Hong Kong’s rich getting richer (a lot richer): Forbes

Photo illustration
Photo illustration

Well, it’s said repeatedly, but it’s true: the rich are getting richer, particularly in Hong Kong, where the collective wealth of the city’s top 50 wealthiest people grew US$60 billion (HK$469 billion) to US$307 billion (HK$2.4 trillion), according to Forbes.

The less-than-modest jump was the biggest-ever leap for a Forbes Asia top 50 list, the financial publication reported.

It was propelled by a 37 percent jump in the Hang Seng index, a booming real estate market, and a strong global economy.

Making the most money was Lee Shau Kee, whose net worth jumped US$9.4 billion (HK$73.5 billion) — or 39 percent — to US$32.9 billion (HK$257 billion).

The real estate tycoon’s shares in his property giant Henderson Land Development grew, as did his investments in the mainland.

Still reigning at number one on the Hong Kong 2018 rich list, however, is tycoon Li Ka-shing, whose fortune grew US$5.7 billion (HK$44.5 billion) to US$36 billion (HK$281 billion).

See the full top 50 richest Hongkongers at Forbes

Pollyanna Chu, coming in at number seven in the top 50, was the city’s richest woman.

With her Kingston Financial Group riding high on the stock market wave, Chu’s net worth jumped 150 percent to US$12 billion (HK$93.8 billion).

Forbes also noted the bounce back of the city’s casino magnates after an industry decline between 2014 and 2016.

Chair of Macau casino operator Galaxy Entertainment Group Lui Che Woo sat comfortably at number three on the list, with a fortune of US$19 billion (HK$148 billion).

Casinos are also the wheelhouse of the list’s youngest member, Lawrence Ho, son of casino magnate Stanley Ho.

The 41-year-old controls Nasdaq-listed casino operator Melco Resorts via Hong Kong-listed Melco International Development and saw his net worth reach US$2.6 billion (HK$20 billion).

The top 50 saw two newcomers this year: Martin Lau at Tencent, the president of e-commerce firm Tencent (net worth US$2.4 billion/HK$18.7 billion), and jewelry and property tycoon Henry Cheng (US$1.3 billion/HK$10.1 billion).

Property developer Lo Siu-tong, commodities trader and shipper Harindarpal Banga, and casino tycoon Cui Lijie, whose Saipan casino has run into trouble, fell off the list after failing to meet the US$1.25 billion (HK$9.7 billion) cut-off, up from US$1 billion (HK$7.8 billion) last year.

Poor them.



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