, South
Korea
Pianist
Benita Setyawan, 26;
Janice Setyawan, 26,
Indonesia
Cofounders, Maquinn
Hayden Marks, 24, Australia
Founder, Melbourne
Bushfood
Rhea Mehta, 24, India
Founder, Rhea Mehta Design
Aashti Miller, 29, India
Founder, Millerink
Akash Wadhwani, 27;
Rishabh Gupta, 26, India
Cofounder, OatMlk
Ryunosuke Okazaki, 27,
Japan
Designer
Minwook Paeng, 29,
South Korea
Designer
Ka Lam Po, 29, Hong Kong
Cofounder, Ponder.er
Kavya Potluri, 28, India
Founder, Venus Moonlight
Vishnupriya Rajgarhia, 28,
India
Artist
HARSH AGARWAL
Age: 27 • Founder, Harago • India
Niyati Rao, 28, India
Cofounder, Ekaa
Prateek Sachdeva, 29, India
Drag performer Harsh Agarwal has been collecting fabrics and designing his own clothes since seventh grade. That
Md Masood Sarwer, 29, India passion found a natural outlet in 2019 when he launched menswear brand Harago (a derivative of his
Photographer name), which incorporates traditional Indian craftsmanship, such as embroidery and block printing,
Isabel Sicat, 29, Philippines in its casual wear designs. The Jaipur-based label’s inspiration came in 2017 when Agarwal worked on
Cofounder, Toqa
sustainability initiatives as a U.N. intern in New York. He wanted a career that blended artisanship and
Jaeook Lee, 29;
Young Suk Kim, 28; eco-friendly concepts in fashion, so after finishing a degree in economics at Symbiosis International
JoonHyung Park, 28, University in Pune in 2018, he traveled across India visiting artisans’ homes and stores to understand
KARAN NEVATIA FOR FORBES ASIA

South Korea
Cofounders, Sooldamhwa their work. His first collection featured shirts and trousers made from handwoven cotton, silk, wool
Duy Tran, 23, Vietnam and vintage fabrics. Four years on, Agarwal supplies his designs on a wholesale basis to retailers world-
Founder, Fanci Club
wide including Saks Fifth Avenue in New York and South Korea’s Hanstyle. Harago got a boost in 2021
Terrence Zhou, 27, China
Founder, Bad Binch
when celebrity Harry Styles was seen sporting Harago shorts. The company produces 8,500 pieces a
TongTong year, sourced from more than 200 artisans across India. It takes about a week to ten days to finish one
garment. Agarwal doesn’t promote Harago as a sustainable brand because “the fashion industry can
never be 100% sustainable,” he says. “Our focus is on craftsmanship, craftspeople and continuing the
JUDGES: Ronald Akili, CEO,
PTT Family; Nicole Warne,
artisan’s traditional crafts legacy.” Harago released part of its first women’s collection in May.
founder, Gary Pepper Girl —Anuradha Raghunathan

JUNE 2023 FORBES ASIA

24
30 UNDER 30 ASIA

EMMA CLEGG AND

MOLLY ROGERS
Ages: 29, 28 • Cofounders, JAM the label • Australia

Occupational therapists Emma Clegg (left) and Molly

Rogers cofounded JAM the label in 2019 to create
fashionable clothing for people with disabilities. The
inclusive brand uses magnetic fasteners, stretchy
materials and tagless designs for comfort and
accessibility, with the pair aiming to take adaptive
clothing mainstream. At university, Clegg and Rogers
learned that getting dressed was among the most difficult
daily tasks faced by disabled persons when providing
support for Jack and Maddie, clients with cerebral palsy
and wheelchair users. Store-bought clothes had to be
oversized to wear, while inclusive designs tended to be
unattractive and “hypermedicalized,” says Clegg. “We
didn’t have to choose function over fashion, so why did
Jack and Maddie?” Based on feedback for more stylish
options, JAM developed brightly colored and youthful
designs that cater to those with physical, intellectual
and sensory disabilities. JAM is sold online (on its own
site and other retail platforms) and ships worldwide to
countries including the U.K., U.S., Canada and Singapore.
Clegg and Rogers are focused on making JAM an
adaptive/inclusive clothing category leader. They hold
free information sessions and produce videos for their
website, including one on “How to create an accessible
photoshoot.” Last year, JAM was part of Australian
Fashion Week’s adaptive clothing show, with Netflix’s
Heartbreak High actress Chloe Hayden walking their
runway. “An unexpected part of our journey with JAM has
been educating the disability community that there is an
easier way, and that they don’t have to accept things just
because it’s how it’s always been for them,” says Rogers.
—Karsha Green

FORBES ASIA
 SOCIAL IMPACT
Kochi Masahiro, 28;
Tatsuro Shiraishi, 25, Japan
Cofounders, Annotation Support
Deevansh Gupta, 22; Suyash
Mohan, 22; Naman Tekriwal,
22; Anushka Purohit, 22,
Hong Kong
Cofounders, Breer
Chan Sheung Yee, 29, Hong Kong
Founder, Companion HK
Pear Manyasiri Chotbunwong,
18, Thailand
Founder, HER (Health. Equity.
Respect.) 25
Angelique Wan, 25; Joyce Yu,
25, Australia
Cofounders, Consent Labs

30 UNDER 30 ASIA
Lottie Dalziel, 29, Australia
Founder, Banish
Terence Hon, 25; Chan Ling
Yuk, 29; Ben So, 27, Hong Kong
Cofounders, Green Price
Richa Shivangi Gupta, 26, India
Cofounder, Labhya Foundation
Azra Ismail, 25, India
Cofounder, MakerGhat
Emma Clegg, 29;
Molly Rogers, 28, Australia
Cofounders, JAM the label
Atoka Jo, 25, Japan
Founder, Himeji Jogakuin Liberal
Arts Summer Program
Kwok Tsz Lok, 27; Yang Sze
Ngai, 28, Hong Kong
Cofounders, Just Feel
Dongwoo Kang, 27, South Korea
Cofounder, ARTWA
Nitika Khaitan, 28, India
Human rights lawyer
Jihun Kim, 27, South Korea
Founder, DolbomDream
Eteroa Tusipepa Lafaele, 27,
New Zealand
Cofounder, DigiTautua
Mahee Leclerc, 29, Hong Kong
CEO, HelperChoice
Skylar Li, 22, Japan
Founder, Atelier Basi
Carla Martinesi, 26, Hong Kong
Cofounder, Chomp
Anas Niaz, 29, Pakistan
Founder, Bioniks
Jahnnobi Rahman, 24,
Bangladesh
Cofounder, Relaxy
Kaushal Shetty, 27, India
Cofounder, Nostos Homes
Akarsh Shroff, 22, India
Founder, YuvaSpark
Gary Bencheghib, 28; Sam
Bencheghib, 25, Indonesia
Cofounders, Sungai Watch
Samantha Thian, 28, Singapore
Founder, Seastainable
Summia Tora, 25, Afghanistan
Founder, Dosti Network
Shunsuke Tsuboi, 28, Japan
Founder, Sagri
Saraban Tahura, 26; Anowar
Sayef, 29, Bangladesh
Cofounders, Turtle Venture
Sara Wahedi, 26, Afghanistan
Founder, Ehtesab
WREN STEINER FOR FORBES ASIA

Steffina Yuli, 29, Indonesia

Chief business officer, Kipin

JUDGES: Laurence Lien,

founding CEO, Asia Philanthropy
Circle; Roshni Nadar Malhotra,
chairperson, HCL Technologies;
Trustee, Shiv Nadar Foundation,
Paul Ronalds, founder and
CEO, Save the Children
Global Ventures

FORBES ASIA
 Bayu Anggara, 28, Indonesia

INDUSTRY, MANUFACTURING & ENERGY

Cofounder, FishLog
WonJoon Lee, 28; Kyu Tae
Park, 28, South Korea
Cofounders, Avalve
Yuan Shuai, 29; Zuo Jialin,
29, China
Cofounders, BabelFlex
Pulkit Baldev, 28, India
Cofounder, Metalbook
Utkarsh Singh, 27;
Vikrant Singh, 25, India
Cofounders, BatX Energies
26 Tamir Blum, 28, Japan
Founder, Kisui Tech
Rahul Nambiar, 26; Prashant
Trivedi, 27; Singaram
30 UNDER 30 ASIA

Venkatachalam, 28; Nikhil

Venkatesh, 26, Singapore
Cofounders, Botsync
Sophie Chapman, 29,
Hong Kong
Cofounder, EcoBricks
Utkarsh Goel, 25; Sidhant
Gupta, 25, Hong Kong
Cofounders, Clearbot
Febi Ifdillah, 25; Lintang Ku-
suma Pratiwi, 26, Indonesia
Cofounders, Elevarm
Rui Aguiar, 25; King Alandy
Dy, 25; Jeff Tan, 25;
Jig Young, 27, Philippines
Cofounders, Expedock
Nikhil NP, 29; Arun George, 29;
Vimal Govind MK, 28; Rashid
Karimbanakkal, 28, India
Cofounders, Genrobotics
Huang Jingshi, 28, China
Founder, Heartdub
Norton Kelly-Boxall, 28,
Australia
Cofounder, LYRO Robotics
Ryohei Kobayashi, 25, Japan
Cofounder, ElevationSpace
Nikita Tiwari, 26;
Harsh Agrawal, 27, India
Cofounders, Neerx
Kazuya Niizeki, 28, Japan
CEO, Lquom
Pang Haitian, 29, China
Cofounder, Jiangxing
Intelligence
Nathan Taylor, 28; Levi
Fawcett, 27, New Zealand
Cofounders, Partly
Shubham Goyal, 26;
Iesh Dixit, 29, India
Cofounders, Powerplay
Vishnu Saran, 28, Singapore
Founder, Invigilo Technologies

KYOSUKE SHIBATA
Andre Septiano, 28, Indonesia
Cofounder, Fresh Factory
Kyosuke Shibata, 28, Japan
Age: 28 • Cofounder, Rutilea • Japan Cofounder, Rutilea
Yudai Tsuda, 26, Japan
Founder, Resilire
Ken Ueno, 27, Japan
Cofounded by Kyosuke Shibata in 2018, Rutilea makes it easier to check manufacturing quality by CEO, Smolt
using AI to analyze images of products. While production lines are highly automated, quality checks Karan Shaha, 29;
Vikas Chandrawat, 27, India
often require human inspection. “It’s really grueling,” Shibata says. “We thought this could be done Cofounders, Vahak
better.” Rutilea's no-code, intuitive drag-and-drop interface can slash setup time by over 95% compared Ellie Vaisman, 29, Australia
to conventional software, according to Shibata, who is the company's business development head. Cofounder, Sourci
Abhinav Warrier, 27, India
To quickly build its customer base, Rutilea early on released an open source version of its software Cofounder, Rightbot
in 2019, which over 500 companies downloaded within six months. Rutilea signed Toyota and Technologies
SHUNICHI ODA FOR FORBES ASIA

Shen Zicheng, 23;

construction-equipment maker Komatsu Manufacturing as customers in 2020 and started selling its Ni Yibo, 26, China
flagship product ImagePro in 2021. In January, it released Rutilea Efficient Operations, which helps Cofounders, WaVue Photonics
firms improve efficiency and safety by analyzing workers’ movements. Rutilea says it inked a strategic Vincent Xu, 29, Singapore
Cofounder, AetherIoT
partnership with Rockwell Automation last year for global expansion and raised an unspecified amount
in a series B round led by Abies Ventures and Riyadh Valley, a Saudi sovereign wealth fund. To date,
Rutilea has raised ¥608 million ($4.5 million) in funding, and Shibata says it's eyeing a listing within JUDGES: Maria Grace Uy,
cofounder and president,
three years. “We’d like to become an AI market for customers to find solutions to their manufacturing Converge ICT Solutions; Arif
AI needs and eventually for other sectors, like retail, pharmaceuticals and food service,” he says. Rachmat, cofounder and exe-
cutive chairman, TAP Group;
—James Simms Sonny Vu, founder, Alabaster

FORBES ASIA JUNE 2023

 Rajat Jadhav, 26; Rahul

RETAIL & ECOMMERCE

Krishnan, 26; Harsh Singh,
26; Mohit Yadav, 26, India
Cofounders, Bold Care
Amber Boyers, 28, Australia
Founder, Baiia
Melvin Chee, 28, Malaysia
Founder, RPG Commerce
Chen Honghui, 25, China
Cofounder, Chongai Group
Kaviya Cherian, 28, India
Founder, Green Heirloom
Kevin Cho, 29, Hong Kong 27
Cofounder, Peeba
Austen Chu, 26, Hong Kong
Cofounder, Wristcheck

30 UNDER 30 ASIA
Tiffany Danielle, 27,
Indonesia
Cofounder, Rosé All Day
Cosmetics
Paridhi Goel, 27, India
Cofounder, Love Earth
Tammy Green, 27, Australia
Founder, Prene
Thai Son Hoang Vo, 29,
Vietnam
Cofounder, The New
Playground
Haris Kamal, 29, Malaysia
Cofounder, Kualesa
Dhruv Kohli, 28, India
Cofounder, Geezy
Sulay Lavsi, 28, India
Founder, Bummer
Alice Li, 29, Taiwan
Cofounder, Rosetta.ai
Claudia Sastra, 28; Clara
Carina Lukito, 29, Indonesia
Cofounders, Little Joy
Pranav Malhotra, 26, India
Founder, TruNativ
David Marquez, 29,
Philippines
Cofounder, Shipmates
Romita Mazumdar, 28, India
Founder, Foxtale
Sally Varsly, 27; Clinton
Augusto Kartawijaya, 27,
Indonesia
Cofounders, Muscle First
Xiao Xuehua, 26;
Cheng Aobei, 27, China
Cofounders, Orilab
Misheel Otgontugs, 29,
Mongolia
Executive vice president,
Gobi JSC

LORIN WINATA
Ishaan Shrivastava, 29;
Aishwarya Choudhary, 29,
India
Cofounders, Pine & Lime Age: 29 • Founder, Melati Drinks • Singapore
Eko Pujianto, 29, Indonesia
CEO, Sari Kreasi Boga
Felix Saputra, 28, Indonesia
Cofounder, Satu Dental As an investment associate in venture capital, socializing was part of the job, but Lorin Winata was less
Yasuhiro Shibata, 29, Japan enthusiastic about the drinking that went with it. That realization gave rise to Melati, her maker of non-
Founder, Recustomer alcoholic spirits centered on traditional Asian recipes. As a result, Winata launched Melati in 2020. It
Sho Sugita, 24; Masato
Inoue, 24; Seita Miyamoto, has two products, Melati Classic, a blend of plant-based ingredients, including hibiscus, goji berry and
23, Japan raw cacao, and Melati Fresh, which features green mango, guava and lime rind. The global non-alcoholic
Cofounders, Tacoms
spirits market is expected to more than double to $642 million by 2031, according to U.S.-based
Himanshu Upreti, 28,
Singapore Allied Market Research. Drinks giants such as Pernod-Ricard and Diageo are players, with their Ceder
Cofounder, Ai Palette and Seedlip brands, respectively, but Winata hopes her premium aperitifs will also appeal due to the
ETHAN PINES FOR FORBES ASIA

Wang Yichao, 29, China number of ingredients. An elaborate production process means that each batch yields only 500 half-liter
Cofounder, Airmeter
Lorin Winata, 29, Singapore
bottles, selling at S$68 ($52) apiece, among the priciest in the non-alcoholic spirits category globally.
Founder, Melati Drinks Winata says she sold 7,500 bottles last year, including in Michelin-starred restaurants. Winata grew up
in Singapore and Jakarta and studied in California before returning to join Indonesia-based venture
capital firm East Ventures and then Singapore-based investment outfit Reapra. “I always wanted to
JUDGES: Kishin RK, founder start my own company, [but] didn’t know where to start until I discovered the category of non-alcoholic
and CEO, RB Capital; Allan drinks,” says Winata, who has raised an undisclosed amount from investors. She recently set up an office
Zeman, founder and chair-
man, Lan Kwai Fong Group in Los Angeles to push into the U.S. with a focus on retail sales. —A. W.

JUNE 2023 FORBES ASIA

 Vidit Bahri, 28, India

HEALTHCARE & SCIENCE

Cofounder, Sukoon Health
Nikhilesh Bappoo, 28, Australia
Cofounder, VeinTech
Abel Teo, 27; Jia Yee (Eleora)
Teo, 27; Johannes Sunarko, 25,
Singapore
Cofounders, Castomize
Celine Chen, 27, Hong Kong
Cofounder, Deep01
Cui Yifan, 29, China
Assistant professor, Zhejiang
University
28 Dong Yiming, 29, China
Cofounder, Atantares
Hu Guangwei, 28, China
Assistant professor, Nanyang
30 UNDER 30 ASIA

Technological University
Kee Moon Jang, 29, South Korea
Postdoctoral researcher,
MIT Senseable City Lab
Siva Teja Kakileti, 28, India
Director, Niramai Health Analytix
Yuto Katsuyama, 25, Japan
Ph.D. candidate, University of
California Los Angeles (UCLA)
Jean Won Kwak, 28, South Korea
Postdoctoral scholar,
Stanford University
Lan Yuxuan, 25, China
Cofounder, Beijing PhaBuilder
Biotechnology
Lei Yusheng, 29, China
Assistant professor,
Fudan University
Liu Qi, 29, China
Assistant professor,
The University of Hong Kong
Mayank Kale, 27;
Amrit Singh, 27, India
Cofounders, Loop Health
Kenny Oktavius, 25; Jack Chen,
27; Reno Prawoto, 26, Hong Kong
Cofounders, Point Fit Technology
Qin Yue, 25, China
Postdoctoral fellow, Broad
Institute of MIT and Harvard
Takuya Sasatani, 29, Japan
Project assistant professor,
The University of Tokyo
Elwinder Singh, 29, India
Cofounder, Connect and Heal
Ashwin Swaminathan, 28, India
Founder, Mojocare
Tang Bijun, 29, China
Presidential postdoctoral fellow,
Nanyang Technological University
Yen Po (Peter) Wang, 27, Japan
Cofounder, Inopause
Wang Liu, 29, China
Professor, University of Science
and Technology of China

ZHAO YARAN Wang Sheng, 29, China

Professor, Wuhan University
Age: 27 • Cofounder, Veminsyn Biotech • China Xiong Zehui, 28, China
Assistant professor, Singapore Uni-
versity of Technology and Design
Yang Ziliang, 29, China
Zhao Yaran has no shortage of ambition for the startup he cofounded in 2021. Targeting the fast- Cofounder, CellX
Yang Jiancheng, 29, China
est-growing market in China’s beauty industry, his Beijing-based Veminsyn Biotech is developing and Postdoctoral research scientist,
supplying ingredients for Chinese skincare products aimed at reducing the effects of aging and main- Swiss Federal Institute of
Technology in Lausanne
taining healthy skin. “The likes of L’Oréal and Estée Lauder each have their own key ingredients, but
Yuan Li, 28, China
the same can’t be said for Chinese skincare brands,” says Zhao, who earned a Ph.D. in biology from Assistant professor, Peking University
Peking University. “What we want to do is to innovate on the materials side, and to replace materials Zhang Yan, 29, China
Research scientist, Hong Kong Uni-
from abroad.” Researchers at Veminsyn, where Zhao is CEO and the largest shareholder, are testing how versity of Science and Technology
to alter molecular structures of materials like collagen to improve the efficacy of skincare products, such Zhao Yaran, 27, China
TIM GAO FOR FORBES ASIA

as by making it easier for ingredients to be absorbed. Customers include local beauty brands Zhuben Cofounder, Veminsyn Biotech
and GenuineNamir. The startup isn’t Zhao’s first. While an undergraduate at South China University
JUDGES: Meena Ganesh, co-
of Technology studying bioengineering, Zhao launched a company to help Chinese students prepare for founder and chairperson, Portea
studies and international competitions abroad. He took a part-time job in biotech research for a local Medical; Nisa Leung, managing
partner, Qiming Venture Partners;
investment firm as he completed his doctorate and after finishing, set up Veminsyn with three friends. Snehal Patel, managing director,
Saena Partners; Nadiah Wan,
The company has raised $20 million to date from investors including Citic Capital, Next Capital and group chief corporate officer,
ZhenFund, according to local regulatory filings. —Y. W. TMC Life Sciences Berhad

FORBES ASIA JUNE 2023

 PROMOTION

Taking Startups to the Next Level

It may be the new kid on the block, but Mitsubishi Electric’s corporate venture capital fund
has what it takes to help startups scale globally.

Kenji Minefuji, Manager at the Business

Innovation Group of Mitsubishi Electric, and his
team go through 100 to 200 proposals from
startups every month.
Each proposal is unique, but they share
one thing in common—they hope that ME
Innovation Fund (MEIF), a 5-billion-yen
(US$38.27 million) corporate venture capital
(CVC) fund set up by Mitsubishi Electric
Corporation and venture capital firm Global
Brain, will invest in their business.
“We like companies with passionate
founders,” Minefuji says, referring to one of
the criteria the fund looks at when investing in
companies. The fund has one main objective:
to realize promising new startups that can
collaborate with Mitsubishi Electric to uplift
the quality of life for people. Kenji Minefuji, Manager, Investment Lead, Mitsubishi Electric Corporation and
Although the fund, launched in January Kelvin Ong, Cofounder & CEO, FTV LABS Pte. Ltd.
2022, is considered a new vehicle in the startup
ecosystem, Minefuji believes that it has what it our business, the industry challenges; there This is where Mitsubishi Electric fits in as our
takes to be successful. was instant chemistry,” Ong says. “We believe ideal customer. They gave us access to the
they are the right partner to help us achieve various business units within Mitsubishi Electric
Industry Knowledge and our goal of becoming the leading service so that we could test assumptions and gather
Instant Chemistry provider of field service technology.” user feedback. It would be nearly impossible
In the world of startups, entrepreneurs are Ong is also impressed by the proactive for us to do this on our own,” Ong says. “They
often looking for investors who share the same approach and level of support he receives helped us push for meetings with the internal
mindset, understand industry pain points and from MEIF and Mitsubishi Electric. He says that stakeholders and push for replies; they worked
can help them grow. even though there are many CVC funds in the as if they were our internal managers.”
One of the companies in which MEIF has startup ecosystem, not many offer the level of Minefuji believes the software company
invested is Singapore-based software startup support that MEIF does. has huge growth potential. With Mitsubishi
FTV LABS, a leading provider of Field Service Electric’s scale and reach, FTV LABS’ solutions
Management (FSM) software KEGMIL. The The Right Support can be applied across the firm’s operations
startup empowers field service organizations MEIF has helped the company overcome globally and adopted by other customers
with smart automation and insights to various challenges, including matching FTV worldwide.
improve their operational efficiency, service LABS with the right customer profile to validate “We look forward to more collaboration
performance and knowledge retention, its ideas. opportunities with MEIF and other forward-
which leads to greater customer satisfaction “As a startup, we have limited resources and looking field service organizations as we aim
and profitability. need to stay focused on refining our product to deliver the best product for the industry
Minefuji is confident that FTV LABS has the and value proposition for the right customers. and drive greater value for our customers,”
best offering in Southeast Asia, combining Ong says.
industry knowledge, cutting-edge technology And ultimately, this ties back to the main
and a highly capable team that can help drive objective of the fund. Minefuji sums up, “Our
digital transformation across multinational hope is to be chosen by great startups. If we
corporations. were to produce a unicorn company along the
FTV LABS Cofounder and CEO Kelvin Ong way, that would be a plus.”
says one of the key things that attracted him to
the team at MEIF was their knowledge of the
market and industry.
“We are operating in a niche space, but it
has huge market potential. They understood The FTV LABS office in Singapore https://www.mitsubishielectric.com/cvc/
 F E AT U R E S

30

Indonesian palm oil tycoon

B a c ht i a r Ka r i m’s 3 1 -ye a r- o l d s o n ,
C H AYA D I K A R I M , s e e k s t o b u i l d a
$1 billion hotel-centric property
empire in five years to help
diversify his family’s assets.

BY G LO R I A H A R A I T O

P H OTO G R A P H S BY J U L I A N A TA N F O R F O R B E S A S I A

Chayadi Karim,
principal of Invictus
Developments, in the
courtyard of House of
Tan Yeok Nee.

FORBES ASIA JUNE 2023

 31

F E AT U R E S

JUNE 2023 FORBES ASIA

 And to make money from them. “I enjoy look-
ing at heritage properties and, of course, owning
them,” says Chayadi. “But from an investment
standpoint, it all boils down to the returns [on]
the asset.” In October last year, Invictus pur-
chased another iconic building, the Harbour
Rocks Hotel in Sydney, from Australian devel-
32 oper Robert Magid for A$40 million ($26 mil-
lion). The hotel, which dates from 1887, is a few
minutes’ walk from Sydney Harbour Bridge.
F E AT U R E S

Invictus funds its acquisitions with an un-

disclosed mix of family money and bank loans,
according to Chayadi, who oversees day-to-day
operations and makes key investment decision
as the firm’s principal. Chayadi says Invictus is
The House of Tan Yeok Nee is one of Singa- currently looking to buy co-living properties in
pore’s most iconic buildings, a low-slung tradi- Singapore and elsewhere, and to enter the hos-
tional Chinese-style mansion built in 1885 and pitality market in Japan and the U.K. “We are al-
adorned with thick wooden beams and elabo- ready placing bids for properties in Australia and
rate carvings, centered around an open court- Japan,” Chayadi says later by email.
yard with a koi pond. It’s also a national monu- Chayadi plans to turn the House of Tan Yeok
ment with a premier location, a few minutes’ walk Nee into a mixed retail and office space with a
from The Istana, the president’s official residence, high-profile anchor tenant once its current lease
in central Singapore.
While the building has had many owners in
In October, Invictus
its long history, it is now held by Indonesian purchased Harbour Rocks
palm oil tycoon Bachtiar Karim, who shares an Hotel for A$40 million ($26
million). The hotel, which
estimated $4 billion fortune with his brothers, dates from 1887, is a few
minutes’ walk from the
through his family’s Singapore real estate com- Sydney Harbour Bridge.
pany, Invictus Developments.
The purchase of the house is part of the fam-
ily’s strategy to diversify out of palm oil, the main
source of their wealth, and add a new money-
spinner to a group of carefully curated proper-
ties across the Asia-Pacific. Sitting in a room that INVICTUS IS
overlooks the koi pond, Bachtiar’s 31-year-old
son, Chayadi Karim, outlines his vision for In-
C U R R E N T LY
victus: To build a portfolio of high performing LOOKING TO
and bespoke accommodation assets across the
gateway cities in Singapore, Australia and Japan,
BUY CO-LIVING
with a focus on the hospitality sector. PROPERTIES IN
Chayadi has already done much to realize that
goal. Founded in 2018, Invictus has spent about
SINGAPORE AND
$236 million since late 2019, and its holdings in- ELSEWHERE, AND
clude a heritage hotel in Sydney and a serviced
apartments building in Brisbane, with a new
TO ENTER THE
hotel opening soon in Singapore. Aside from HOSPITALITY
the House of Tan Yeok Nee, Invictus has other
properties in Singapore, where the firm is based,
MARKET IN JAPAN
including the KINN Capsule Hotel, shophouses AND THE U.K.
and industrial units. The family holds Invictus
separately from Musim Mas Holdings, the major
palm oil company run by Bachtiar and his two
younger brothers Burhan and Bahari. Chayadi
says Invictus now owns about $500 million in
assets, with the goal to double that figure to $1
billion within five years.

FORBES ASIA JUNE 2023

 Invictus is building a 143-room boutique hotel under The
G ROWIN G AS S ETS Standard brand (artist’s impression below), the first for the
chain in Singapore. Its Australian portfolio includes Quest
Woolloongabba (bottom) serviced apartments in Brisbane.
INVICTUS DEVELOPMENTS HAS BUILT PROPERTY PORTFOLIOS
IN SINGAPORE AND AUSTRALIA, WITH PLANS TO EXPAND TO
JAPAN AND THE U.K.

PURCHASE
DATE PROPERTY SELLER PRICE
33
NA Rocher Road shophouses NA NA
Singapore

F E AT U R E S
Oct 2019 Darby Park Executive Suites Royal Group S$160 mil
Singapore

Mar 2022 House of Tan Yeok Nee Perennial Holdings and S$87 mil
Singapore Charles Quay International
COURTESY OF INVICTUS DEVELOPMENTS

2022 5 HongKong Street NA NA

Singapore

Oct 2022 Harbour Rocks Hotel Robert Magid A$40 mil

Sydney

Mar 2023 Quest Woolloongabba Pellicano Group A$44 mil

Brisbane

NA - Not Available Source: Invictus Developments, Savills Singapore, McVay Real Estate

to Amity Global Institute, an educational insti-

tution, runs out at an undisclosed date. “We are
particularly looking for timeless upmarket cafe
concepts,” he says. “Whether it is a brand already
with a local presence looking for a flagship, or a
new brand seeking to plant a flag in Singapore,
we welcome these concepts.” The property would
also house Invictus, along with the entertain-
ment and lifestyle businesses owned by Chayadi’s
older sister Cindy Karim, 32, and the Bachtiar
family office, Harrison Asset Management.
He early on displayed an interest in pursuing
a different path from the family’s palm oil em-
pire. After graduating in business management
from Singapore Management University in 2015,
Chayadi briefly worked at a travel startup before
entering the property business.

JUNE 2023 FORBES ASIA

 “I enjoy looking at heritage properties and, of course, owning them,” says Chayadi.
Posing at the entrance of House of Tan Yeok Nee, he plans to turn it into a mixed
retail and office space.

INVICTUS NOW OWNS

ABOUT $500 MILLION
34
IN ASSETS, WITH THE
GOAL TO DOUBLE THAT
F E AT U R E S

FIGURE TO $1 BILLION
WITHIN FIVE YEARS.

Music and Lifestyle

Cindy Karim, who like her
brother, Chayadi, studied
business management at
Singapore Management
University, has forged her
own entrepreneurial path.
She set up concert pro-
moter CK Star Entertain-
ment in 2018, which cur-
Cindy Karim rently operates in Singa-
pore and Indonesia, but
she plans to expand to Malaysia and Thailand.
The company has held 35 concerts across the
region since its launch. She also started Gaia
Lifestyle Holdings in 2019 that operates restau-
rants and food outlets in Singapore and the In-
donesian city of Medan, with the goal of adding
three more outlets in Medan and two in Jakarta.
Besides her two Singapore-based companies,
she also works for the family office Harrison
Asset Management and is involved with the
Karim Family Foundation.

I
nvictus’ maiden purchase may
prove to one of its savviest. In Oc-
tober 2019, it bought Darby Park
As toddlers in the 1990s, the siblings helped Executive Suites for S$160 million
their grandfather, late Anwar Karim, pack soap at ($117 million) from Singaporean
his soap factory in Medan, Indonesia, that even- billionaire Asok Kumar Hiranandani’s Royal
tually evolved into Musim Mas Holdings. In the Group. The price was 72% higher than the S$93
early 2000s, Bachtiar and wife Dewi Sukwanto million Royal Group paid to buy it from Sime
opened Mikie Holiday Resort, comprising a hotel, Darby in 2018.
CINDY: COURTESY OF CINDY KARIM

theater and theme park in Berastagi city, about a Despite paying a premium, the site’s strate-
two-and-a-half hours’ drive from Medan. gic location appealed to Chayadi. Situated at 12
“It was just a matter of time [before] my sis- Orange Grove Road, it is opposite the Shangri-La
ter and I would eventually become a part of this Singapore hotel and within a few minutes’ walk
entrepreneurship journey,” Chayadi says. The to the Orchard Road shopping district. “A site of
family has experience running a hotel and knows that size and of that location is something that’s
“how to assess a successful hotel investment. hard to come by,” he says. “We could take a cau-
So, we thought it is just a natural progression to tiously optimistic approach toward the valuation
enter the asset class [of property] first.” and the prospect of this site.”

FORBES ASIA JUNE 2023

 Palm Oil Empire

Bachtiar Karim’s late father, Anwar, Golden Agri-Resources. The privately says the company has made efforts to
founded the Nam Cheong Soap Fac- held Musim Mas claims to have a pres- inculcate best practices among sup-
tory in Medan in 1932 that still produc- ence in 13 countries and distributes its pliers and partnered with the World
es and sells soap products worldwide. products to more than 80 countries. Bank’s International Finance Corp. in
The family added a palm oil refinery As with some other palm oil com- helping improve livelihoods of small
in 1970 and, two years later, founded panies in Indonesia, Musim Mas has plantation holders by including them 35
Indonesia-based Musim Mas to com- faced criticism over forestry practices in sustainable palm oil supply chains.
bine its soap, glycerin and cooking oil of its suppliers. In December 2020, In- “The biggest risk of deforestation
production facilities. Musim Mas ex- donesia’s Supreme Court held a sup- comes from smallholders,” says Lim.

F E AT U R E S
panded its operations over the next plier of palm kernel and crude palm oil “That's why Musim Mas has done a lot
three decades to include palm oil to Musim Mas liable for fires that de- of work with smallholders.”
plantations, kernel crushing, palm oil stroyed over 970 hectares of forest on This January, Musim Mas’ gener-
milling and oleochemicals. In 2003, its concession in Central Kalimantan al manager, Pierre Togar Sitanggang,
the family founded Singapore-based province in 2015. The supplier, Arjuna was among five people sentenced by
Inter-Continental Oils & Fats (ICOF), Utama Sawit, was ordered to pay 343 the Jakarta Corruption Court for graft
which trades palm oil products and billion rupiah ($23 million) in fines and linked to the issuance of crude palm oil
its derivatives globally. damages. The case prompted sever- export permits. Sitanggang was sen-
Musim Mas Holdings was established al environmental nongovernment or- tenced to a one-year jail term and
in 2007 as the Singapore-based parent ganizations to call for Musim Mas to be fined 100 million rupiah—a fraction of
entity of Musim Mas and ICOF. With $10 held responsible for the fires as it has the 11-year term and 4.5 trillion rupiah
billion in revenue last year, it is one of committed to a “no deforestation, no fine sought by Indonesia’s Attorney
the world’s largest integrated palm oil peat and no exploitation” policy within General’s Office. Lim declined to
companies, and its competitors include its supply chain since 2014. comment on the matter, saying the
billionaire Kuok Khoon Hong’s Wilmar Carolyn Lim, corporate communi- case is still ongoing, with both sides
International and the Widjaja family’s cations lead at Musim Mas Holdings, going for appeals.

With Covid-19 still unheard of, hotels were

doing well in Singapore in late 2019, notes
Chayadi, adding that the pandemic shielded
Invictus from operating losses in the following PA LM O I L A- LISTE R
years. “We were still in the design stage, so we
weren’t affected,” he says. Invictus tore down MUSIM MAS HOLDINGS IS ONE OF THE LARGEST
PALM OIL COMPANIES IN SOUTHEAST ASIA
the property and is redeveloping it to debut WITH $10 BILLION IN 2022 REVENUES.
a 143-room boutique hotel under trendy The
Standard brand, the first for the chain in Sin- Wilmar International
gapore, which is slated to open by early 2024. Singapore 73
Invictus Developments’ Australian portfo- Golden Agri-Resources
lio includes Quest Woolloongabba serviced Singapore 11
apartments in Brisbane, which it acquired Musim Mas Holdings
this March for A$43.8 million from Pelli- Singapore 10
cano Group. The 132-key property is situated Kuala Lumpur Kepong
ANNUAL REVENUE
near the Brisbane Cricket Ground, one of the Malaysia 6 (IN $ BILLION)

venues for the 2032 Brisbane Olympics. FGV Holdings

Bachtiar, 65, says he is glad to have en- Malaysia 6
couraged his two children to explore inter- Sime Darby Plantation
ests beyond the palm oil business. “For me, Malaysia 5
the important thing is to lower the sense of IOI Corp.
4
entitlement and raise the sense of responsi- Malaysia
bility,” the chairman and CEO of Musim Mas 0 10 20 30 40 50 60 70
Holdings says by email. “I do this by giving
All figures as of Dec. 31, 2022, except Kuala Lumpur Kepong,
them the space to pursue their dreams and which is as of Sept. 30, 2022, and IOI Corp., as of June 30, 2022.
aspirations, while guiding them toward re- Source: 2022 annual reports, Musim Mas Holdings
sponsible decision making in their choice of
businesses.”

JUNE 2023 FORBES ASIA

 PROMOTION

The Rise of Asia's Tigers

Big economies such as China, India and ASEAN have the potential to record strong growth in
the second half of the year.

By James Cheo, Chief Investment Officer for Southeast Asia at HSBC Global Private Banking and Wealth

2023 Outlook
The stage is set for Asia to outshine the
Western economies in the second half
of 2023. While the U.S. and Europe are
late in their economic cycles, Asia is still
growing strongly.
Due to the banking turmoil in the West,
tighter bank lending will slow the growth
of developed economies in the second
half of the year. Despite a less rosy global
outlook, big economies such as China, India
and ASEAN can still experience a strong
growth trajectory.
This resilience comes from the strength
of the domestic consumption and pent-up
investments for supply chain relocation. There
should be more room for cyclical recovery in
India and ASEAN for the rest of this year. With
a healthy banking system, credit growth is
going to be robust. Inflation in many of these
Asian economies has peaked and will create a
favourable monetary policy environment for
the rest of 2023.

Rise of the Asian T-I-G-E-R

Over the past decade, China has been a key
part of Asia’s growth story. Looking ahead,
there is a need to look beyond China, and we T: Technology or areas. Against this backdrop, India would
could put some focus on India and ASEAN Digital Economy have the second largest group of online
as well. The pandemic has accelerated the internet shoppers of around 500 million by 2030,
Over the past decade, India and ASEAN economy of India and ASEAN, with digital with the e-commerce market estimated at
economies have undergone a healthy reset adoption becoming mainstream. ASEAN’s US$350 billion.
as they have deleveraged and continued to digital economy is expected to accelerate and
invest in infrastructure. As a result, Indian and grow to US$330 billion by 2025; this growth is I: Rising Income of the
ASEAN companies have developed resilient not by accident. ASEAN is home to more than Middle Class
fundamental strengths and stronger balance 10 million online merchants, and e-commerce India has become the world's most populous
sheets to thrive in the next decade. sales are on the rise, with revenues expected country with over 1.4 billion people. ASEAN,
The grow th prospec ts of India and to reach US$150 billion by 2025. with 680 million people, is the third most
ASEAN will accelerate in the next decade Over in India, the adoption of digital populous after China and India. Both India and
since several factors that were not as strong technologies is boosting productivity. India’s ASEAN have one of the best demographic
decades ago are now stronger than ever. digital economy recorded a growth rate of dividends in the world with a rising working
Let’s use TIGER as an acronym to illustrate 15.6% between 2014 and 2019, 2.4 times faster age population and increasing productivity.
the growth factors in the region, where T than the growth of India’s real economy. The Almost half of their people are below 30
stands for technology or the digital economy, country’s online traffic usage is among the years of age and their sizeable labour force is
I is for rising income of the middle class, highest in the world. India’s Gen Z spends estimated to peak only in 2045.
G stands for green transformation, E is for an average of 8 hours a day online while The rise in the working-age population will
energy infrastructure and R is for reforms. smartphone adoption is accelerating in rural provide India and ASEAN with an abundant
 PROMOTION

supply of labour, which will have a bearing on subsidies to buyers of electric vehicles, and investors to capitalise on the region’s long-
future investment and production potential. the National Electric Mobility Mission Plan term growth potential for diversification
(NEMMP), which aims to put millions of and alpha oppor tunities in the global
G: Green Transformation electric and hybrid vehicles on the roads. In portfolio context.
India aims to achieve net zero emissions India, electric two- and three-wheelers will Global investors cannot afford to ignore
by 2070 and meet 50% of its electricity represent the lion’s share of the total electric the roar of the new Asian economic Tiger.
requirements from renewable energy sources vehicle fleet, as this category is most suited to
by 2030. The country has recently announced rapid transition to electrification.
plans to increase the renewable energy
target to 450 GW by 2030. To reach net zero R: Reform
emissions by 2070, the International Energy Make in India 2.0 is a game-changer with
Agency estimates that US$160 billion per year many economic reforms to enhance its
is required across India’s energy economy manufacturing competitiveness. Economic
between now and 2030. That’s three times reforms such as easing foreign investment
today’s investment levels. rules, streamlining taxes and the promotion
Similarly, ASEAN has set a target of 23% of Special Economic Zones have set the stage
share of renewable energy in primar y for India’s manufacturing upgrade.
energy supply by 2025. ASEAN’s green Over in ASEAN, the implementation of
transformation can account for more the Regional Comprehensive Economic
than US$1 trillion in annual economic Partnership (RCEP) will further integrate trade
opportunities. The resource-rich locations and accelerate investments for the region.
in ASEAN could be important beneficiaries The RCEP will promote trade efficiencies
of the decarbonisation megatrend as global across ASEAN, especially impor tant as
demand for nickel—critical in electric vehicles companies look for new locations to diversify
battery production—accelerates. Indonesia supply chains.
is the key beneficiary as the country has the
world’s largest nickel ore reserves, accounting Investment Strategy:
for a quarter of global production. Look Toward India and ASEAN
Investors have been looking at China for
E: Energy Infrastructure exposure in Asia. However, both India and About James Cheo
India and ASEAN will experience a population ASEAN are shaping up to be a big part of
surge in the next decade, putting more stress Asia’s growth in the years ahead. James Cheo is a member of the Global
on existing urban infrastructure. Cities are a Due to the unique characteristics of Investment Committee for Private Banking
key contributor to climate change, responsible the Indian and ASEAN economies, an and Wealth Management and also a member
for 75% of carbon emissions, with transport allocation to both India and ASEAN can of the Regional Investment Committee in Asia.
and buildings being the largest emitters. increase diversification for global investors. In his role, he spearheads the development
Smart building solutions, such as efficient A key reason for the diversification benefit of investment strategies across all asset
energy usage, can unlock cost savings. stems from the resilience of their domestic classes for global private banking and wealth
However, to combat climate change, the economies, where domestic companies management clients in Southeast Asia.
future of transport has to be electric, which are closely linked to their strong structural W i t h h is k n o w l e d g e a n d w e a l t h o f
is currently insignificant at under 1% of growth opportunities. In an environment experience, his investment views are frequently
market penetration globally. Over in ASEAN, where this growth is positioned to continue, sought after, with appearances on notable
Indonesia has an ambitious target of having choosing India and ASEAN as a means for financial media including BBC, Bloomberg,
electric vehicles make up 20% of the total diversification becomes an even more CNBC, and Channel NewsAsia.
vehicle production in the next five years. crucial consideration.
India is expected to see greater exponential With strong growth potential, the rise of
expansion for electric vehicles. The South the digital and green economy and smart
Asian country has launched several initiatives manufacturing, investors should consider
to promote electric mobility, including the a satellite allocation to India and ASEAN,
Faster Adoption and Manufacturing of Electric in addition to a broad emerging markets
Vehicles (FAME) scheme, which provides allocation. Such a strategy would allow privatebanking.hsbc.com

Disclaimer
Investments in emerging markets may be extremely volatile and subject to sudden fluctuations of varying magnitude due to a wide range of direct and indirect
influences. Such characteristics can lead to considerable losses being incurred by those exposed to such markets. This article is not a personalized communication from
HSBC to you and does not constitute and should not be construed as legal, tax or investment advice or a solicitation of the sale or recommendation of any product or
service. You should not make any investment decisions based mainly or solely on this article. All investments involve risks and may experience upward or downward
movements and may even become valueless. Issued by The Hongkong and Shanghai Banking Corporation Limited
 THE LIST M A L AY S I A’ S 5 0 R I C H E S T

Among the big gainers are father-and-

FRESH LOOK son duo Yaw Teck Seng and Chee Ming,
who control timber giant Samling. They
38 jumped to No. 16 from No. 32 last year as
Despite a dip in the stock market,
their wealth more than doubled to $1.25
combined wealth edged up and billion on new information about their
five newcomers made their debut. private assets. Former math teacher Chia
BY N A A Z N E E N K A R M A L I A N D J A N E H O Song Kun, executive chairman of his fam-
ily’s seafood firm QL Resources, returns to
the ranks after a seven-year gap on a nearly
fter rising 8.7% in 2022 20% rise in the company’s shares and the

A on the back of a rebound in

domestic consumer spend-
ing, Malaysia’s economy is
No. 29,
Chiau Beng Teik
inclusion of his broader family’s stakes.
Two private equity-backed tycoons got a
boost from landmark deals. Syed Azman
expected to grow at a more moderate pace Syed Ibrahim, whose Weststar Aviation operates the sec-
this year. Despite the country’s post-pandemic revival, the ond-largest offshore services helicopter fleet in Asia-Pacific,
stock market fell 8% since we last measured fortunes and bought back investment firm KKR’s 21% stake and is now
the ringgit was also down nearly 2%. This had no impact, worth $825 million, up 27% from last year. The wealth of
however, on the collective wealth of Malaysia’s 50 richest, funeral services provider Nirvana Asia’s founder, David
which edged up to $81.6 billion. Kong, rose on the proposed sale by PE firm CVC Capital
The pecking order at the top remained unchanged from Partners of its stake at an estimated valuation of $2 billion.
2022. Business titan Robert Kuok, who will be a cente- The five new faces this year include property magnates
narian in October, is Malaysia’s richest person, a position Chiau Beng Teik, founder of the Chin Hin Group and
he’s held for more than a quarter of a century. Kuok, the Yu Kuan Chon, a medical doctor, who runs his family’s
biggest gainer in dollar terms this year, is one of only two YNH Property; Ong Song Hoo, founder of agrochemicals
persons on the list with a double-digit fortune ($11.8 bil- group Hextar; and Goh Nan Kioh, who owns investment
lion). The other is Quek Leng Chan, executive chairman firm Mega First and has a stake in D&O Green Techno-
of the Malaysian arm of the privately held Hong Leong logies, which makes LEDs for the automotive sector. The
Group, who’s at No. 2 though his net worth rose only a tad fortune of veteran banker Teh Hong Piow, founder of Public
to $10.2 billion. Bank, who died in December at age 92, is now listed under
Overall, 19 fortunes were up and nearly half were down. his children.
Despite being in the latter category, metals magnate Koon Five from last year didn’t make the cut as the minimum
Poh Keong and his siblings held on to third position. Their net worth rose to $315 million from $255 million in 2022.
$5.8 billion fortune was down nearly 7% from last year
in line with the fall in shares of Press Metal Aluminium Reporting by Jonathan Burgos, Gloria Haraito, Anis
Holdings, Southeast Asia’s largest integrated aluminum Shakirah Mohd Muslimin, Phisanu Phromchanya,

COURTESY OF CHIN HIN GROUP

producer, amid higher raw material and freight costs. Anuradha Raghunathan and Jessica Tan.

METHODOLOGY: This list was compiled using shareholding and financial information obtained from the families and individuals, stock ex-
changes, annual reports and analysts. The ranking lists both individual and family fortunes, including those shared among relatives. Private
companies were valued based on similar companies that are publicly traded. Net worths were based on stock prices and exchange rates
as of the close of markets on May 12, 2023. The list can also include foreign citizens with business, residential or other ties to the country, or
citizens who don’t reside in the country but have significant business or other ties to the country. The editors reserve the right to amend any
information or remove any listees in light of new information.
 MA LAYS IA’S
50 RIC H E ST

1. ROBERT KUOK
$11.8 BILLION
KUOK GROUP 39
AGE: 99

THE LIST
2. QUEK LENG CHAN
$10.2 BILLION
HONG LEONG GROUP
AGE: 81

3. KOON POH KEONG

& SIBLINGS
$5.8 BILLION
PRESS METAL ALUMINIUM
HOLDINGS
AGE: 62
All In
CHEN LIP KEONG
4. ANANDA KRISHNAN
NagaCorp founder Chen Lip Keong is ratcheting up succession plans for his $5.4 BILLION
MAXIS
casino company as business rebounds from the pandemic. The casino tycoon be- AGE: 85
came senior CEO last year under a C-suite regrouping at the Hong Kong-listed
company that saw his three sons become joint CEOs.
In a regulatory filing, NagaCorp described the appointments as an “injection 5. TEH SIBLINGS
of new vitality” after more than two decades of growth under Chen, who will $5.2 BILLION
continue to lead the group and oversee day-to-day operations. His eldest son, PUBLIC BANK
Chen Yiy Hwuan, 42, will become CEO of hotels, Chen Yiy Fon, 41, (a board
member since 2015) CEO of operations and Chen Cherchi, 34, CEO of finance
6. LEE YEOW CHOR
and treasury. & YEOW SENG
To bolster the transition strategy, Chen transferred a controlling interest in
$4.6 BILLION
NagaCorp, where he is also executive director, to a family trust last July. The IOI CORP., IOI PROPERTIES
Cambodia-based company, which has a long-life casino monopoly in Phnom AGE: 56, 45
Penh where it runs integrated resort NagaWorld, returned to the black in 2022
on a post-Covid bump in tourist arrivals. It posted a net profit of nearly $107.3
million, compared with a net loss of $147 million a year earlier, as revenue dou- 7. CHEN LIP KEONG
bled to $460.7 million over that period. While he remained No. 7 on the list of $2.8 BILLION
NAGACORP
Malaysia’s 50 richest, he saw an uptick in his net worth to $2.8 billion.
ADAM DEAN FOR FORBES

AGE: 75
In March, ratings agency Moody’s Investors Service placed NagaCorp under
review as the company looks to refinance $472 million in debt due in 2024.
Meanwhile a workers’ strike continued into this year after thousands walked off
their jobs at the casino in December 2021 over their demands for better work- CHANGE IN WEALTH KEY:
ing conditions and higher pay. The company did not respond to requests for UP DOWN UNCHANGED
comment. —Anis Shakirah Mohd Muslimin NEW TO THE LIST RETURNEE
 MA LAYSIA’S
50 RICHE ST

8. LIM KOK THAY

$2.3 BILLION
40 GENTING
AGE: 71
THE LIST

9. TAN YU YEH & YU WEI

$1.9 BILLION
MR. D.I.Y. GROUP
AGE: 52, 50

10. CHIA SONG KUN

$1.8 BILLION
QL RESOURCES
AGE: 73

11. SYED MOKHTAR

ALBUKHARY
$1.6 BILLION
DRB-HICOM
Selling Pressure
AGE: 71 TAN YU YEH & YU WEI
Tan Yu Yeh
After hitting a pandemic-driven high in 2021,
12. LAU CHO KUN shares of Mr. D.I.Y. Group have taken a ham-
$1.5 BILLION mering as rapid growth slows at Malaysia’s largest
HAP SENG CONSOLIDATED improvement retailer. Tan Yu Yeh, executive vice chairman, who founded the
AGE: 87 low-cost retailer and his brother Tan Yu Wei, executive vice president, saw their
wealth drop over 20% to $1.9 billion.
Sales grew roughly 18% in 2022 to 4 billion ringgit ($898 million) compared
13. G. GNANALINGAM
with a 32% rise in 2021 on the back of easing pandemic restrictions and foot
$1.45 BILLION traffic at new stores. Looking ahead, the company expects rising inflation to
WESTPORTS HOLDINGS
AGE: 78
attract more budget-conscious shoppers, while a recovery from supply chain
upheaval and a strengthening ringgit should also contribute to stronger earnings.
Ahmad Ramzani Ramli, a Kuala Lumpur-based analyst at Kenanga Investment
14. FRANCIS YEOH Bank says the chain’s strong market position will help it remain resilient to
& SIBLINGS headwinds. “Mr. D.I.Y.’s ability to change its inventory to cater to market needs
$1.4 BILLION is also a plus point,” he adds.
YTL The retailer, which started with a single store in Kuala Lumpur in 2005, grew
AGE: 68
its network from 593 stores at the start of 2020 to 1,080 stores across its three
brands, Mr. D.I.Y., Mr. Toy and Mr. Dollar, in Malaysia and Brunei at the end
of last year. In March, Malaysian private equity firm Creador sold the last of its
shares in the retailer because the fund’s term was ending, with the Tehs among
MR. D.I.Y.

CHANGE IN WEALTH KEY:

UP DOWN UNCHANGED the buyers. Creador had emerged as the second-largest shareholder after the
NEW TO THE LIST RETURNEE group’s $1.5 billion ringgit ($361.7 million) IPO in 2020. —A. S. M. M.
 MA LAYS IA’S
50 RIC H E ST

15. LEE OI HIAN

& HAU HIAN
$1.35 BILLION 41
BATU KAWAN
AGE: 72, 69

THE LIST
16. YAW TECK SENG
& CHEE MING
$1.25 BILLION
SAMLING STRATEGIC
AGE: 84, 64

17. KUAN KAM HON

Growth Push $1.2 BILLION
HARTALEGA HOLDINGS
GOH PENG OOI AGE: 75

Malaysian fintech mogul Goh Peng Ooi’s Silverlake Axis, which provides fi-
nancial software and digital services to banks, is betting on Thailand for faster 18. JEFFREY CHEAH
growth. Since last year, the Singapore-listed company has struck deals with Siam $1.15 BILLION
Commercial Bank, one of the largest lenders in the country, and state-owned SUNWAY GROUP
AGE: 78
Export-Import Bank of Thailand (EXIM Thailand).
Thailand is Silverlake’s third-largest market, accounting for 12% of its rev-
enue for the financial year ended June 2022. Malaysia and Indonesia accounted 19. LIM WEE CHAI
for 33% and 17%, respectively. While overall revenue grew 18% to 736.5 million $1.1 BILLION
ringgit ($165 million) over that period, revenue from Thailand surged 88%. TOP GLOVE
In December, Silverlake tied up with Siam Commercial Bank to help it add AGE: 65
more microlending customers by tapping the unbanked—Thailand has a large
population base that is relatively underserved. The bank’s microlending arm,
AutoX, now offers its loan products and services via Silverlake’s cloud-based
20. SURIN UPATKOON
platform Mobius, which provides a quicker response at a lower cost. In February, $975 MILLION
MAGNUM
Silverlake signed an agreement to revamp EXIM Thailand’s core systems to help AGE: 74
it transition to digital banking.
Silverlake also hired more people in Vietnam, Cambodia and Philippines last
year, and recently set up a Dubai office to spearhead its entry into the Middle 21. NINIAN MOGAN
East and African markets. At home in Malaysia, as one of the local partners of LOURDENADIN
Amazon Web Services, Silverlake stands to benefit from the U.S. e-commerce $935 MILLION
giant’s plan to invest $6 billion by 2037 to build a regional infrastructure of MBF HOLDINGS
THE STAR, MALAYSIA

AGE: 69
servers and data centers.
Goh, who began his career at IBM and started Silverlake in 1989, saw his net
worth rise 8% to $500 million in the past year. The company says it supplies to
over 70 countries and counts eight of the top 20 largest Southeast Asian banks
as its customers. —Gloria Haraito
 MA LAYSI A’S
Wealth Creation
50 RICHE ST

Dial Back
Malaysia’s growth is likely to moderate this year after achieving its fastest pace
in over two decades on a post-Covid rebound in 2022. The country’s GDP is seen
22. CHEAH CHENG HYE halving to 4% in 2023, as cooling global demand hits Malaysian exports.
$915 MILLION Higher costs continue to bite into household budgets—though inflation is
42 VALUE PARTNERS GROUP expected to taper to 3% from last year’s 3.4%—a cause for concern for Malay-
AGE: 69
sia’s government. In February it announced tax cuts for middle-income earners.
THE LIST

23. DAVID KONG

$860 MILLION
NIRVANA ASIA GROUP
Growth Pangs
AGE: 68 Malaysia’s GDP growth reached a stellar 8.7% in 2022, but the pace is expected
to slow this year.

24. SYED AZMAN GDP GROWTH (YOY % CHANGE)

SYED IBRAHIM 8.7
$825 MILLION
WESTSTAR AVIATION SERVICES
FORECAST
AGE: 63
5.7
4.5 4.7 4.5
4.3 4.3
25. TAN ENG KEE 4
3.1
$800 MILLION
GREATECH TECHNOLOGY 2020
AGE: 53
2016 2017 2018 2019 2021 2022 2023 2024 2025

26. LIM PENG CHEONG

& PENG JIN
$740 MILLION -5.6
SCIENTEX
AGE: 61, 55

Big Spender
27. TIONG HIEW KING
Among the government’s aims is to reduce the budget deficit.
$725 MILLION
OREGON GROUP BUDGET DEFICIT AS % OF GDP FORECAST
AGE: 88
2016 2017 2018 2019 2020 2021 2022 2023 2024

28. VINCENT TAN

$695 MILLION
BERJAYA
-2.9
AGE: 71 -3.1 -3.4
-3.7
-4.5
-5.2
-5.6
CHANGE IN WEALTH KEY: -6.2 -6.4
UP DOWN UNCHANGED
NEW TO THE LIST RETURNEE Source: Bloomberg
 MA LAYS IA’S
50 RIC H E ST

Prime Minister Anwar Ibrahim is also targeting the nation’s budget deficit,
which was projected at 5.6% of GDP last year. Plans to bring in more revenue
include a tax on luxury goods.
Another focus is drawing foreign investors as global companies seek to diver-
sify away from China investments. According to the Milken Institute, Malaysia 29. CHIAU BENG TEIK
is well positioned; it ranked first in emerging Southeast Asia as the country $665 MILLION
with the most potential to attract overseas investment, thanks to steps to expand CHIN HIN GROUP 43
AGE: 62
trade-friendly policies. —Rainer Michael Preiss

THE LIST
30. LIM KUANG SIA
& SIBLINGS
Sticky Point $640 MILLION
Inflation continues to hit Malaysian households, though it’s projected to ease in 2023. KOSSAN RUBBER INDUSTRIES
AGE: 71
CONSUMER PRICE INDEX (YOY % CHANGE) FORECAST

3.8
3.4
31. DANNY TAN CHEE SING
3 $635 MILLION
2.1 2.5 TROPICANA
2.3 2.1 AGE: 68

1
0.7
32. ONG SONG HOO
2020
$630 MILLION
HEXTAR GROUP
2016 2017 2018 2019 2021 2022 2023 2024 2025 AGE: 70

-1.1
33. WEN CHIU CHI
Source: Bloomberg $580 MILLION
SELANGOR PROPERTIES
AGE: 66
In the Zone
Foreign direct investment in Malaysia is set to rise. 34. AZMAN HASHIM
$575 MILLION
FOREIGN DIRECT INVESTMENT (NET INFLOW; BILLION RINGGIT)
AMMB HOLDINGS
AGE: 83
2022 73
(FORECAST)

2021 48 35. WONG TEEK SON

$545 MILLION
2020 13 RIVERSTONE HOLDINGS
AGE: 61
2019 32

2018 30 36. LIM KANG HOO

$540 MILLION
2017 40 ISKANDAR WATERFRONT
HOLDINGS
AGE: 67
Source: Department of Statistics Malaysia
 MA LAYSI A’S
50 RICHE ST

37. GOH PENG OOI

$500 MILLION
44 SILVERLAKE AXIS
AGE: 68
THE LIST

38. CHU JENN WENG

$460 MILLION
VITROX
AGE: 53

39. YU KUAN CHON

$430 MILLION
YNH PROPERTY
AGE: 62

40. GOH NAN KIOH

$425 MILLION
MEGA FIRST
AGE: 70

41. LIM HAN WENG

$420 MILLION
Niche Business
YINSON HOLDINGS DAVID KONG
AGE: 71
Nirvana Asia is plotting future growth as CVC Capital Partners eyes selling its
40% stake in Southeast Asia’s largest funeral-services provider (by sales). David
42. ONG LEONG HUAT Kong, founder and executive chairman, confirms the European buyout firm is
$415 MILLION talking with prospective buyers but adds he has no plans to exit. “Whoever may
OSK HOLDINGS
come in as shareholders, we will continue delivering value,” he says from his of-
AGE: 79
fice in Kuala Lumpur. CVC declined to comment.
Kong, who started Nirvana Asia in 1990 with a private burial site in Malaysia,
43. GOOI SEONG LIM listed the firm in Hong Kong in 2014, then took it private two years later in a
$405 MILLION deal with CVC that valued the company at $1.1 billion—an estimated 20 times
KIM LOONG RESOURCES earnings. (CVC is now reportedly seeking an enterprise value of $2 billion.)
AGE: 73 Nirvana Asia used the funds to aggressively expand in the region; today it pro-

COURTESY OF NIRVANA ASIA

vides funeral, burial and cremation services, including burial plots and colum-
barium niches, for people and pets across Malaysia, Singapore, Thailand, Indo-
nesia and Vietnam. Up next: four new cemetery sites in 2023, two in Malaysia
and one each in Indonesia and Vietnam, though the company’s touted ambitions
CHANGE IN WEALTH KEY:
for China have been placed on the back burner over regulatory concerns and
UP DOWN UNCHANGED other priorities. Relisting could be an option going forward, depending on mar-
NEW TO THE LIST RETURNEE ket conditions and strategic goals, Kong, 68, says.
 Jeff Kong Jojo Kong MA LAYS IA’S
50 RIC H E ST

44. NGAU BOON KEAT

$390 MILLION
DIALOG GROUP 45
AGE: 74

THE LIST
45. LOH KIAN CHONG
$385 MILLION
ORIENTAL HOLDINGS
AGE: 47

Reeno Kong
46. LOI TUAN EE
Sales in 2022 surged a record 34% to 1.8 $350 MILLION
FARM FRESH
billion ringgit ($393 million) and Ebitda AGE: 60
rose 28% to 500 million ringgit and a year
earlier. That uptick, Kong says, followed
increased post-pandemic interest in fu- 47. PATRICK GROVE
neral pre-planning and the company’s ex- $330 MILLION
panding presence. “Nirvana’s performance CATCHA GROUP
AGE: 48
is not solely dependent on death rates, as
more than 90% of our sales come from
pre-need sales,” where customers make 48. KONG CHONG SOON
funeral arrangements in advance, he adds.
$325 MILLION
Kong ranked No. 23 on the list of Malay- UNITED OVERSEAS AUSTRALIA
sia’s 50 richest with an estimated fortune AGE: 82
of $860 million.
Business is a family affair, with the el-
dest of his five children, Jeff, 45, heading 49. STEVEN SIAW
Nirvana Asia as group CEO since 2019. At
KOK TONG
Kong’s separately held KHK Group, son Reeno, 41, is executive director of its $320 MILLION
JEFF, JOJO AND REENO: COURTESY OF NIRVANA ASIA

VITROX
property arm, KHK Land. It partnered with Australia’s Beulah International AGE: 51
as a minority investor in Sth Bnk by Beulah, a A$2 billion ($1.3 billion) mixed-
use project in Melbourne expected to break ground later this year and slated to
become Australia’s tallest building and vertical garden. KHK Land is also co- 50. LING CHIONG HO
developing a former 236-hectare palm oil plantation into a luxury lifestyle estate $315 MILLION
in Semenyih, a short drive from Kuala Lumpur. Meanwhile, daughter JoJo, 31, is SHIN YANG GROUP
AGE: 72
CEO of KHK Plantation, which includes two durian plantations totaling 2,700
hectares on Malaysia’s eastern coast in Pahang.
Kong began working at 18 as an apprentice at a pawnshop, before jobs as a
life insurance agent and a salesman at a grocery store. Ten years later, he started
a credit cooperative with a group of friends and earned his first million. “After
being in the market for more than 50 years, it’s important that I guide [my chil- FOR MORE INFO, GO TO
dren] on what can and can’t be done,” Kong says. —A. S. M. M. FORBES.COM/MALAYSIA
 THE PROFILE M A L AY S I A' S 5 0 R I C H E S T

46
SKY’S THE
LIMIT

FORBES ASIA JUNE 2023

 FORMER MALAYSIAN ARMY OFFICER TURNED ENTREPRENEUR
SYED AZMAN SYED IBRAHIM HAS AMBITIOUS PLANS FOR HIS
WESTSTAR GROUP AS IT LOOKS TO GET A LIFT FROM NEW MARKETS.

BY A N U R A D H A R AG H U N AT H A N

P H OTO G R A P H S BY J E F F R E Y L I M F O R F O R B E S A S I A 47

M A L AY S I A' S 5 0 R I C H E S T
from private equity giant KKR in March in a deal
that he says valued the unit at 4 billion ringgit
($890 million). The entrepreneur, No. 24 on the
list of Malaysia’s 50 Richest with an estimated
net worth of $825 million, serves as group man-
aging director of Weststar Group and chairman
of Weststar Aviation Services.
The global market for offshore helicopter
services is expected to expand to $3.1 billion by
2028 from $2.5 billion in 2022, according to a
report from Dublin-based Research & Markets.
Syed Azman Syed Ibrahim is firing on all Ibrahim’s plan includes investing $250 million
cylinders. His privately held Weststar Group and to increase the number of helicopters he owns
its portfolio of interests in offshore helicopter and leases by nearly 30% over the next two years.
services, car dealerships and F&B outlets, is His fleet of mostly midsized choppers includes
staking out a multipronged strategy to expand aircraft made by European aerospace giant Air-
its chopper fleet, make inroads into new markets bus and Italy’s Leonardo.
and boost sales of sustainable vehicles. Ibrahim is also seeking new markets to reduce
The centerpiece of the plan is flagship West- Weststar’s dependence on Malaysia. “We are look-
star Aviation Services, which has 34 helicopters ing for strategic investors who can help us grow
(it agreed to buy five more in May), making it overseas,” the former army officer says. “We have
the second-largest offshore services operator in spoken to a few investors in the Middle East.”
the Asia-Pacific region, according to India-based The company announced a strategic partner-
market research firm Imarc Group. Ibrahim, who ship in March with Helicopter & Cooperation
founded and owns the Ampang, Malaysia-based SAS, a joint venture between French Avico Group
Weststar Group, has lofty goals. “In ten years we and Namibia-based Westair Aviation, a deal that
want to be the largest helicopter operator in the is meant to allow it to broaden its presence in the
world,” he says. oil and gas industry in Europe and Africa. Ibra-
Weststar’s choppers are used to ferry execu- him says the company is particularly interested
tives, crew and supplies for the oil and gas indus- in Namibia, Equatorial Guinea and Mauritania
try, as well as for pipe- and power-line inspec- in Africa, as well as Guyana and Suriname on the
tions, timber surveys and medical evacuation, north coast of South America, and Indonesia.
often in locations that are inaccessible or dif- At the same time, Weststar Aviation Services
ficult to reach by other forms of transportation. is branching into chartering choppers to govern-
It has bases in Southeast Asia, the Middle East ments. Last year it leased four helicopters to the
and Africa, and clients include Malaysian state oil Royal Malaysian Air Force. It says four more will
company Petronas and industry giants Shell and be delivered by early 2024, while a further three
ExxonMobil. A separate unit, Weststar General will be contracted to the Malaysian government.
Aviation, owns two jets and a helicopter for VIP Under these agreements, the air force and gov-
transportation. ernment operate the aircraft but they are owned
Ibrahim, 63, now owns 100% of Weststar and maintained by Weststar Aviation Services.
Aviation Services after buying back a 21% stake The company is a “well-established and ex-
perienced player,” says Matthieu Guisolphe,
sales director for Southeast Asia at Asian Sky
Syed Azman Syed Ibrahim with a Leonardo AW139 VIP Group, a Hong Kong-based aviation consultancy.
8-seater helicopter from Weststar Aviation Services.
“In ten years we want to be the largest helicopter
“They are a proven and solid operator with a
operator in the world,” he says. modern fleet.”

JUNE 2023 FORBES ASIA

 However, there are a few clouds in the bright
Key players in the Asia-Pacific offshore
outlook. “They are not the only ones trying to get Ready for helicopter services market for 2022
into newer markets,” says Dennis Lau, Asian Sky
Group’s consultancy services director. “The he-
Takeoff? Citic Offshore Helicopter
13%
licopter services market is very fragmented,” he Weststar Aviation
Services, with Weststar
says, “[and] very competitive, particularly when Aviation
a solid footing
it comes to bidding for oil and gas contracts.” 7.3%
in the Asia-
Finding the right partners will also be a chal- Pacific market Others Pawan Hans
48 lenge, he adds. for offshore 57.7% 6%
helicopter
services, now Southern Vietnam

I
brahim’s plans for his auto Helicopter
M A L AY S I A' S 5 0 R I C H E S T

seeks to grow
businesses, which he says have further afield.
Company
5.7%
a consolidated revenue of 315
million ringgit, are similarly China Southern
ambitious. He is the exclusive PHI Group Airlines General
5% Aviation
distributor for China’s Maxus vehicles in Malaysia Source: Imarc Group 5.3%
through Weststar Maxus. Ibrahim plans to add
more dealerships to boost distribution of Maxus
electric and hybrid vehicles, which he expects triple the number of stores by 2025 (three of
will account for 20% of Maxus sales this year. His Ibrahim’s seven children and one son-in-law are
Weststar Auto is a dealer for Japan’s Honda, and involved in his businesses). Ibrahim also has up-
Weststar Motors sells imported luxury cars. scale Thai restaurants in shopping malls under
On the F&B front, Ibrahim’s oldest son, Syed the Absolute Thai brand that he operates with a
Muhammad Arif, manages nine Wolf & Turtle partner. He declined to release financial data for
coffee outlets in Malaysia and plans to more than most of his companies.
Ibrahim entered the business world in 1994
after serving as an officer for 13 years in the
IBRAHIM’S PLANS FOR HIS AUTO BUSINESSES Royal Intelligence Corps of the Malaysian Armed

ARE SIMILARLY AMBITIOUS.

Forces. He invested 200,000 ringgit to start im-
porting used luxury cars from Europe to sell in
Malaysia. In 2002 he became a distributor for
Honda, and in 2011 Maxus came on board.
His first brush with aviation was in 2002,
when he bought one whirlybird for $1.5 million.
That was largely for personal use, but Ibrahim
says he also wanted to understand the operation-
al costs and regulatory requirements needed to
operate helicopters for commercial use.
He scaled up after realizing there was huge po-
tential for helicopter services in the oil and gas
sector (Malaysia is the second-largest oil and gas
producer by output in Southeast Asia, according
to the U.S. Energy Information Administration).
By 2011 he had 11 choppers and two years later
KKR became an investor.
Meanwhile, Ibrahim is downplaying reports
last year that he’s considering an IPO for West-
star Aviation Services. “We are not in a hurry to
pursue a public listing,” he says. “We will only do
it when the timing is right.”
As for his goal of being the largest helicopter
operator in the world, he faces stiff competition;
some of the biggest global players have more
than 200 aircraft. But Ibrahim is unfazed: “This
Ibrahim with a Weststar
Maxus G10. He is the exclusive business is not about who has the most chop-
distributor for China’s Maxus pers,” he says. “It is also about who has the best
vehicles in Malaysia through
Weststar Maxus. pilots, the best engineers, the best safety records
and reasonable profits.”

FORBES ASIA JUNE 2023

 PROMOTION

Leading the Sustainability Transformation

PTT Global Chemical has made considerable strides in its journey toward net zero,
having integrated ESG principles into its strategy and operations.

Kongkrapan Intarajang, CEO and President

of PTT Global Chemical (GC), has been at
the forefront of the company’s sustainability
journey, focused on demonstrating that
petrochemical companies can contribute
positively to the environment with the right
direction in place.
Over the last 10 years, GC has been operating
its business with sustainability in mind.
Moreover, the company is a pioneer in applying
the circular economy to its business operations,
a crucial foundation for its journey toward
achieving its net zero goal. GC has shown its
commitment to building a sustainable business
by incorporating Environmental, Social and
Governance (ESG) principles into its operations.
Driven by its “Chemistry for Better Living” vision,
the company has continued its decades-long
endeavor to create sustainable solutions for all,
says Intarajang.

Sustainability in Business
To transform the business sustainably in
response to the rapidly changing world, GC has
integrated 3-step strategies into its business
operations. The strategies comprise of: Step maintaining corporate growth and integrating community procurement of goods and services
Change—actively strengthen the business circularity to solve issues of limited resources and and creating employment opportunities
competitiveness by enhancing resilience and waste management; and compensation-driven, that generate income for the community,
creating future growth; Step Out—move which utilizes nature-based solutions and which has amounted to 2.45 billion Thai baht
toward High Value Businesses (HVB) focusing explores technology to drive decarbonization. (US$72 million). These efforts are also carried
on growth products and superior profitability GC started a closed-loop plastic waste out in conjunction with environmental
that meets consumer needs and megatrends, management project called YOUTURN, which conservation initiatives.
for example GC’s acquisition of allnex, a global is one of the driving forces to net zero that aims Intarajang says, “Sustainability starts with
leader in specialty coating resins that provides to instill proper knowledge of plastic recycling ourselves. Then, we collaborate and take
high performance and environmentally and sustainability in local communities and a dedicated, hands-on approach not only
friendly solutions; and Step Up—elevate encourage circular living. YOUTURN focuses within the company but also across all sectors
its sustainability operations for business on transforming plastic waste into valuable throughout the supply chain. These actions
connectivity in response to industrial trends, products such as fashionable items and have led us to receive international recognition,
while striking the ESG balance. construction materials, among others. The such as being ranked consecutively for four
waste collected from the YOUTURN drop- years in the chemical sector by the Dow Jones
Working Together to Net Zero off points is also transported to GC’s plastic Sustainability Indices. We feel proud and grateful
As one of the global sustainability leaders, GC recycling plant ENVICCO, where it is turned into to all our partners who have contributed to our
aims to reduce its greenhouse gas emissions by high-quality, food-grade PCR PET approved by sustainability efforts, and we remain committed
20% by 2030 and achieve net zero emissions by the Food and Drug Administrations in Thailand to continuing these efforts for the benefit of
2050, in line with the Paris Agreement. and the U.S. ourselves and future generations.”
Its “Together to Net Zero” roadmap, drawn up
in 2021, comprises three core pillars: efficiency- Helping the Society
driven, which involves increasing operational One of GC’s main missions is to assist society
efficiency and reducing waste emissions; by elevating the quality of people’s lives. This
portfolio-driven, which involves transitioning is achieved through promoting community
its portfolio to low-carbon businesses while development (since 2011), engaging in www.pttgcgroup.com/en
 THE PROFILE

50
UP
MOVING
BY J O N AT H A N B U R G O S

P H OTO G R A P H BY
SONNY THAKUR FOR FORBES ASIA

Lucio Tan III,

grandson of Philippine billionaire LU C IO TA N ,
steps up to steer the diversified company
that his grandfather started six decades ago.
But he must find new profit sources as its
mainstay cigarette business declines.

FORBES ASIA JUNE 2023

 In early May, one of the Philippines’
biggest companies saw a historic change
52
in leadership when Lucio Tan III, just 30,
was named president of the LT Group,
THE PROFILE

a publicly traded Manila-based firm with a roughly $2 bil- held by his grandfather, 88, who is chairman. The
lion market value. Named for his grandfather, billionaire Lucio two Tans are close, with the younger Tan living with
Tan, the company is among the most diversified in the coun- his grandparents in the Metro Manila suburb of
try. Its divisions include beer, liquor and property business- Quezon City. He is succeeding his uncle Michael
es, along with a controlling stake in Philippine National Bank, Tan, 57, who had held the presidency since 2010,
a joint venture in a cigarette maker and a stake in a sugar re- and who continues to hold the presidency of the
finery. Separately, Tan must also look after the family’s inter- company’s brewery division as well as other titles.
ests as the newly appointed president of PAL Holdings—the (Michael declined to comment for this article.) Of
biggest shareholder in the country’s flag carrier Philippine his uncle, Tan says: “We’ve had a very professional
Airlines—as well as in related firm airport-services provider relationship with each other.”
MacroAsia. One hurdle that Tan wants to tackle is the compa-
For Tan, the stakes are high. He must find fresh growth driv- ny’s P/E ratio, which is just 4.2, while similar large
ers for LT Group as profits from its core cigarette-making diversified firms such as Ayala Corp., JG Summit
business decline. The new position also has personal signifi- and SM Investments all trade at double-digits of 15
cance, as Tan is seen as next in line for the top leadership role or higher, a sign of investors’ low rating of the firm.

COURTESY OF PHILIPPINE AIRLINES

Lucio Tan III is seen as

next in line for the top
leadership role held by
his grandfather, Lucio Tan
(right), who is chairman.

FORBES ASIA JUNE 2023

Just after Tan’s appointment to the presidency, LT Group re-
leased first quarter results showing net profit was down 2% to UP IN SM OKE
6.4 billion pesos ($115 million), after climbing 24% to a record Sales of cigarettes through official channels in
25 billion pesos in 2022. “We need to consistently perform and the Philippines have declined steadily in the past
hit, or even exceed, our targets ... in order to improve investor decade as higher government taxes introduced in
sentiment,” Tan says in an interview in the private dining room 2012 sparked rampant cigarette smuggling.
of Century Tsukiji, a Japanese restaurant in the family-owned CIGARETTE SALES IN BILLION STICKS
Century Park Hotel in Manila and one of his grandfather’s 109
102
favorite dining spots. 53
Tan’s background doesn’t naturally point toward him head- 84
73
ing up a diversified Philippine company. Four years ago he was 62

THE PROFILE
forging a career in Silicon Valley—at the time working as a 52
software engineer at ride-hailing company Lyft, after earning
a bachelor’s degree in electrical engineering and a master’s
degree in computer science from Stanford University.
Tan chose his love for science and engineering over a busi-
ness degree. He has no regrets, saying that background has
proven invaluable given tech drives global business and it has
sharpened his analytic skills. “The engineering mindset has
really trained me to take a problem and be able to decompose
it, and then figure out how to methodically solve these small-

2020

2022
2014

2018
2012

2016
er problems to solve the overall more complex problem … that
helps enable me to tackle the challenges that I face on a day-
to-day basis,” he says. Back then, he had hoped to gain more Source: LT Group
experience in Silicon Valley in either a more senior role at a
tech firm or at a startup.
But it was the sudden death of his father, Lucio “Bong” Tan new methods of doing business that will further en-
Jr., at age 53 from a brain herniation in 2019 that prompted a hance overall performance and strengthen synergies
premature return to the Philippines. Bong had been heir ap- across businesses.”
parent and was president at both LT Group’s Tanduay Distill- Now the question is whether his grandson can
ers and separately listed PAL Holdings at the time of his death. replicate his success at Tanduay with the rest of the
“Coming back has always been part of the plan,” says Tan. “It company. The younger Tan says one of his goals is
was definitely rushed by several years, maybe even a decade.” to “diversify the group’s portfolio in order to reduce
Upon his return, he took charge of his late father’s posts in overall risk and generate new sources of revenue.”
December 2019 in the Tanduay division. He quickly turned the He adds: “We are open to taking advantage of in-
169-year-old company, best known for its Tanduay rum, into vestment opportunities,” but declines to identify
LT Group’s fastest-growing business by introducing new effi- potential targets, saying he wants to maximize the
ciencies in logistics and production. Tanduay’s net profit more value of existing operations before venturing into
than doubled to a record 1.5 billion pesos in 2022 from 2019. new businesses. “The legacy businesses can con-
Tan also drove digital initiatives such as an e-commerce tinue to run on their own since [they] have been
platform called shots.ph, where customers could purchase li- around for a long time,” says Joey Roxas, president
quor online. It became an additional sales channel, which was of Philippine brokerage Eagle Equities. “The chal-
particularly successful during the pandemic. This initiative, lenge is how to grow [them].”
along with a push into mixed drinks, helped Tanduay cement The company’s crown jewel has long been ciga-
its leadership in the Philippines, boosting its market share to rette maker Philip Morris Fortune Tobacco, a 50/50
31% in 2022 from 27% the previous year. joint venture with the U.S. tobacco giant. This di-
vision has a 62% share of the Philippine cigarette
market and remains a cash cow for the conglomer-

I
n May 2022, Tan was named vice chairman ate, but its contribution to company earnings has
and chief operating officer of LT Group as an dwindled to 61% of net profit in 2022 from 86% the
intermediate step towards his current post. year before. Sales of cigarettes through legal chan-
His management strategy now as president is nels in the Philippines halved to about 52 billion
to rotate through the company’s various busi- sticks in 2022 from a decade ago, when the govern-
nesses, devoting one day each week to focus on a single opera- ment started imposing higher excise taxes, which in
tion. “You have to slowly learn how our businesses run,” Tan re- turn fueled the sale of cheaper smuggled cigarettes.
calls his grandfather telling him upon his return to Manila. “It Although the spirits and tobacco businesses are key
takes a lot of time. You need to be patient.” The elder Tan says drivers for LT Group, Tan and his grandfather are
by email: “I am confident that [Tan] … will be able to infuse only occasional drinkers and neither smoke.

JUNE 2023 FORBES ASIA

 KEY DR IVE RS
Despite dwindling cigarette sales, the company’s joint venture still accounts for the lion’s share of net profit.

NET PROFIT IN BILLION PESOS

Tobacco

Banking
54
16 23 21 20 25 Spirits

Beverages
THE PROFILE

Property

2018 2019 2020 2021 2022

Source: LT Group

Rising profits from the liquor and beverage businesses

could help offset declining contributions from cigarette man-
ufacturing. While Tanduay’s net profit slipped 23% to 258
“We need to consistently
million pesos in the first quarter due to higher raw materials
costs, Tan says he is “cautiously optimistic” growth will recov-
perform and hit, or even
er. The company aims to increase revenue by boosting exports
of its rum, currently just 1% of total revenue, to 5% by 2030.
exceed, our targets.”
In the past, the company focused on the U.S., where there is a
large Philippine population as well as being a large rum mar-
ket. Tan plans to step up brand-building efforts there, which Daniel’s, which launched a ready-to-drink whisky
have included sponsoring NBA teams such as the Golden and cola drink in partnership with Coca-Cola Bev-
State Warriors, the Brooklyn Nets and the Milwaukee Bucks. erages Philippines in April.
The company also sells its Tanduay rum to Australia, Canada Asia Brewery, which makes its own beer and other
and some European countries. Its shipments to Southeast Asia beverages as well as bottling international brands
so far have been confined to Singapore, but Tan says he wants such as Heineken and Tiger, is another bright spot
to target other countries in the region. Leveraging its heritage for LT Group. The company’s net profit gained 22%
and tapping export markets is the right strategy, says Roberto to 580 million pesos in 2022 as demand for its
Galang, dean of John Gokongwei School of Management at products, which also include Cobra Energy Drink
Ateneo de Manila University. and Absolute mineral water, soared when Covid-19
At home, Tanduay is importing new drinks such as Scot- restrictions were lifted in the Philippines.
tish Legacy whisky and promoting its rum as a premium mix
product. This is in the face of intensifying competition from

T
international players such as Diageo, which recently acquired hen there is the company’s holding
Philippine rum maker Don Papa, and Brown-Forman’s Jack in Philippine National Bank (PNB).
Reviving earnings there is an urgent
and huge challenge for Tan amid
Sugarcane, a key ingredient for making
mounting bad debts and a deepen-
rum, to be delivered to Tanduay's distillery ing economic slowdown. The lender is the coun-
in the central Philippine island of Negros.
try’s sixth largest by market cap and has over 600
branches nationwide. It posted a 63% slump in net
profit to 11.5 billion pesos for 2022 from the pre-
vious year. The drop reflects provisions for non-
performing loans, which offset higher net interest
income and exceptional gains from sales of fore-
closed properties.
While the bank’s net profit jumped 71% to 4.8 bil-
lion pesos in the first quarter from a year ago as fee-
based and net interest income improved, some an-
alysts remain skeptical. “The absence of expected
one-off gains from the sale of foreclosed assets, cou-
pled with a tepid lending outlook, drags our full year

FORBES ASIA JUNE 2023

 2023 net profit forecast down,” says Rachelleen Rodriguez, an
analyst at Maybank Securities in the Philippines, in a research TA KI NG F LI GH T
note in April. The percentage of the lender’s gross NPLs to to- Philippine Airlines’ revenue has rebounded since
tal loans stood at more than 6% as of end-2022, the highest pandemic travel restrictions were lifted.
among the country’s top banks.
REVENUE IN BILLION PESOS
Tan hopes to boost digital technologies to make its finan-
cial services more accessible while also tapping PNB’s exten- 150 154
sive branch network to boost consumer lending. PNB plans 139
to free up capital to fund lending activities with the proposed 55
listing in February 2024 of its real estate arm, PNB Holdings,
which has prime commercial properties valued at about $1 bil-

THE PROFILE
lion. That could also boost the company’s exposure to proper-
55 59
ty, now held under Eton Properties, which makes up a relative-
ly small part of overall operations.
Elsewhere in the family’s portfolio, Tan is looking for a turn-
around at its airline as the global travel industry bounces back
from the Covid-19 slump. “With PAL earnings recovering, 2018 2019 2020 2021 2022

Source: PAL Holdings

A Philippine Airlines A350-900 taking off. The

carrier has ordered nine A350-1000 long-haul jets
from Airbus, estimated be worth over $3 billion Airbus, which, based on the list price for the aircraft,
based on list prices, to modernize its fleet as
earnings continued to recover in the first quarter. could cost more than $3 billion. It also secured the
rights to buy three more of the planes to allow for fu-
ture extension of its route network. Delivery of the
jets, which will be used on direct flights to North
America, will start in the fourth quarter of 2025.
Tan’s grandfather, who sports the nickname
Kapitan, was born into humble means in Fujian
Province, China. While he was still a young boy,
his family migrated to the Philippines, where he
worked as a janitor and later as a chemist at a cig-
arette factory while studying chemical engineering
at the Far Eastern University in Manila. He found-
ed Fortune Tobacco in 1966 and turned it into the
country’s dominant cigarette maker, gaining mar-
ket share with low-priced brands. Kapitan expand-
[Tan] can focus on improving the synergies and profitability ed into banking in 1977 and beer making in 1982.
across LTG,” Galang says. Tan’s grandfather has pumped more He acquired Tanduay in 1988 and emerged as the
than $2 billion into PAL to keep the debt-laden airline afloat controlling shareholder of PAL in 1995. Today his
in the past three decades. His most recent investment of $505 estimated net worth is $2.4 billion, according to the
million helped the company swiftly exit U.S. Chapter 11 bank- Forbes real-time billionaire rankings.
ruptcy proceedings at the end of 2021, just three months after Apart from steering the family businesses, the
filing a restructuring plan. younger Tan must navigate the nuances within the
PAL posted an operating profit of $297 million in 2022— huge Tan clan, some members of which hold posi-
its first full year in the black since 2019 as revenue more than tions in the family businesses. Tan says his relatives
doubled to $2.6 billion as travel rebounded—after canceling are supportive and he gets constant guidance from
$2 billion in debt, retrenching about 30% of its workforce and his grandparents, who he sees on most days when
downsizing its fleet. Its sister company, MacroAsia, also saw a in town.
return to profit on a doubling in revenue. “It was only through “It’s good that the leadership transition is hap-
this unprecedented pandemic situation that we were able to pening now,” says Galang. “Chairman Lucio Tan can
COURTESY OF PHILIPPINE AIRLINES

push the hard reset button on our [PAL] fleet,” says the young- still help resolve any conflicts that may arise.” At the
er Tan. “Usually when you have a plane, you’re stuck with it for center of the transition, the heir apparent likes to
a long period of time. Because of the pandemic … we were able regain focus and reduce stress with a regular exer-
to return a significant amount of aircraft.” cise routine, despite a packed schedule. Just after
The recovery continued in the first quarter when the flag car- the interview for this article, Tan headed for a work-
rier’s operating profit quadrupled to $135 million, bolstering out at the gym. “Exercise is very important,” he says.
PAL’s fleet expansion plans. In May, in a further sign of confi- “It helps me clear my mind … especially when there
dence, PAL agreed to buy nine long-haul A350-1000 jets from are decisions I’m mulling over.”

JUNE 2023 FORBES ASIA

 SPECIAL ADVERTISING SECTION

ESG Remains Crucial to Building a

Sustainable Future
Businesses can no longer ignore how a strong ESG foundation may deliver long-term value and
nature-positive outcomes.

Environmental, Social and Governance (ESG) energy-efficient design, green construc- Investors believe that Asia-Pacific orga-
has evolved from a nice-to-have to a cor- tion and procurement, renewable energy nizations are “highly selective” about the
porate imperative over the years. Govern- usage, reduction of waste and carbon emis- information they provide and unless there
ments, businesses and investors recognize sions and promoting sustainable living at is a regulatory requirement to do so, most
the importance of ESG in driving the world’s its properties.
transition to a greener and more sustainable As of June 30, 2022, the company recorded
future and are doubling down on efforts to a reduction of greenhouse gas emissions
achieve nature-positive targets. and electricity consumption by almost
At the World Economic Forum’s annual 40% from its 2012 baseline, exceeding its
meeting in Davos earlier this year, global initial target.
leaders discussed how new approaches
and partnerships could lead to new solu- Capitalizing on the Green
tions, such as leveraging philanthropy in Transition
new ways, driving climate adaptation and As the world transitions to a low-carbon
spurring more ambitious, comprehensive economy, investors are ready to capitalize on
and sustainable infrastructure investment opportunities presented by this global shift.
plans that could stabilize the planet and HSBC Global Private Banking offers investors
help the world meet the 2030 emissions three main ways to embed sustainability into
reduction goal. an investment portfolio: ESG enhanced, the-
matic and impact investing.
Driving Sustainable Change ESG enhanced investments refer to invest-
Among the businesses driving sustainable ing in companies that score well on ESG cri-
change is Apical, part of the Singapore- teria, while thematic investments focus on
headquartered RGE group of companies. specific sustainability themes such as renew-
As the world’s second largest vegetable oil able energy, water conservation or circular
processor, Apical has embarked on a journey economy. On the other hand, impact invest-
to become a leading second-generation ing aims to generate an intentional, direct
biofuel feedstock provider through the col- and positive social or environmental impact
lection of waste and residue from mill and alongside financial returns.
palm oil refineries, along with used cooking The bank believes that by adopting an
oil, to act as an alternative to other forms of ESG approach to investment and finance,
feedstock. investors can play a crucial role in driving the
The company has also diversified its oper- transition to a low-carbon economy, while
ations into other downstream areas such as also generating long-term financial returns.
sustainable aviation fuel (SAF) used to power
aircraft. Through a joint venture, Apical is Bridging the ESG Trust Gap
now commercially using at scale the waste But while companies are starting to make
generated by its operations as viable feed- progress on sustainability objectives, some
stock to produce SAF. These efforts highlight investors feel strongly that they are not
the company’s commitment to driving sus- getting the quality of ESG data required to
tainable change in the palm oil sector. evaluate a company’s strategy and risk pro-
In the real estate sector, Hong Kong’s file, according to the Asia-Pacific findings in
Sino Group is leading the way toward a the latest EY global corporate reporting and
climate-resilient built environment. Sino institutional investor survey. This informa-
Group integrates sustainability into all tion gap threatens to stifle access to capital
aspec ts of its operations and aims to for many organizations and ultimately, could
achieve net zero by 2050 through more hinder progress on decarbonization.

1 ESG
 SPECIAL ADVERTISING SECTION

companies will provide only limited ESG dis- Advancing Social Justice labor practices, including aligning its policies
closures useful for decision-making. In addition to environmental concerns, and recruitment practices with international
T h e g o o d n ew s is that b oth si d es organizations are starting to give the same labor standards.
acknowledge that there are weaknesses attention to the social component of ESG. One of the main standards adopted by
in current reporting standards, including Businesses today are faced with a growing FGV is the no recruitment fees policy for
issues such as lack of requirements for sup- number of social justice issues that can affect the hiring of migrant workers. The com-
porting evidence, separation of ESG report- their corporate reputation—from human pany has taken several measures, including
ing from mainstream financial reporting rights and gender equality to health and setting aside about US$25 million to com-
and a lack of forward-looking disclosure, safety, and community engagement. pensate current and former FGV migrant
so more can be done. Asia-Pacific com- FGV Holdings Berhad, a global and diversi- workers who had paid recruitment fees to
panies can bridge the ESG trust gap with fied agribusiness based in Malaysia, is one of secure jobs.
investors by taking key action to ensure the world’s largest producers of crude palm Indeed, there is plenty that businesses can
that sustainability is built into their report- oil. In its efforts to operate a sustainable and do to build on the ESG framework to drive
ing processes—systemically, strategically socially responsible business, FGV has imple- real change. Those that lay the right foun-
and rigorously. mented various programs to strengthen its dation now are likely to succeed long into
the future.

ESG 2
 SPECIAL ADVERTISING SECTION

Capturing Opportunities in Southeast

Asia’s Green Transition
HSBC Global Private Banking has strategies in place to help investors capitalise
on the sustainability revolution.

Beach clean-up, Singapore

Southeast Asia's vulnerability to global climate change will affect companies across He notes that Singapore, a global financial
warming and environmental risks has been a all sectors as stakeholders pressure them hub in the region, is well positioned to
major cause for concern among policymakers to become net zero. Against this backdrop, lead the commercialis ation of gre en
and investors alike. The region's rapidly companies that are investing in green technologies given its government’s bold
growing population, expanding economies technologies, transitioning to cleaner energy and concrete policies and actions for the
and increasing urbanisation have led to and reducing their carbon footprint will be country to become a climate-friendly nation.
an upsurge in greenhouse gas emissions, well-placed for long-term success. In particular, the city-state can play a role
deforestation and plastic pollution. “ S o u t h e a s t A s i a's v u l n e r a b i l i t y to as a “living laboratory” to evaluate, pilot
To tackle these challenges, the Association global warming and environmental risks and commercialise innovative solutions for
of Southeast Asian Nations (ASEAN) has set necessitates a green transformation and a Southeast Asian markets. Singapore can also
an ambitious renewable energy target of shift towards renewable energy. Investors can act as an R&D hub for clean technology, as it
23% by 2025, a goal that requires significant position themselves to capture opportunities has identified the clean energy industry as a
investment in green technologies and that emerge,” says Jeffrey Yap, Head of strategic growth area.
innovation. Already, there are growing signs Investments and Wealth Solutions, Southeast HSBC, one of the world’s largest banking
that investors in the region understand Asia, HSBC Global Private Banking and Wealth. and financial services organisations, has
the importance of the net zero transition. One area gaining attention from investors committed to achieving net zero in its
Similarly, HSBC Global Private Banking (GPB) is involves solutions to tackle the plastic waste f inance d emissions by 2050 and has
witnessing rising demand for ESG investment problem, as plastic pollution continues to be developed a three-part strategy to realise
solutions from high net worth (HNW) and a major environmental issue. “Many people its sustainability ambitions. First, the bank is
ultra-high net worth individuals and their see plastic as waste, but it’s also a resource financing green technology opportunities
families in this region. that can be recycled. So, the opportunity is and transition, investing in companies that
As the world transitions to a low-carbon to keep plastic in the circular economy, where are developing renewable energy and energy
economy, HNW investors in the region should we are able to extract the most value from efficiency solutions.
be ready to capitalise on opportunities this resource and minimise the amount of the Second, it is investing globally with an
presented by this global shif t. Indeed, waste coming from it,” Yap says. Environmental, Social and Governance

3 ESG
 SPECIAL ADVERTISING SECTION

Solar panels, Australia Mangrove island, Malaysia

(ESG) lens, prioritising investments that align Impact investing, on the other hand, aims impact investing opportunities that can help
with the bank's sustainability goals. Third, to generate an intentional, direct and positive the world move towards a more sustainable
the bank is supporting customers and the social or environmental impact alongside future,” Yap says.
community to go green by providing them financial returns. “We have found that impact
with sustainable finance solutions and advice investing is gaining traction for our clients. A Partner on Your
on how to reduce their carbon footprint. The pandemic and natural disasters in recent Green Journey
years prompted many investors to look for HSBC GPB is well positioned to help its
Building Sustainable private banking clients capitalise on the
Investments region's green transition by leveraging
ESG factors have been found to be positively its global network and universal banking
correlated with financial performance and model. The bank partners with best-in-class
attractiveness to investors, according to third-party product providers as well as HSBC
research by EY-Parthenon. In particular, Asset Management to develop proprietary
metrics such as operating margins or return investment solutions that contribute to
on invested capital are likely to benefit from sustainable development across the region,
a focus on sustainability. such as those focused on renewable energy,
To capitalise on this trend, HSBC GPB sustainable food and healthcare to support
offers investors three main ways to embed its clients.
sustainability into an investment portfolio: Yap says: “HSBC GPB's commitment to net
ESG enhance d, thematic and impac t zero and its sustainable finance solutions
investing. ESG enhanced investments refer offer investors a way to build a sustainable
to investing in companies that score well portfolio and capitalise on the region's green
on ESG criteria, while thematic investments transition. By adopting an ESG approach to
focus on specific sustainability themes such investment and finance, investors can play a
as renewable energy, water conservation or crucial role in driving the transition to a low-
circular economy. carbon economy, while also generating long-
One investment theme of note that HSBC term financial returns.”
GPB offers involves investing in companies
and projects that prioritise nature-positive
outcomes, such as its global biodiversity
discretionary mandate. The bank believes
that solutions designed to protect and Jeffrey Yap, Head of Investments and
regenerate biodiversity have an important Wealth Solutions, Southeast Asia,
role to play in the transition to net zero. HSBC Global Private Banking and Wealth privatebanking.hsbc.com

Disclaimer
Investments in emerging markets may be extremely volatile and subject to sudden fluctuations of varying magnitude due to a wide range of direct and indirect
influences. Such characteristics can lead to considerable losses being incurred by those exposed to such markets. This article is not a personalized communication from
HSBC to you and does not constitute and should not be construed as legal, tax or investment advice or a solicitation of the sale or recommendation of any product or
service. You should not make any investment decisions based mainly or solely on this article. All investments involve risks and may experience upward or downward
movements and may even become valueless. Issued by The Hongkong and Shanghai Banking Corporation Limited

ESG 4
 SPECIAL ADVERTISING SECTION

Apical: Driving Sustainable Change

in the Palm Oil Sector
The world’s second largest vegetable oil processor recently entered the sustainable aviation fuel market,
signaling its commitment to advancing net zero goals.

Palm oil is present in a diverse range of everyday

products, ranging from food and personal
care to thousands of household items. It is
estimated that palm oil is used in more than 50%
of packaged supermarket products globally.
However, in line with the global sustainability
momentum, the palm oil industry is also having
to tackle some key questions. How can palm oil
companies operate more sustainably? And can
the industry effectively mitigate its impacts on
the environment?
One company that is addressing these
questions head on by continuously enhancing
its sustainability commitments is Apical. Part of
the Singapore-headquartered RGE group of
companies, Apical is the world’s second largest Pratheepan Karunagaran, Executive Director of Apical
vegetable oil processor with a customer base in
over 60 countries. refineries in Indonesia have had Roundtable palm oil certification schemes. Our focus is on
Its key business segments include bulk oils, on Sustainable Palm Oil (RSPO) supply chain helping smallholder farmers to get the required
functional and specialty fats, oleochemicals certification since 2012; the company also adheres certifications, which will boost their incomes and
and renewable fuels. With integrated assets in to International Sustainability and Carbon also support our continued drive to improve
strategic locations across Indonesia, China and Certification principles. traceability throughout our supply chain,”
Spain, Apical operates numerous refineries, Pratheepan Karunagaran, Executive Director says Karunagaran.
oleochemical plants, renewable fuel plants and of Apical, says: “The reality is that palm oil is an The Smallholder Inclusion for Better Livelihood
kernel crushing plants. Through joint ventures incredibly efficient vegetable oil crop compared & Empowerment (SMILE) program, a joint effort
and strategic partnerships, Apical also has to alternative vegetable oils. Palm oil takes up between Apical, Asian Agri and Kao Corporation
processing and distribution operations in Brazil, about 6% of agricultural land used for vegetable launched in 2020, is enhancing the resilience of
India, Pakistan, the Philippines, the Middle East, oil but accounts for around one third of the smallholders by addressing the barriers affecting
Africa, the USA and Vietnam. global production of vegetable oil. This is one their yield productivity. In January this year, the
of the reasons that palm oil can actually help Sustainable Living Village program was rolled out
Growth Based on Sustainability address food security issues around the world. in partnership with international NGO IDH as a
Foundations “But we also understand that palm oil multi-stakeholder initiative to alleviate poverty
Core to Apical’s sustainability pledge is its strict needs to be produced with the necessary and develop communities through targeted
no deforestation, no peat and no exploitation certifications and in line with global best initiatives aimed at specific community needs.
(NDPE) commitments across its operations and practices in sustainability. As a large midstream
supply chain. The company has invested heavily and downstream processor, we believe we are 2030 Targets
in traceability in order to assure stakeholders well placed to act as a positive influencer in the Last year, the company took a major step forward
that the palm it refines is produced in line with palm oil supply chain. Ultimately, our growth has with the launch of Apical2030, a sustainability
the required sustainability standards. As of been based on foundations of sustainability and roadmap comprising 10 time-bound targets
December 2022, 99.98% of the palm oil refined transparency, and these principles will remain and commitments across four strategic pillars—
by the company can be traced back to its in place even as we continue to diversify our Transformative Partnerships, Climate Action,
plantation of origin. operations.” Green Innovation and Inclusive Progress.
This progress has been acknowledged by Apical has also rolled out specific initiatives Among its commitments are to collaborate
the wider industry. Last year, Apical was rated aimed at communities and smallholders. “Even with suppliers to achieve a 100% NDPE-
as one of the top three most transparent palm though they produce about 45% of Indonesia’s compliant supply chain by 2025; engage 100%
oil companies globally in the Sustainable Palm total palm oil production, smallholders do of its suppliers for independent verification of
Oil Transparency Toolkit assessment. Apical’s not have the resources to access sustainable traceability by 2025; partner with suppliers to

5 ESG
 SPECIAL ADVERTISING SECTION

protect and/or conserve 150,000 hectares of

forest and peatland areas by 2030; and work
with suppliers to promote clean energy through
20 biogas plants.
Apical has also committed to achieving
net zero across its operations by 2050 and to
reducing greenhouse gas emissions intensity
by 50% in its production against a 2020 baseline
by 2030. In addition, the company plans to
help 5,000 independent smallholders achieve
certification by 2030. Apical has made tangible
progress with these targets since the launch of
Apical2030.

Diversification and
Transformation One of Apical's eight palm oil refineries, located in Balikpapan, Indonesia
But in an industry as fast moving as palm oil,
diversification and the ability to respond to sold to Apical, creating a sustainable income for company Cepsa to produce second-generation
market opportunities are key, while also meeting communities and helping fund the construction sustainable aviation fuels by constructing the
sustainability and environmental commitments. of early childhood development centers in largest production plant in southern Europe.
Apical is already committed to the continued the area. The joint venture will involve a total investment
expansion of its downstream processing So why is this important? “The collection of of up to 1 billion euros (US$1.1 billion), with the
capabilities and has embarked on a journey to UCO, waste and residues, and converting these new plant scheduled to begin operation in 2026.
become a leading second-generation biofuel into biofuels is a great example of circularity in The plant will produce up to 500,000 tons of SAF
feedstock provider through the collection action, as we take waste from our processes and/or renewable diesel annually.
of waste and residue from mill and palm oil and use it for our other production processes. “The key global challenge for the production
refineries, along with used cooking oil, to act as It supports our 2030 targets, particularly those of SAF is access to feedstock, or renewable waste
an alternative to other forms of feedstock. in our Green Innovation pillar, and it’s good for and residue raw materials. This joint venture is
Examples of waste and residue from industrial communities. But it’s also helping us diversify a natural evolution of our business, in that we
processes that can be used for feedstock include our operations into other downstream areas,” are now commercially using at scale the waste
mill effluent, empty fruit bunches, tank bottom says Karunagaran. generated by our operations, and using this as
oil and spent bleaching earth oil. Used cooking viable feedstock for the production of SAF and
oil (UCO), obtained from food processing A New Venture Takes Flight other biofuels like hydrotreated vegetable oil,”
companies, restaurants, catering companies and One such area is sustainable aviation fuel (SAF), says Karunagaran.
households, can be passed through a chemical a biofuel used to power aircraft that has similar Looking forward, demand for palm oil looks
process to convert it to biofuels. properties to standard, fossil-based jet fuel but set to continue to grow, driven by increasing
Recently, Apical partnered with Tanoto with less CO2 emissions. In April, Apical, through populations and resulting demand from the
Foundation and philanthropic organization its renewable energy subsidiary Bio-Oils, moved food, beverage, personal care and biofuels
T.Care to create UCO collection points in into the SAF space with the establishment of industries, among others. This underlines the
neighborhoods in Jakarta, Indonesia. The UCO is a landmark joint venture with Spanish energy need for the implementation of transparent,
independently monitored sustainability
commitments across the sector and its supply
chains, says Karunagaran.
“It also highlights the need for effective
collaboration among all parties, including
customers, other palm oil companies,
independent smallholder farmers and NGOs,
as well as partners old and new, to build more
sustainable supply chains and to drive lasting,
sustainable change in the palm oil sector,”
he says.

Sustainable aviation fuel has the potential to reduce the carbon footprint of the global aviation
industry by up to 80% compared to conventional jet fuel. www.apicalgroup.com

ESG 6
 SPECIAL ADVERTISING SECTION

Creating Better Lifescapes

For more than half a century, Sino Group has been championing green living and wellness, pursuing
meaningful designs and innovations while respecting heritage and culture to build a better community.

In co r p o r ate d in H o n g Ko n g in 1971,
Sino Group has been growing with the
co m m u n i t y i nto o n e o f t h e l ea d i n g
developers of the city. Today, the Group has
footprint in Hong Kong, mainland China,
Singapore and Australia as well as a team that
counts over 11,000 across the Asia-Pacific.
The Group has participated in over 250
projects spanning more than 130 million
square feet of floor area. Its core business
of developing proper ties for sale and
investment is complemented by a full range
of proper ty ser vices, hotel investment
and management to ensure a holistic
“Sino Experience.”
Sino Group integrates sustainabilit y
into all aspects of its operations—from
a rc h i te c t u r a l p l a n n i n g , e co - f r i e n d l y
provisions, green property management
and innovations to taking care of its staff,
serving the community and preserving
cultural heritage.
“Creating Better Lifescapes” is the ethos
guiding its delivery of excellence, brought to
life through work across three interconnected
pillars comprising Green Living, Innovative
Design and Community Spirit.

Green Living
In 2020, the Group unveiled its Sustainability
V ision 2030, a b luepr int char ting it s
sustainabilit y course toward 2030 and
beyond. It entails the Group’s vision across
crucial areas such as decarbonization,
renewable energy, plas tic reduc tion,
green building certification and innovative
solutions, all of which contribute to a more
sustainable future. Rendering

Sino Land, one of the listed companies Grand Mayfair

of Sino Group, signed up to support the
United Nations’ Business Ambition for 1.5°C roadmap toward net zero by 2050. A line with the Science Based Targets initiative
in May 2021 as well as the Task Force on climate risk assessment tool has been methodology—to reduce Scopes 1 and 2
Climate-related Financial Disclosures (TCFD) developed to improve climate resilience GHG emissions per square meter by 53.1%
in 2021, becoming one of the first Asian real of the Group’s properties in alignment from its 2018 baseline and to incorporate
estate developers to commit to the global with TCFD recommendations. As of June Scope 3 GHG emissions into this target.
calls-to-action to build a more sustainable 30, 2022, the Group recorded a reduction
future together. of greenhouse gas (GHG) emissions and Innovative Design
Stepping up its efforts on sustainability, electricity consumption by 39.68% from the Sino Group has been exploring innovative
in June 2022, the Group unveile d it s 2012 baseline, exceeding its initial target. The solutions to build a more sustainable
Decarb oniz ation Blueprint, a holistic Group is adopting a refined approach—in community. It established Sino Inno Lab

7 ESG
 SPECIAL ADVERTISING SECTION

Silversands

in 2018 to provide a sandbox platform for generators, it is quieter, reduces carbon Sino Land’s Recent ESG Achievements
startups and technology companies and emission by 75% and eliminates “tailpipe”
to facilitate co-creation. It seeks to nurture emissions. In addition, OpenSpace’s AI
solutions that can be applied to properties 360, an integrated solution for efficient • The first Hong Kong developer to be
to enhance s er v ices an d cus tom er s’ project management, is being deployed on recognized among the Global 100
experiences. construction sites. The 360-degree cameras Most Sustainable Corporations by
The Group’s partnership with EcoBricks, and AI-based technology facilitate complete Corporate Knights
a home-grown startup, is a stellar example. visual records on-site and enable remote • Recognized in the 2023 edition of S&P
With its proprietary formula and process, project tracking. Global Sustainability Yearbook
EcoBricks is able to upcycle all the seven
t ypes of plastic, including mixed and Community Spirit • Global Listed Sector Leader, Regional
composite plastic, into “green concrete” for Buildings give the community character, Listed Sector Leader (Asia) and Regional
construction. The low-energy process entails history and a sense of connection, enriching Sector Leader (Asia) in the Global
no heating or melting of plastic, eliminating our environment and telling our stories. Real Estate Sustainability Benchmark;
harmful emissions and representing a Through heritage conservation, such as The achieved five-star rating in the 2022
viable circular economy solution to plastic Fullerton Hotels in Singapore and Sydney, Real Estate Assessment
waste. The Group has applied EcoBricks to together with arts and cultural projects, • “AA” rating in the MSCI ESG Rating,
Gold Coast Piazza, Olympian City and The the Group helps to rejuvenate facilities. signifying ESG industry leader status
Fullerton Ocean Park Hotel Hong Kong It also places a high priority on volunteer
and plans to use them at more suitable services and community engagement in • Regional Top-Rated ESG Performer by
properties. It also aims to encourage tenants collaboration with like-minded partners. Sustainalytics for 2023 and 2022, with
and customers to support plastic upcycling Ref lec ting on the Group’s journey, an overall “Low Risk” rating
and the circular economy. Daryl Ng, Deputy Chairman, says, “Businesses
Sino Group is also taking a major step can play a key role in creating a more
in driving green and digitalized property sustainable future. I would like to sincerely
d e v e l o p m e nt . I t is d e p l o y i n g A m p d thank our partners for the wonderful support
Enertainer, an advanced energy storage for the important causes. We look forward to
system, to power construction activities forging more partnerships to build a better
on-site. Compared with traditional community together.” www.sino.com

ESG 8
 SPECIAL ADVERTISING SECTION

FGV Cultivates Sustainable Practices

in Agriculture
The Malaysian food and agriculture company is committed to responsible labor management, reducing
carbon emissions and protecting biodiversity to ensure food security and a sustainable future.

As our planet struggles under the weight

of climate change and environmental
degradation, responsible companies across
the globe are doubling down on efforts to
reduce their carbon footprint, recognizing the
urgent need for immediate action.
One such company is FGV Holdings Berhad
(FGV), a global and diversified agribusiness
focused primarily on three sectors: plantation,
sugar and logistics. Based in Malaysia, it is one
of the world’s largest producers of crude palm
oil, contributing up to 15% of the commodity
to the country’s total annual output.
Listed on the main market of Bursa Malaysia,
FGV has 50 years of industry expertise and
operations in nine countries across Asia, the
Middle East, North America and Europe.
The company is supported by a strong
workforce of more than 45,000 people “Championing sustainable practices and promoting transparency is crucial for companies in the
and is committed to delivering sustainable agriculture sector,” says Dato’ Nazrul Mansor, Group Chief Executive Officer (GCEO)
food and agriproducts to the world while of FGV Holdings Berhad.
tapping into new revenue streams from the
circular economy. Dato’ Nazrul Mansor, Group Chief Executive across its operations. These practices include
Officer (GCEO) of FGV Holdings Berhad. using self-generated biogas, LED lights and
Commitment to Sustainability “We acknowledge the potential adverse digital tools such as the eDO mobile app and
To further position itself as a leader in environmental and social impacts linked to Smart Fuel card to reduce fuel consumption
sustainable agriculture, the company has any business activities, including deforestation, and carbon emissions. The company also
made a bold commitment to no deforestation, carbon emissions and labor issues. Therefore, invests in Euro 5 emission compliant trucks for
no development on peatland and no we are collaborating with stakeholders to its logistics sector and recommends retiring
exploitation (NDPE), as well as to contribute promote sustainable forest management fleet vehicles after 10 years.
to the Sustainable Development Goals (SDGs). and develop sustainable production systems Var i ous zero - w as te initiatives an d
FGV has a dedicated sustainability program that contribute to poverty reduction and responsible waste management practices
that addresses Environmental, Social and economic development, while protecting the are employed by FGV, including the usage
Governance (ESG) issues and has received environment and conserving biodiversity,” of empty fruit bunches as mulch and the use
several certifications for its sustainable says Nazrul. of fortified organic fertilizers to reduce cost
practices, including the Malaysian Sustainable and carbon emissions. Initiatives to improve
Palm Oil (MSPO) Cer tification Scheme Climate Action energy efficiency are also undertaken by
and the Roundtable on Sustainable Palm FGV has become the first food and agriculture FGV’s subsidiaries and business sectors,
Oil certification. company in Malaysia to affirm its commitment such as the installation of solar photovoltaic
“Championing sustainable practices to addressing climate change by signing the systems. FGV generates clean energy for
and promoting transparency is crucial for Science Based Target initiative’s Business internal consumption and sale to the grid,
companies in the agriculture sector due to Ambition for 1.5°C pledge. Through its Climate with some mills relying on renewable energy
the nature of our business in utilizing land Action Plan, the company is taking tangible as their primary power source. The company
for crops. Under the ESG framework, such steps toward becoming a net zero emission recently commissioned a biogas power plant
companies face greater scrutiny, which is business by 2050. and is exploring alternative sources of energy,
why we at FGV work tirelessly to exceed To reduce energy consumption, FGV such as converting biomass from palm oil
expectations and set industry standards,” says employs various energy-saving practices production into renewable energy.

9 ESG
 SPECIAL ADVERTISING SECTION

FGV’s biogas plants (left) help to reduce energy consumption; protecting biodiversity and wildlife, like the Malayan sun bear (right), is a top priority for FGV.

Biodiversity and Program in support of government directives April 2022. It is a set of guidelines developed
Wildlife Protection for all smallholders to comply with the MSPO by the UN Global Compact and UN Women to
FGV prioritizes the protection of biodiversity Certification Scheme. About 70% of FGV’s fresh guide businesses on how to advance gender
and wildlife, and has put in place several fruit bunches supply are from smallholders. As equality and women’s empowerment in the
programs on the conservation of certain of 2022, FGV has managed to achieve 100% workplace, marketplace and community.
endangered, rare and threatened species, traceability to mills and 99% traceability to FGV also established a Gender Equality and
namely the Malayan sun bears, pygmy palm oil plantations. Women’s Empowerment Committee in
elephants, gibbons and pangolins. FGV also 2021 to reinforce its commitment to gender
aims to protect prime forest areas by planting Human Rights equality. The company further introduced
50,000 indigenous trees and wild fruit trees in FGV respects human rights and is committed the Women in Leadership program to nurture
its plantations. to complying with international human rights female employees for leadership positions.
standards. The company has implemented In addition to its support for human
Digitalization and Technology various programs to strengthen its labor rights, FGV invests in various corporate social
Through its research and development arm, practices, including aligning its policies and responsibility initiatives to assist communities
FGV provides innovations and technologies to recruitment practices to international labor in need. Last year, the company contributed
improve efficiency and productivity, focusing standards. Its workers’ rights to freedom to the National Disaster Assistance Fund and
on estate and mill modernization, high- of movement, freedom of association and supported vocational courses at colleges.
quality planting materials, crop diversification collective bargaining, and decent wage are FGV’s contributions to society are crucial for
and sustainable initiatives such as using embedded in FGV’s Group Sustainability community empowerment, reflecting the
renewable energy and slow-release fertilizers. Policy. To improve living conditions, from company’s values and commitment to making
The company has formed partnerships with 2018 to 2022, FGV spent 412 million ringgit a positive impact on the world.
educational institutions to upskill and reskill (US$92.61 million) on the construction These actions position FGV as a leader in
employees and plans to incorporate advanced of new accommodation facilities, repair sustainable business practices, setting an
technologies and sustainable processes to work s on housing facilities as well as example for the industry and demonstrating
address labor shortages. equipment upgrade. that a commitment to sustainability is not only
One of the main standards adopted by vital for the environment, but also for long-
Traceability and Transparency FGV is the no recruitment fees policy for the term business success.
Traceability and transparency are essential hiring of migrant workers. FGV has taken
components of FGV’s sustainable value several measures, including setting aside 112
chain. The company has implemented a million ringgit (US$25.17 million) to reimburse
robust traceability system, enabling the recruitment fees to current and former FGV
identification of potential risks and prompt migrant workers.
resolution through continuous improvements. The company is also a participant in the
By adopting traceability and responsible National Pledge Against Child Labor campaign
sourcing practices, the company can fulfill its in Malaysia and is committed to preventing
obligations to environmental protection and and addressing child labor issues.
human rights. As part of its commitment to diversity,
M o r e o v e r, F G V h a s l a u n c h e d t h e equity and inclusion, FGV became a signatory
Independent Smallholders Consultation of the Women’s Empowerment Principles in www.fgvholdings.com

ESG 10
 SPECIAL ADVERTISING SECTION

How Asia-Pacific Companies Can Bridge

the ESG Trust Gap With Investors
Investors feel strongly that they are not getting the data-driven insights they require to evaluate a
company’s growth and risk profile, according to EY’s latest survey.

By Terence Jeyaretnam, EY Asia-Pacific Leader and Partner, Climate Change and Sustainability Services

The Asia-Pacific findings in the latest EY Global activities. In particular, they frown on the Increasing Scrutiny from
Corporate Reporting and Institutional Investor practice of “cherry picking” what compa- Investors Who Want to See
Survey show a significant gap between what nies choose to make public. Reflecting on More ESG Action
companies are reporting in their Environmen- the information they see companies in the The 53% of Asia-Pacific executives who
tal, Social and Governance (ESG) disclosures region provide, three-quarters (75%) of inves- think investors are putting even more scru-
and what investors expect. Investors feel tors believe that Asia-Pacific organizations tiny on their per formance against ESG
strongly that they are not getting the data- are “highly selective” about the information goals are absolutely right. Asked about
driven insights they require to evaluate a com- they provide. their level of scrutiny, 73% of investors
pany’s growth and risk profile. It is an infor- A massive 91% of investors believe that said they are evaluating nonfinancial dis-
mation gap that threatens to stifle access to unless there is a regulatory requirement to do closures in a “structured and methodical”
capital for many organizations and ultimately, so, most companies will provide only limited manner. Only 2% said they conduct little or
could hinder progress on decarbonization. decision-useful ESG disclosures. In particular, no review.
This year, the report combined research where businesses do make long-term invest- When it comes to ESG, investors believe
from both finance leaders and investors, draw- ments in sustainability, 80% of investors say organizations should be playing the long
ing together data from two surveys to give a that they often fail to explain their rationale, game. According to the survey, almost three-
fresh perspective on corporate reporting and making such investments hard to evaluate quarters of the region’s investors (74%) say
sustainability from both the issuers and users and raising concerns about greenwashing. companies should invest in improvements
of disclosure. It reveals that investors are criti- Instead, what investors want and need to relating to ESG matters—even if it dents their
cal of the way Asia-Pacific businesses are dis- see is how ESG strategies are actually bringing short-term profits. But only 58% of Asia-Pacific
closing information about their sustainability about positive change. business leaders hold the same view.

11 ESG
 SPECIAL ADVERTISING SECTION

The survey does highlight some com- point, finance leaders and teams should
mon ground between businesses and their more closely connect with the sustainabil-
investors. ity reporting agenda:
Interestingly, many businesses do seem • Address the data challenge —
to recognize that there is room for them Finance functions will need to gather,
to improve their approach to reporting. Just clean, analyze and visualize nonfinan-
over half (54%) of the organizations surveyed cial data to both support reporting and
said they provide investors with relevant decision-making.
information on sustainability activity, leaving • Collaborate across organizational
a significant percentage who recognize that boundaries—Finance teams will be
they do not. Two-fifths (41%) of finance leaders required to collaborate with sustainabil-
interviewed also admitted their current ESG ity teams and the broader enterprise to
reporting would not stand up to the scrutiny transform the quality and accessibility
of basic assurance standards. of ESG data and solve how to calcu-
Ultimately, both sides agree on the weak- late the P&L impact of nonfinancial
nesses of current reporting standards, not- information.
ing that issues include the following: lack • Upskill the finance team—Finance
of requirements for supporting evidence, Terence Jeyaretnam, EY Asia-Pacific Leader people should be embedded in sus-
separation of ESG reporting from mainstream and Partner, Climate Change and tainability teams to learn about the
financial reporting and lack of forward-look- Sustainability Services nuances, limitations and implications
ing disclosure. of nonfinancial information.
A company’s sustainability disclosures pro-
Companies Need to Take While companies are starting to vide vital insights to help the region’s investors
Immediate Action to Close make progress on sustainability understand the impact of sustainability issues
the Trust Gap objectives, investors still feel on a business’s performance, risks and long-
To better meet investors’ expectations, EY strongly that they are not term growth prospects.
research shows that Asia-Pacific companies getting the quality of ESG data Asia-Pacific organizations that are serious
need to take the key actions below. required to evaluate a company’s about securing trust and a reputation for long-
term ESG focus must ensure sustainability is
strategy and risk profile. It is an
1. Build a better understanding of inves- built into their reporting processes—systemi-
tors’ sustainability expectations, and information gap that threatens cally, strategically and rigorously. Only then
how disclosures can address material to stifle organizational access to will we see investor skepticism in the region
ESG issues and earn stakeholder trust. capital and ultimately, slow down subsiding and businesses being recognized
• Focus—Investors are working to align decarbonization progress. for their efforts to become more sustainable.
their portfolios to net zero. Companies Download the full report: EY Global Cor-
should respond with robust insights porate Reporting and Institutional Investor
into the important opportunities and teams will therefore require meaning- Survey
risks, including transition risk, physical ful and credible sustainability data and
climate risk and climate scenario analy- insights to demonstrate how the com-
sis – as well as the bottom- and top-line pany is making informed decisions and
potential of a company’s climate invest- measuring and managing progress.
ments. Organizations should focus • Transparency—Companies should
their efforts on prioritizing material- also respond to investors’ calls for more
ity, benchmarking disclosures against consistent, comparable and reliable
peers and preparing for the new Inter- ESG disclosures. This means getting
national Sustainability Standards Board ahead of emerging global reporting
(ISSB) standards. standards, improving ESG data qual-
• Accountability—Companies should ity and using assurance to build trust.
meet investor requirements for robust In Asia Pacific, 92% of investors believe
governance and board oversight it is important that ESG reporting and
around sustainability. That might mean data receives independent review and
moving from ESG pledges to progress assurance.
and results. Or it might mean a clearer
focus on ESG stewardship. Investors 2. Begin integrating sustainability report-
also expect continual engagement ing with finance.
with company leaders around the orga- Eventually, uptake of the ISSB standards
nization’s material progress against sus- means financial and sustainability report- https://www.ey.com/en_gl/
tainability goals. Boards and executive ing will become integrated. As a starting climate-change-sustainability-services

ESG 12
 THE LIST J A PA N ’ S 5 0 R I C H E S T

RI S IN G T I DE
68 After falling last year, collective wealth rose 13% to $192 billion.

BY N A A Z N E E N K A R M A L I

by his late father, jumped 22% on higher sales. Yoshiaki

No. 5 Yoshida, founder of cosmetics and health food firm DHC,
Takahisa Takahara
which was acquired by financial services giant Orix in Jan-
uary at a valuation of $2.4 billion, saw his wealth rise by
more than 50% to $1.55 billion.
There are three newcomers this year: Kenzo Tsujimoto
($1.2 billion), who founded and runs video games company
Capcom and owns the Kenzo Estate winery in California,
and Fumio Kaneko ($1.1 billion), cofounder and president
of waste management firm Daiei Kankyo. The Ito siblings
($4.7 billion) appear for the first time after inheriting the
7-Eleven retailing empire of their father Masatoshi Ito,
who died in March at age 98.
A dozen on the list saw their wealth decline such as
Hiroshi Mikitani, founder of e-commerce giant Rakuten,
which listed Rakuten Bank, its online lending subsidiary,
but continues to report losses because of investments in
its mobile phone business. Mikitani’s net worth was down
18%, the most in percentage terms, to $3.6 billion and he

T
he return of tourists following the post- slipped six places to No. 13.
pandemic reopening of its borders and a The three returnees to the ranks include Masayuki
consumption rebound helped to revive Ja- Ishihara, who draws his wealth from a stake in pachinko
pan’s economy in the first quarter of 2023. machine maker Heiwa; Takanori Nakamura, founder of
A buoyant stock market—the benchmark cloud software firm Rakus; and Yoshiko Shinohara, chair-
index was up 11% since we last measured fortunes—con- man emeritus of staffing firm Persol Holdings, who reap-
tributed to a double-digit rise in the combined wealth of pears after a four-year gap.
Japan’s 50 richest to $192 billion. The minimum net worth rose to $965 million from $925
More than half of those on the list were better off from million last year.
a year ago with the pecking order of the top five remaining
unchanged. Retailing tycoon Tadashi Yanai was this year’s With reporting by Anuradha Raghunathan and James
biggest dollar gainer, adding $11.8 billion to consolidate Simms.
his position as Japan’s richest person. Soaring sales at Fast
Retailing, parent of clothing chain Uniqlo, propelled his
net worth by 50% to $35.4 billion. METHODOLOGY
This list was compiled using shareholding and financial informa-
Takemitsu Takizaki, the founder of sensor maker tion obtained from the families and individuals, stock exchang-
Keyence, held on to the No. 2 spot for the second year es, annual reports and analysts. The ranking lists both individual
with a $1 billion boost to his net worth to $22.6 billion. and family fortunes, including those shared among relatives.
Private companies were valued based on similar companies
Masayoshi Son remains in third place, though his wealth that are publicly traded. Net worths were based on stock prices
dipped slightly to $20.9 billion amid investment mark- and exchange rates as of the close of markets on May 12, 2023.
downs at SoftBank Group, which reported a $7.3 billion The list can also include foreign citizens with business, residen-
HIRONOBU SATO

tial or other ties to the country, or citizens who don’t reside in

loss for the fiscal year ended March 2023. the country but have significant business or other ties to the
Among other gainers is Takahisa Takahara whose net country. The editors reserve the right to amend any information
or remove any listees in light of new information.
worth got a $1.1 billion boost to $7.5 billion as shares of
his personal care goods firm Unicharm, which was founded

FORBES ASIA JUNE 2023

 JAPAN ’ S
50 RI CH E ST

1. TADASHI YANAI
$35.4 BILLION
FAST RETAILING
AGE: 74 69

2. TAKEMITSU TAKIZAKI

THE LIST
$22.6 BILLION
KEYENCE
AGE: 77

3. MASAYOSHI SON
$20.9 BILLION
SOFTBANK
AGE: 65

4. NOBUTADA SAJI
$10.3 BILLION
SUNTORY HOLDINGS
AGE: 77

5. TAKAHISA TAKAHARA
$7.5 BILLION
UNICHARM
AGE: 61

Fashion Forward 6. ITO SIBLINGS

TADASHI YANAI
$4.7 BILLION
SEVEN & I HOLDINGS
Strong sales gave an eye-popping $11.8 billion boost to the net worth of retail
tycoon Tadashi Yanai, Japan’s richest person, whose fortune stands at $35.4 bil-
lion. In the six months through February 2023, his Tokyo-listed clothing empire 7. HIDEYUKI BUSUJIMA
Fast Retailing, parent of the Uniqlo fast-fashion chain, saw revenue rise over
$4.1 BILLION
20% on year to ¥1.5 trillion ($11.1 billion), helped by the tapering of pandemic SANKYO
restrictions and robust demand for its winter wear. Some two dozen countries AGE: 70
outside of Japan contributed ¥755.2 billion to Uniqlo sales, and net profit in-
creased nearly 5% to ¥153.3 billion.
In January, Yanai announced plans to hike salaries of its staff and managers 8. AKIO NITORI
by upward of 40% in Japan to match the levels of its overseas operations. The $4 BILLION
company is aiming to build out a global workforce that can be deployed more NITORI HOLDINGS
flexibly. “I have said that we intend to send at least one-third of our employees AGE: 79

overseas and bring one-third or half of the staff from overseas in order to create
KENTARO TAKAHASHI/BLOOMBERG

a genuine global headquarters,” Yanai said during an earnings presentation in

April. “Salary levels are comparatively low in Japan, especially for young people.
We are looking to encourage staff to play an active role on the global stage, but
we won’t be able to attract good human resources unless we increase wages.”
The firm, which hopes to triple revenue to ¥10 trillion over the next decade,
raised the wages of its temporary and part-time domestic employees by 20%
last year. The pay moves come as Japan faces a labor shortage due to an aging
CHANGE IN WEALTH KEY:
and shrinking population and companies compete more fiercely for workers. UP DOWN UNCHANGED
—James Simms NEW TO THE LIST RETURNEE

JUNE 2023 FORBES ASIA

 JAPAN ’S
50 RICHE ST

Changing Places
SHIGENOBU NAGAMORI
9. MASAHIRO NODA
Shigenobu Nagamori, 78, last year saw the departure of Jun Seki, the former
$3.9 BILLION
OBIC CEO of his company, Nidec, the world’s largest maker of electric motors for hard
70 AGE: 84 disk drives. Seki had joined the company in January 2020 and became CEO in
2021. But after a period of sluggish share prices and earnings, Nagamori who re-
mained chairman, took back the CEO post in April 2022, moving Seki to presi-
10. MASAHIRO MIKI
THE LIST

dent and COO. Five months later, Seki resigned from Nidec, and in January, he
$3.85 BILLION joined Taiwan’s Foxconn.
ABC-MART Nidec’s shares have fallen over 20% in the past 12 months amid a 41% plunge
AGE: 67 in operating profit to ¥100 billion ($741 million) because of restructuring costs
in the fiscal year ended March 2023. Nagamori, whose two sons aren’t involved
with the company, saw his fortune fall 17% to $3.8 billion, and he slipped five
11. SHIGENOBU NAGAMORI spots to No. 11 on the list.
$3.8 BILLION Now, five newly appointed executive vice presidents are in the running to be-
NIDEC
AGE: 78
come president for a four-year term starting in April 2024, and after that, chair-
man and CEO, Nidec says. From next April, current president Hiroshi Kobe will
become CEO for four years; Nagamori will retain a board seat and become rep-
12. YASUMITSU SHIGETA resentative of the board.
$3.7 BILLION The next president will be determined by the board’s nomination committee,
HIKARI TSUSHIN which includes Nagamori. The candidates, who are mainly in their 60s and
AGE: 58 have worked at Nidec from between a year and two decades, includes three ex-
bankers, a materials engineer with a Ph.D. from MIT and a former Sony execu-
tive. “Whoever is chosen from the five will be fine,” Nagamori said in a March
13. HIROSHI MIKITANI briefing. —J. S.
$3.6 BILLION
RAKUTEN
AGE: 58

14. TAKAO YASUDA

$3.3 BILLION
PAN PACIFIC INTERNATIONAL
HOLDINGS
AGE: 74

15. YUJI OTSUKA

$3.1 BILLION
OTSUKA
AGE: 69

16. SEKIYA FAMILY

$3 BILLION
DISCO

17. KOBAYASHI BROTHERS

$2.8 BILLION
AKIO KON/BLOOMBERG

KOSE

FORBES ASIA JUNE 2023

 JAPAN ’ S
50 RI CH E ST

18. YOICHI & KEIKO

ERIKAWA
$2.75 BILLION
KOEI TECMO HOLDINGS 71
AGE: 72, 74

THE LIST
19. AKIRA MORI
$2.7 BILLION
MORI TRUST
AGE: 86

20. MASATERU UNO

$2.3 BILLION
COSMOS PHARMACEUTICAL
AGE: 76

21. YOSHIO TSUCHIYA

& FAMILY
$2.2 BILLION
WORKMAN
AGE: 90

22. KATSUMI TADA

$2.15 BILLION
DAISHO

Game On AGE: 77

KENZO TSUJIMOTO
23. KENTARO OGAWA
Capcom founder and chairman Kenzo Tsujimoto’s push to find more fans for
$2.1 BILLION
the company’s large library of video games is playing well with investors. The ZENSHO HOLDINGS
Tokyo-listed publisher, with its slew of popular titles such as Monster Hunter AGE: 74
and Street Fighter, has seen shares surge by 50% in the past year, helped in part
by the March release of Resident Evil 4, which saw 3 million copies sold within
two days of its launch. The gaming tycoon debuts on our list at No. 41 with a 24. MASAAKI ARAI
fortune of $1.2 billion. $2 BILLION
“The biggest plus for them is that they are a multiplatform game developer with OPEN HOUSE
AGE: 57
games across PlayStation, Xbox and personal computers,” says David Gibson,
senior research analyst at Australian investment firm MST Financial. “They’ve
placed bigger bets on fewer titles and they are investing in the quality of the ti-
tles. They’ve also been very good at ramping up and reinvigorating older titles for
25. YASUHIRO FUKUSHIMA
new generations and they have benefited hugely from digital distribution.” $1.9 BILLION
SQUARE ENIX HOLDINGS
Osaka-based Capcom, which started out making arcade machines in 1983, AGE: 75
sold 41.7 million games for the year ending March 31, leading to a record ¥36.7
billion in net profit, up 13% from the previous year. More than 80% of sales were
COURTESY OF CAPCOM

from overseas and nearly 90% were digital downloads.

It’s not all about indoor entertainment. Over three decades ago, Tsujimoto
purchased Kenzo Estate in California’s Napa Valley, a sprawling 1,540-hect-
are property, where he makes award-winning wines with his wife, Natsuko.
CHANGE IN WEALTH KEY:
They also own a Michelin-starred Japanese restaurant in downtown Napa. UP DOWN UNCHANGED
—Anuradha Raghunathan NEW TO THE LIST RETURNEE

JUNE 2023 FORBES ASIA

 JAPAN ’S
50 RICHE ST
Wealth Creation

Data Pulse
26. UCHIYAMA FAMILY Japan, the world’s second-largest developed economy and third overall, is
on a path of narrow growth as rising prices and an uncertain global outlook
$1.8 BILLION
LASERTEC moderate post-pandemic momentum. First-quarter GDP expanded faster
72 than expected, boosted by strong consumer spending.
Unemployment in a country known for both lifelong employment and
27. EIICHI KURIWADA karoshi (death by overwork) is running at 2.5%. Japan’s seniors still popu-
THE LIST

$ 1.75 BILLION late the workforce, with half of Japanese aged between 65 and 69 employed
SG HOLDINGS at the end of 2021, the latest government figures available. However, the
AGE: 76 country is expected to face a shortage of over 6 million workers by the end
of the decade; AI and robotics may well be the solution. The graying of
Japan has also been a fiscal challenge, contributing to sky-high debt to GDP
28. YUSAKU MAEZAWA levels. The budget deficit is projected at 5.3% of GDP this year.
$1.7 BILLION Meanwhile the pandemic and war in Ukraine created the inflationary
ZOZO pressure the Bank of Japan has been looking for with 20 years of quanti-
AGE: 47
tative easing to prop up falling prices. The consumer price index climbed
2.5% in 2022. The yen has significantly weakened—it’s the worst per-
29. TADA BROTHERS forming Asian currency against the U.S. dollar year to date. Global in-
vestors, however, are taking more interest in Japanese equities, where
$1.65 BILLION
SUNDRUG
asset valuations are much less expensive than in other major markets.
—Rainer Michael Preiss

30. KEIICHI SHIBAHARA

$1.6 BILLION
AMVIS HOLDINGS
AGE: 58 Change of Pace
After brisk 2.3% growth in 2021, Japan’s economic pace
has slowed on global headwinds.
31. YOSHIAKI YOSHIDA
$1.55 BILLION GDP GROWTH (YOY % CHANGE)
DHC
AGE: 82
0.8 1.7 0.7 2.3 1 1 1.1 1

32. KAZUO OKADA

$1.5 BILLION
UNIVERSAL ENTERTAINMENT
AGE: 80

33. YOSHIKO MORI

2019 2020
$1.49 BILLION
MORI BUILDING 2016 2017 2018 2021 2022 2023 2024 2025
AGE: 82
FORECAST

34. KAZUMI IIDA

$1.46 BILLION
IIDA GROUP HOLDINGS
AGE: 83

-0.4 -4.3

All sources: Bloomberg

FORBES ASIA JUNE 2023

 JAPAN ’ S
50 RI CH E ST
Job Prospects
The unemployment rate continues to fall, with a worker shortage
predicted by decade’s end.

UNEMPLOYMENT RATE (%)

35. KINOSHITA FAMILY
$1.45 BILLION
3.1 ACOM
2.8 2.8 2.8 73
2.6 2.5
2.4 2.4 2.4 2.3 36. KAGEMASA KOZUKI

THE LIST
$1.44 BILLION
KONAMI GROUP
AGE: 82

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 37. HAJIME SATOMI
FORECAST $1.43 BILLION
SEGA SAMMY HOLDINGS
AGE: 81

Running Warm
After years of persistent deflation, Japanese consumers have seen a spike in prices. 38. TADAKO NAKATANI
$1.4 BILLION
CONSUMER PRICE INDEX (YOY % CHANGE) SYSMEX

0.5 1 0.5 0 2.5 2.4 1.3 1.2

39. NOBUTOSHI
SHIMAMURA
$1.35 BILLION
SHIMAMURA CO.
AGE: 97

2016 2021 40. CHIZUKO & MICHIO

2017 2018 2019 2020 2022 2023 2024 2025 MATSUI
FORECAST
$1.25 BILLION
MATSUI SECURITIES

-1.1 -0.3
41. KENZO TSUJIMOTO
$1.2 BILIION
CAPCOM
Spend Up AGE: 82
The country’s aging population remains a fiscal challenge.

BUDGET DEFICIT AS % OF GDP

42. HIROSHI ISHIBASHI
2016 3.6 $1.15 BILLION
2017 3.1 BRIDGESTONE
AGE: 76
2018 2.5
2019 3
2020 9
2021 5.5
2022 6.7
2023 5.3 FORECAST

2024 4
2025 2.8 CHANGE IN WEALTH KEY:
UP DOWN UNCHANGED
NEW TO THE LIST RETURNEE

JUNE 2023 FORBES ASIA

 JAPAN ’S
50 RICHE ST

43. FUMIO KANEKO

$1.1 BILLION
DAIEI KANKYO
74 AGE: 66

44. MASARU WASAMI

THE LIST

$1.09 BILLION
AZ-COM MARUWA HOLDINGS
AGE: 78

45. SHIGEFUMI WADA

$1.06 BILLION
OBIC BUSINESS CONSULTANTS
AGE: 70

46. MASAYUKI ISHIHARA

$1.05 BILLION
HEIWA
AGE: 74

47. TAKANORI NAKAMURA

$1 BILLION
RAKUS Wealth from Waste
AGE: 50
FUMIO KANEKO

In one of Japan’s largest IPOs last year, waste management and recycling com-
48. RYUJI ARAI
pany Daiei Kankyo raised ¥43.3 billion ($315 million) in December on Tokyo’s
$ 980 MILLION stock exchange. Since then, a 40% rise in shares on post-Covid demand for its
BIC CAMERA
AGE: 77 services added cofounder and president Fumio Kaneko to the ranks of Japan’s 50
richest. He debuts at No. 43 with a net worth of $1.1 billion.
Among the reasons for going public, says Kaneko by email, was to dispel the
49. SUSUMU FUJITA negative image about the waste industry and make people aware that “our core
$970 MILLION business of waste management and recycling is an important social infrastruc-
CYBERAGENT ture that can never be stopped.”
AGE: 50 As companies return to business as usual after the pandemic, demand has
resumed for Daiei Kankyo’s waste collection services, which includes transpor-
tation, sorting, crushing, recycling and final disposal. In the year ended March
50. YOSHIKO SHINOHARA 2023, net profit grew 18% to ¥10.5 billion from a year ago on a 4% rise in rev-
$965 MILLION enue to ¥67.7 billion. The company is targeting 5% revenue growth this fiscal
PERSOL HOLDINGS year, anticipating an increase in waste as large-scale building projects, such as
AGE: 88
the venue for the 2025 Osaka Kansai Expo, get underway.
Kaneko, along with three business partners, founded Daiei Kankyo in 1979 in
Izumi City, Osaka Prefecture, convincing local government officials of the need
COURTESY OF DAIEI KANKYO

for a permanent disposal site. A turning point came in 1995 when the Great
Hanshin-Awaji earthquake caused massive damage in Kobe and Osaka, and the
FOR MORE INFO, GO TO
FORBES.COM/JAPAN company ended up handling a third of all the earthquake waste. Today, Daiei
Kankyo has a total capacity of 31.8 million cubic meters at 52 waste disposal
and recycling facilities. It employs over 2,460 people across its 30 subsidiaries
CHANGE IN WEALTH KEY:
UP DOWN UNCHANGED
and affiliated companies and also operates biomass and biogas power genera-
NEW TO THE LIST RETURNEE tion plants. —Gloria Haraito

FORBES ASIA JUNE 2023

Premieres July 1 on CNN International
For times please go to cnn.com/schedule
M A N U FAC T U R I N G

Photographs by
Michael Thad Carter for Forbes

As demand rises and

reliance on China
becomes an issue of
economic security,

NOVEON
offers a solution.

By Amy Feldman
 77

Scott Dunn, Noveon

Magnetics’ chief
executive officer
 Noveon, founded nearly a decade ago and cur-
rently expecting just $10 million in revenue this
year, is a drop in the bucket for now. As with any
precision manufacturing process, it has to run cus-
tomers’ magnets through a battery of tests to qualify
At a factory in their use before scaling up. But with $150 million in
equity funding—including a new $75 million invest-
78 San Marcos, Texas, ment led by energy investor NGP that has not been

workers gather Bird previously reported—at a valuation of approximate-

ly $300 million, it has set up its factory and is ready
MANUFACTURING

scooters, computer to crank up its output.

Dunn figures that once its San Marcos facility is
hard drives, MRI at capacity, by 2024 or 2025, it will be able to churn
out 2,000 tons of magnets under long-term supplier
machines and motors agreements, using a mix of recycled and mined rare-
earth materials, and bringing in revenue of $250 mil-
from hybrid cars in lion with 40% Ebitda at current magnet prices. Af-

order to separate out ter that, he hopes to set up similar magnet factories
in Europe and Asia (outside of China), with a goal of
the old rare-earth reaching $1 billion in revenue within five years.
Scaling up an operation like this is extremely cap-
magnets so they can ital-intensive. Rare-earth prices have been volatile
long term. And a key ingredient will be keeping the
be ground down and supply chains for the recycled materials running
smoothly. But Dunn says that demand is so high
shaped into new ones. that Noveon can’t even begin to meet its existing
customers’ needs from its San Marcos factory. “We
would have to build four or five factories to meet the
These strong permanent magnets are everywhere, demand of our customers,” he says.
even if most people know nothing about them. They Noveon isn’t the only company building a magnet
go into everything from electric vehicles to wind tur- factory in the U.S. to meet demand for domestical-
bines to consumer electronics to missile guidance ly manufactured magnets as an alternative to China.
systems. Yet for years, the U.S. has been largely de- MP Materials, a publicly traded $4 billion (market
pendent on China for rare-earth processing. Noveon cap) firm that owns a major rare-earth mining and
Magnetics, the startup behind this recycling effort, processing facility at Mountain Pass, California, is
has a grand plan—and some patented technology— currently building a magnet factory in Fort Worth,
to make a dent in that dependance. Texas, with a capacity of 1,000 tons of finished mag-
“We didn’t realize till the last de- nets and a long-term agreement to
cade how big the potential shortfalls supply General Motors. Two other
were,” says Scott Dunn, Noveon’s U.S.-headquartered firms, Quad-
“WE WOULD NEED TO
cofounder and chief executive. “You rant Magnetics and USA Rare
BUILD FOUR OR FIVE
don’t just get to turn on the spigot Earth, as well as the German com-
FACTORIES TO MEET
and produce these. They’re not a pany Vacuumschmelze, have plans
THE DEMAND OF OUR
commodity.” to establish U.S. magnet manufac-
CUSTOMERS.”
Magnets go into motors and gen- turing facilities by 2026.
erators that enable electricity to be Scott Dunn, “If we can develop new process-
Noveon cofounder and CEO
transformed into motion and mo- ing, that is the key leverage point in
tion into electricity. Permanent mag- getting our critical minerals supply
nets, made with rare earth materials, re- or near-shored efficiently,” says
are a key element of the country’s efforts to decar- Aidan Madigan-Curtis, a partner at the venture firm
bonize with electric vehicles and wind turbines. Be- Eclipse, which has no relationship to Noveon.
cause of their higher performance—allowing small- For Noveon, it hasn’t been easy. Dunn and co-
er, more powerful motors than alternatives—their founders Peter Afiuny, Miha Zakotnik and Catalina
use has spread and continues to rise. Global de- Oana Tudor have spent years refining and patenting
mand for rare-earth magnets will increase at 7.5% the technology and figuring out how to scale it up,
compounded annually through 2040, according to helped by funding from the U.S. Department of De-
Adamas Intelligence. fense as well as money from private investors.

FORBES ASIA JUNE 2023

 79

MANUFACTURING
At the San Marcos factory: Noveon expects to churn out 2,000 tons of rare-earth magnets,
bringing in $250 million in revenue, once it reaches capacity.

Typically, recycling permanent magnets results with a tax credit for domestic manufacturing and
in decreased performance, but Dunn says that’s not continued investment through the Defense Produc-
the case with Noveon’s proprietary technology. Ear- tion Act, among other things. In April, Represen-
ly customers include Nidec Motor, a large manufac- tatives Guy Reschenthaler (R-Pa.) and Eric Swal-
turer of motors that’s part of Japan’s publicly traded well (D-Calif.) introduced a bipartisan bill to sup-
($30 billion market cap) Nidec Corp., and Eriez, a port domestic rare-earth magnet manufacturing
privately held U.S. maker of industrial equipment— with tax credits.
plus a number of customers that Dunn declines to With critical minerals a major political issue, Tex-
name on the record. as Gov. Greg Abbott chose Noveon’s factory as the
Getting rare earth magnets, after all, is a big is- site of his State of the State address in February.
sue for the companies that need them, and with Calling Noveon “a cutting-edge business in the criti-
China reportedly considering prohibiting exports cal field of rare earth elements,” Abbott said that we
of certain rare-earth magnet technology follow- needed to decrease our reliance on China for rare
ing Washington’s restrictions on semiconductors, earth minerals. “If that supply is ever disrupted,
having homegrown supply is a big competitive ad- many of the things we do every day would come to
vantage. “Permanent magnets are to motors what a halt,” he said.
lithium is to batteries,” says Kirk Anderson, Nidec

D
Motor’s director of government affairs. “These unn, 34, grew up in the town of
magnets, and critical minerals in general, are key Bel Air, Maryland, where his fam-
to achieving the decarbonization goals the admin- ily had a privately held body armor
istration is talking about.” and ballistics company. He stud-
In 2021, the U.S. Commerce Department initiat- ied at the U.S. Naval Academy, then
ed an investigation into the effects on national se- transferred to the University of Southern California,
curity from imports of rare-earth magnets. The re- where he studied environmental science.
sulting report, released in February, concluded that The Dunns’ family business was small, but it got
the present quantities and circumstances of magnet interesting work, like testing the bulletproof glass for
imports “threaten to impair the national security,” presidential vehicles. Dunn first learned about recy-
and recommended bolstering U.S. magnet supply cling there, when his dad asked him as a teenager to

JUNE 2023 FORBES ASIA

 figure out what to do with some leftover aluminum “As a selfish capitalist, you could say, those are oppor-
alloy known as 6061. “I’d been scrapping metal since tunity areas you want major exposure to.”
I was 12,” he says. At first, Dunn and Afiuny, drawing on their recy-
After college, he continued on the recycling path, cling background, figured they’d simply try to con-
first at a Los Angeles firm that did energy retro- solidate rare-earth materials and sell it to separators
fits and then, with cofounder Afiuny, a former col- in China and Japan. By 2012, the duo had traveled
league, on his own. Having learned just how much the globe—China, India, the Philippines, as well
80 valuable metal could be recovered as the U.S. and Canada—looking at
and recycled from old solar thermal mines and separation facilities. “It
water heating systems, their first ef- was starting to become a bit of a buzz
“THESE MAGNETS,
MANUFACTURING

fort focused on that niche. “We were in defense circles in the U.S.,” Dunn
AND CRITICAL
selling direct to a copper smelter in says. “With hindsight, it seems like a
MINERALS IN
the Philippines that was owned by a no-brainer. But ten or 12 years ago,
GENERAL, ARE KEY
Japanese company,” Dunn says. we had no idea what the issues could
TO ACHIEVING THE
The business, at first called Urban become like with China.”
DECARBONIZATION
Mining, morphed into Noveon af- In 2012, with the business at a
GOALS THE
ter a professor of Dunn’s and a men- standstill, Dunn and Afiuny attended
ADMINISTRATION IS
tor of Afiuny’s nudged them to look a permanent magnet conference in
TALKING ABOUT.”
at battery-related materials and rare Nagasaki, where they met Zakotnik,
earths. While the average consum- Kirk Anderson, now the company’s chief technology
Nidec Motor’s director of
er was oblivious to the importance government affairs officer, and Tudor. Zakotnik told
of rare earth materials, the need for them about his process for recycling
them to power electrification was be- rare-earth magnets. “This guy at the
coming known in certain circles with time had a big ponytail, so I thought,
the popularity of the hybrid Prius and the introduc- ‘This guy is a crazy scientist and I don’t believe him.’
tion of the first Tesla Roadster. We changed our trip and I went to China, and Miha
Following a 2010 incident in waters controlled by kind of blew us away,” Dunn says.
Japan but claimed by China, the Chinese government Zakotnik, 47, who is from Slovenia and a chem-
restricted exports of rare earths. Prices soared for two ist and materials scientist by training, had invented
key rare earths used in magnets, with neodymium ris- a process to recycle rare-earth permanent magnets
ing 750% and dysprosium rocketing 2,000%. “Peter through a powder metallurgy process. “As part of
and I were already a little bit on the trail,” Dunn says. my Ph.D., I showed that our route could be used to

Blocks of recycled material that came from a motor: A step in the process of creating new magnets from old ones.

FORBES ASIA JUNE 2023

recycle not once, but twice, three times, four times,”
says Zakotnik, who published his research in 2008.
Before joining forces with Dunn, he’d been a scien-
tist at Yantai Shougang Magnetic Materials in Chi-
na and a visiting professor at Beijing University of
Technology researching rare-earth magnetic ma-
terials. But he’d always wanted to get his research
into the real world.
“I tried to formulate this company five times. I
failed five times,” he says. The problem, he says, was
that starting a magnet recycling factory requires
enormous amounts of capital upfront, without hav-
ing a history as a business. “There is a lot of contro-
versy in recycling magnets, that something like this
is possible,” he says.
Returning to the U.S., Dunn and team started the
business on the cheap in Delaware. Dunn’s father,
who had sold the body armor and ballistics compa-
ny to Intertek, was the first seed investor, putting in
$1 million. They soon received their first government
funds through the federal Small Business Innovation
Research program, known as SBIR. In 2015, having Magnets for an electric motor or other industrial applications: Noveon’s
received patents for their technology, they got an process allows it to produce high-end magnets from recycled materials.
additional $25 million in equity and help with debt
financing from the Kloiber family of Kentucky.
That gave them the funds to relocate to Texas, and “The demand for our product started to explode,”
to set up a pilot plant in Austin. The recycling pro- Dunn says. “We had automotive companies calling
cess would not only give them an edge, they believed, us saying, ‘How much can you make and when?’”
but also allow them to make a historically hazardous For a brief moment when tech stocks and SPAC
process more energy efficient and environmental- deals were booming, Noveon was told it could be
ly friendly. Making magnets is typically a dirty pro- worth $1 billion. Today Dunn just laughs at that
cess, one reason why processing them had migrat- number. “I had to bust our banker’s chops a little
ed to China, and disposing of them is tough because bit,” he says. “I grew up in a family business. I’ve seen
they’re considered contaminants. Noveon’s process what happens when you pretend you have money on
solved both of these problems. And once the com- paper that’s not actually the value.”
pany harvested the rare-earth materials from the old After all, there are still big issues to figure out,
products, it recycled the remaining metal for scrap. including getting enough material with old rare-
“Noveon makes the highest power or highest den- earth magnets to turn into new ones. Dunn says
sity magnets,” says Nidec’s Anderson. “They’re the that while today most everything Noveon produces
best of the best.” is made with recycled magnets, as the factory scales
up to 2,000 tons its goal is to be at least 50% recy-

T
erri Koebe, director of global stra- cled material.
tegic sourcing at Erie, Pennsylva- A bigger question long-term is whether viable al-
nia-based Eriez, first learned about ternatives to rare earths can be found. In March,
Noveon from an engineer who’d at- Tesla announced that its next generation of elec-
tended a magnetics conference in tric vehicles would contain no rare-earth materials.
Orlando, Florida, in 2019. Soon the industrial firm While researchers at Adamas estimate that Tesla’s
had tested Noveon’s magnets, found them satisfacto- move would decrease global demand by just 2% to
ry and signed on as a customer. “They were very high 3% in the near term, it has focused attention on the
quality and we were really impressed,” Koebe says. potential for alternatives that could lower costs and
“It’s very complicated to extrapolate the rare earths avoid supply-chain constraints.
from scrap material.” For now, the supply-demand imbalance is so great
Permanent magnets come in many varieties de- that Noveon’s focus is scaling up its factory to give
pending on their end use, and each one needs to customers an alternative supply of American-made
be tested for months before it’s ready for mass pro- magnets. As Dunn says: “We don’t want China to
duction. It wasn’t long before word spread about just deliver us our quality of living and not have con-
Noveon’s American-made magnets. trol of our destiny.”

JUNE 2023 FORBES ASIA

 TECHNOLOGY
By Lauren Debter

82
Photo Shop
Despite the public roasting Levi’s took for flirting with AI, smaller clothing sellers
who model their own products online maintain a growing interest in replacing themselves
with the computer-generated kind.

On Tracy Porter’s
clothing site, it’s all Tracy Porter. Thin,
blonde and 1.8 meters tall, the 55-year-
old entrepreneur poses in each and
every one of her designs. Her hus-
band uses his iPhone to snap pictures,
which they often take on the wildflow-
er-strewn bluffs overlooking the beach
15 minutes from their home in Califor-
nia’s Santa Ynez Valley, before upload-
ing them to their e-commerce site, The
Porter Collective. There, you can see
Porter in her striped midi dress, in her
multicolor crocheted cardigan and in
her black-and-white rattan visor.
Porter says she’s been searching for
ways to replace herself as a model, not AI-generated faces After Levi’s endured a scorching backlash in March for
(above) from people
only to lighten the load but to bring who don't exist. its plan to bring more diversity to the site with AI-gener-
some diversity to the site. Humans, ated models—critics flayed the company, which had 2022
however, are prohibitively expensive. sales of $6.2 billion, for not simply hiring more humans—
So she’s been testing a new AI service it would be no surprise if big clothing retailers have got-
from Israeli startup Botika. She says ten skittish about using, or admitting they use, nonhuman
the images look so realistic that when models. That same public disapproval hasn’t yet extended
GENERATED.PHOTOS

she showed her sons, they told her she to the many mom-and-pop clothing shops, whose budgets,
was out of a job. like Tracy Porter’s, would collapse under the costs of profes-
“I’m actually excited about that. I sional hair, makeup and photography—even without infla-
don’t want to be our model anymore,” tion, rising borrowing costs and a recession that feels as if
Porter says with a laugh. it’s been looming forever.

FORBES ASIA JUNE 2023

 “In the current economy, customers large. But I don’t want to have to hire
are mostly looking to optimize costs,” all the people to do that,” says Porter.
says Eran Dagan, cofounder and CEO “Because there will be no profit left in
of Botika, which caters to small busi- our company and we’ll have to close.”
nesses and plans to start subscriptions Another small business owner, Jacob
for its AI model service at just $15 a Flores, is looking forward to more
month. It’s preparing to launch on easily finding models that reflect his 83
Shopify and has a waiting list of over customer base. The 50-year-old for-
1,000 customers. Dagan says Botika mer web designer from San Antonio,

TECHNOLOGY
has gotten interest from sellers on whose online store Blissfully Brand
resale platforms like Poshmark and sells skintight dresses, skater skirts
Depop, where entrepreneurs typically and bell bottoms in colorful prints in-
photograph clothing on themselves spired by fashion from the 1960s and
and crop out their heads. 1970s, has a lot of customers in their
Another company in the space, 40s and 50s. But many models for hire
Lalaland—which is still set to power tend to be much younger.
Levi’s attempt to go AI—says its re- Flores recently started using Lala-
cent growth has been driven mainly land, where he can hand-select digital
by small and midsized businesses. models from a library, dress them in
While the Dutch company declines his products and upload the images
to disclose revenue figures, cofounder to his site without leaving the house.
and CEO Michael Musandu says busi- For $300 a month, he gets 50 images,
ness has picked up significantly over enabling him to display more of his
the past eight months and sales have clothing on models much faster. He
grown by eight- or nine-fold. was previously limited to doing pho-
“We’re helping emerging brands toshoots four times a year, where he
that are just starting out and have zero would pay $900 to get as many shots
Levi’s will experiment with Lalaland’s
budgets, or low budgets, to actually realistic AI-generated models, such as this of a few models in 20 outfits as he
plan photoshoots,” says Musandu. “We photo, later this year. could in two hours.
really help level the playing field by Now he plans to do photoshoots just
representing the underdog.” once or twice a year on location so he can show his clothing
The fact remains that for everyone, photoshoots are at the beach or on a city street. He also sees AI being help-
pricey, and while shoppers are increasingly demanding ful with social media ads, allowing him to target certain
that clothes be shown on a variety of models, no brand audiences with tailored images. Richard Evans, founder
has an unlimited budget to do that. Tracy Porter used to of California-based wellness startup Juro Miru, also opted
hire outside photographers, models and hair and makeup to include some shots on AI models to launch his new e-
stylists to shoot her products, but it would cost $5,500 commerce site, in addition to images of clothing laid on a
every time she brought them out. If she outsourced pho- flat surface.
tography for her multimillion-dollar business today, she As for shoppers, it can be impossible for them to tell
estimates it would set her back $500,000 a year. “It’s just whether they’re looking at a real or fake model. There are
too much money,” she says. no clear rules for disclosure, although companies are be-
Which is how Porter landed on modeling the clothes ginning to think about it. TikTok is reportedly working on
herself. However, that makes it difficult for shoppers with a a tool that will give creators a way to say whether they’ve
different body shape or ethnicity to get a sense for how her used generative AI.
products would look on them. “What I’d like to do is take “When you’re presenting an image that could easily be
an image and see it on different sizes. Small, medium and mistaken for an actual person, I think you should disclose
that it’s a computer-generated image,” says David Danks,
LEVI STRAUSS & CO. / LALALAND.AI

a professor at the University of California, San Diego,

whose research explores the ethical issues around artifi-
“WHAT I’D LIKE TO DO IS TAKE AN IMAGE cial intelligence.
Porter is wrestling with this question, among others.
AND SEE IT ON DIFFERENT SIZES. SMALL, “How would you even know? Do we have to say? Are we
MEDIUM AND LARGE. BUT I DON’T WANT TO supposed to say? There are a lot of questions,” she says.
Her friends seem afraid of AI and have told her they think
HAVE TO HIRE ALL THE PEOPLE TO DO THAT.” it will put models out of work. “It’s a constant dinner table
conversation for us.”

JUNE 2023 FORBES ASIA

 ENTREPRENEURS
By Giacomo Tognini Photographs by Levon Biss for Forbes

84
Master Class
DANI LO IE RVO L I N O started one of Italy’s first online universities at age 28 and sold it for
more than $1 billion fifteen years later. Now the 45-year-old entrepreneur is trying to reinvent
himself—and figure out what to do with his newfound fortune.

“Jeff Bezos, Mark

Zuckerberg, Elon Musk
and Bill Gates are all role
models. We didn’t have
that in Italy,” says Danilo
Iervolino, who wants to
similarly inspire young
entrepreneurs. “But we’re
slowly getting there, and
Italy is also dreaming big.”

FORBES ASIA JUNE 2023

 tually unknown before the sale of Multiversity,
now sees himself as a force to be reckoned with
on the national stage. “I need stimulation, I’m a
real startupper, so I’m a dreamer who never stops
fighting,” he says. “I wanted to do something else,
so I became an investor.” 85
Born in 1978 in the town of Palma Campania
(population: 16,000) on the foothills of Mount

ENTREPRENEURS
Vesuvius, Iervolino grew up in a family that
prized education. His father Antonio was a law-
yer who ran a network of private schools in the
area. Iervolino attended public schools in his
hometown, studying humanities, Latin and An-
On Oct. 28, 2021, Danilo cient Greek, before leaving to pursue a bachelor’s
Iervolino signed a document that changed his in economics at the Parthenope University of
life. Two years after selling a 50% stake in his Naples, an hour’s drive away.
company Multiversity—which he had founded After graduating, he got his first job at the
and grown into one of the largest online uni- nearby University of Salerno, thanks to a pro-
versities in Europe—to private equity firm CVC fessor who had been impressed by his college
Capital Partners, he sold the rest to CVC for $1.3 thesis on franchising and knew his father. That’s
billion. With the stroke of a pen, he gave up the when he started developing online master’s pro-
business he had spent 15 years of his life build- grams, marking his first foray into the world of
ing and found himself flush with cash—and ef- online education.
fectively without a day job. Then in the early 2000s came a transformative
After taxes, Iervolino was left with roughly $1 trip to the U.S., where he saw that online learn-
billion, earning him the nickname “Mister Bil- ing was already widely accepted, unlike in Italy.
lion” in the Italian press. Then came the hard “I love the United States, how America celebrates
part: How was the freshly minted billionaire ingenuity, creativity and success,” says Iervolino.
going to spend his new fortune? “I studied the University of Phoenix as a model.
Leaning forward on a white couch in the gold- This idea of online education, seen as effective
accented living room of his villa in central Rome, and efficient, that people already believed in.
Iervolino, 45, reflected o the sale. “I wanted new Italy was light years away from this.”
challenges,” he says, clad in a black suit offset by Soon enough, that began to change. In 2003,
a yellow tie and red pocket square. “I like to rein- the Italian government passed a law that allowed
vent myself in many different industries.” for the establishment of online universities in the
Now Italy’s newest billionaire is pursuing his country. By 2006, he decided to put his ideas into
passions, tinkering with plans to—as he puts it, action, joining forces with his brothers to launch
“revolutionize”—businesses across a range of in- an online university called Università Pegaso,
dustries. Eighteen months after the sale, Iervoli- better known as Pegaso. (The name translates to
no has spent at least $200 million on everything Pegasus University.)
from a soccer team and a cybersecurity firm to But it was a tough time for Iervolino, coming
real estate and a media company that owns one soon after his father’s death. “Unfortunately my fa-
of the country’s most storied magazines. He says ther didn’t live to see my university,” he says. “This
he wants to focus on tech, with investments in is my biggest regret, because I was making my
several startups and venture capital funds. Still, dream of becoming an entrepreneur come true.”
the vast majority of his wealth is liquid: Forbes After their father’s death, Iervolino and his
estimates Iervolino is worth $1 billion, with more brothers reorganized the family’s assets and he
than two thirds of it held in cash and stocks. bought out their 10% stake in the company. It
His main residence, a stone’s throw from the was a slow start: In the 2006-07 academic year,
Roman Forum in the heart of the Eternal City, Pegaso only had 65 students, according to data
is another new purchase. Featuring painted ceil- from the Italian Education Ministry.
ings and marble statues, Iervolino’s palace in “The first years were difficult because good
Rome also sends a clear message to anyone who professors didn’t want to teach at an online uni-
still hasn’t heard of him: The bootstrapping en- versity,” says Iervolino. “Students saw it as a fall-
trepreneur from provincial southern Italy, vir- back option.”

JUNE 2023 FORBES ASIA

86
ENTREPRENEURS

The number slowly grew, and by 2010 the “I feel fortunate,” By 2019, Iervolino’s company Multiversity—
says Iervolino, who
school was offering some 200 courses to more recently spent some which includes both Pegaso and Mercatorum—
than 1,200 students. Then growth exploded. In of his spoils on a had 80,000 students and 70 exam venues scat-
home in Rome that’s
2013, Pegaso had more than 30,000 students “right next to the tered throughout Italy. That made it the second-
signed up to its classes. Two years later, Iervolino Roman Theater of largest university in the country, trailing only the
Marcellus, the most
acquired Universitas Mercatorum, an online uni- beautiful monument historic Sapienza University in Rome, which was
versity launched by the Italian Chambers of Com- in the world.” founded in the 14th century. Pegaso also beat out
merce focused on entrepreneurs and workers in- its much older rivals on price. The university of-
terested in part-time education. fers a range of discounts, charging annual tuition
“Every year we added more students, there was of $1,700 for first-time students aged 17 to 20 and
more quality,” says Iervolino. “We continued to $2,200 for students that are members of unions
invest in technology, structures, personnel and and professional associations. That can make it
professors, and we reached the top in a few years.” cheaper for many prospective applicants, com-

FORBES ASIA JUNE 2023

pared to public universities that charge roughly $1,000 to termination and abilities, Iervolino is the right man.”
$4,400 a year, depending on income, and private schools As Iervolino was increasing his stake in BFC, he also
that cost between $6,600 and $21,800. made his most high-profile acquisition yet. Last June,
That success brought interest from investors. In August he and BFC Media purchased L’Espresso, Italy’s leading
2019, Iervolino sold a 50% stake in Multiversity to CVC investigative magazine, for roughly $5 million. The deal
Capital Partners for $250 million. Then disaster struck drew controversy because Iervolino had sued L’Espresso 87
in March 2020, when the Italian government ordered an for defamation in 2015, seeking $43 million in damages
unprecedented nationwide lockdown to halt the spread for a 2014 article that criticized Pegaso. Iervolino lost the

ENTREPRENEURS
of Covid-19. But there was a silver lining for Iervolino: case and chose not to appeal. Last December, L’Espresso
with students and professors stuck at home, the entire journalists went on strike to protest the replacement of
country was forced to rely on remote learning. the magazine’s editor.
“It was a difficult time for everyone. Italy lived through “Striking is a right,” says Iervolino. “Maybe there was
dramatic moments before any other country,” Iervolino some incomprehension, but everything was worked out.”
recalls. “Online learning was seen as our salvation, the The strike was called off in February, with the editorial
only tool that we could bet on to avoid a shutdown of the board announcing that “fruitful negotiations” between
education system.” management and the magazine’s union had led to the
As Italy began its vaccination campaign and slowly hiring of several journalists. BFC hasn’t fired any staff at
reopened in 2021, Iervolino’s Multiversity had broken L’Espresso and is looking to expand further, while also
past the 100,000 student mark. Supercharged by the adding podcasts and improving the magazine’s online
pandemic-driven shift to remote education, it had be- presence, according to Masetti and Iervolino. He views
come one of the largest online universities in Europe,
recording $289 million in revenues for the year—a 24%
increase from the previous year.
Iervolino felt he had accomplished what he had set
“O N L I N E L E A R N I N G WAS S E E N A S O U R
out to achieve, building an online learning giant that had S A LVAT I O N , T H E O N LY TO O L T H AT W E
changed the education landscape in Italy. So when CVC
offered to buy out his remaining stake in Multiversity, it C O U L D B ET O N TO AVO I D A S H U T D OW N
seemed the right time to exit. In October 2021, he sold
the whole firm, cashing out on his remaining stake.
O F T H E E D U C ATION SYST E M .”
“They asked me to stay on as chairman, but my curi-
osity for other industries and my desire to explore other his media holdings in the same way he views his invest-
initiatives … meant that, for the good of the university, I ments in startups: a chance to disrupt a staid industry
shouldn’t have a direct role anymore,” he says. that needs to embrace technology. “The media industry is
Iervolino found himself with more than a billion dol- going through a revolution but it doesn’t have any revolu-
lars to invest, and plenty of time to figure out how to tionaries,” adds Iervolino.
spend it. Still, his first big purchase came seemingly on His other investments include a stake in New York-
a whim: Two months after the sale, he acquired Italian based cybersecurity firm DuskRise, Italian startup incu-
soccer team Salernitana for $11 million. Based in the city bator Digital Magics and Italian tech investment funds
of Salerno, where Iervolino worked after graduating from Alchimia, Nextalia and Vertis. “I invest in companies that
college, Salernitana was facing expulsion from the top di- fully embrace the digital revolution, particularly cyberse-
vision, Serie A, unless it could find a new buyer by mid- curity and telemedicine,” he says.
night on Dec. 31, 2021. So Iervolino swooped in, saving With hundreds of millions of dollars of dry powder,
the club in an eleventh-hour deal just before the deadline. Iervolino is still figuring out his next chapter. His most
Then in late March 2022, he bought a 51% stake in recent purchase is a 47-meter-yacht for $19.5 million, set
BFC Media, a publicly traded media conglomerate that to be delivered early next year. But wherever his inter-
owns the rights to the Italian editions of Forbes and life- ests take him, he’s convinced that young entrepreneurs
style magazine Robb Report. He stepped down from the in Italy will have more opportunities to achieve success—
board of Multiversity two months later, and by August he and he wants to help them seize their chance to make it
had expanded his stake in BFC to 72%, having spent a big, just like he did.
total of $10 million. “I really see the world split in two. There’s positive
“We always respected each other, and when he [sold people, who have passion and fury in their blood, those
Multiversity] he seemed to be the right person to carry the who make it. And then there are the pessimists, the tech-
company that I had started forward,” says Denis Masetti, no-skeptics,” he says. “I’m always on the side of the opti-
the 67-year-old publisher of BFC, who founded the firm mists. I see a rosy future for young people and especially
in 1995 and still owns a minority stake. “For his age, de- for Italy.”

JUNE 2023 FORBES ASIA

 THOUGHTS ON

Mentoring
88

“Who cannot give good “A wise parent humors the

counsel? ’Tis cheap, and it desire for independent
costs them nothing.” action, so as to become the
—Robert Burton friend and advisor when his
absolute rule shall cease.”
“While I made my living as a —Elizabeth Gaskell
coach, I have lived my life to
mentor, and to be mentored.” “It is perfectly fine with me
—John Wooden that what for one man is
precious wisdom for another
“We all have a better guide sounds like foolery.”
in ourselves, if we would —Hermann Hesse
attend to it, than any other
person can be.” “Mentors have a way of
—Jane Austen seeing more of our faults
than we would like. It’s the
“Advice is seldom welcome, only way we grow.”
and those who want it the —George Lucas
most always like it the least.”
—Lord Chesterfield “In the absence of a perfect
universal mentor, books and
“The recommendation when other texts are the best and
I’m mentoring folks—I always cheapest stand-ins, always
tell them, take a risk.” available to those who know
—Ginni Rometty where to look.”
—John Taylor Gatto
“I have lived some 30 years
on this planet, and I have
yet to hear the first syllable Return Game “ Whether you turn to the
right or to the left, your
of valuable or even earnest June 30, 2019 ears will hear a voice behind
advice from my seniors.” you, saying ‘This is the way;
—Henry David Thoreau The greatest women’s tennis player of all time, Serena
walk in it.’ ”
Williams, was flexing her business prowess when she —Isaiah 30:21
“The delicate balance of appeared on the cover of our Richest Self-Made Women
mentoring someone is not issue four years ago. With an estimated fortune of
creating them in your own
image but giving them
$225 million at the time (she’s worth some $290 million
the opportunity to create today), she became the first athlete on the list—especially
themselves.” impressive, as we noted, for someone who as a kid
—Steven Spielberg growing up in Compton, California, occasionally had to
steer clear of gun-toting neighbors. And while her
“The mind is not a vessel to be
filled, but a fire to be kindled.”
on-court crew helped her win a record 23 Grand Slam
—Plutarch singles titles (as well as 14 in doubles and two in mixed
doubles), she looked to new coaches for her next chal-
“Without access to mentors, lenge: tech investing. With money in 34 startups at the
many of us are not prepared
time, Williams, now 41, has leaned into Silicon Valley
for the game. It’s as if we’re
trying to play soccer on a mentors like former Facebook executive Sheryl Sandberg
baseball diamond.” (“I always ask her advice,” she told us) and her husband,
Reddit cofounder Alexis Ohanian. “She’s determined
—Brenda Harrington
to be great at everything she does,” Ohanian said.
FINAL THOUGHT
“Teach them the quiet words “The really big
of kindness, to live beyond executive rejoices when
themselves. Let your spirit SOURCES: ANATOMY OF MELANCHOLY, BY ROBERT BURTON; WALDEN, BY HENRY others grow big.”
DAVID THOREAU; THE PRINCE OF TIDES, BY PAT CONROY; ACCESS DENIED, BY BRENDA
move through them softly.” HARRINGTON; MANSFIELD PARK, BY JANE AUSTEN; NORTH AND SOUTH, BY ELIZABETH —B.C. Forbes
GASKELL; SIDDHARTHA, BY HERMANN HESSE; THE UNDERGROUND HISTORY OF
—Pat Conroy AMERICAN EDUCATION, BY JOHN TAYLOR GATTO.

FORBES ASIA JUNE 2023

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1
SOURCE: BBC Brand Tracker, Aug, Dec 2021, March 2022. BASE: 7 global markets; Brand last month users and shown brand n= 8,337. Based on Top 3 brands
selected. Conducted by Kantar Media, an independent market research agency. Markets: USA, Canada, Germany, Australia, Singapore, Nigeria, India.
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