Hong Kong, May 4 -- Over the years, the business empires have seen some significant shuffles and reshuffles, and the rise of family conglomerates has become even more pronounced. From Mukesh Ambani, the Reliance Industries boss and Asia's richest person, to LVMH CEO Bernard Arnault, every name is a legacy of perseverance and decades of hard work. While some of the world's richest people chose the arduous way, scores of others had a rather smooth beginning - they were born into wealth. Some of the richest heirs in the world in 2024 feature the most affluent scions of renowned family businesses whose fortune runs in billions.

Inheritance and succession planning is a major part of every family business. The sole intent of setting up the nex...