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HONG KONG: Hong Kong's 40 wealthiest tycoons are all billionaires again, according to the latest Forbes Asia Hong Kong 40 Richest List. The last time all on the list were billionaires was in 2008.
Their collective wealth this year is US$163 billion (RM500.41 billion), compared with US$135 billion last year, but below the 2008 peak of US$178 billion.
"There is no doubt that most of Hong Kong's wealthiest are riding the China wave. Much has changed in China in the past few decades — but Hong Kong's role as an important conduit between foreign businesses and China's economy hasn't, and that's very apparent in this year's Hong Kong list," said Forbes senior editor Russell Flannery in a press release on Thursday, Jan 6.
Over one-third of the tycoons on the list make the bulk of their money in real estate. While some residential developers felt pressure from a tax hike on real estate transactions, others with commercial properties have benefited from rising office rents.
Leading the rankings is Li Ka-shing, head of Cheung Kong Holdings and Hutchison Whampoa. Now worth US$24 billion compared with US$21.3 billion last year, the 82-year old has held the top position since the inaugural list was published in 2008.
Li is still the richest person in Greater China.
Second on the list is the Kwok family with US$20 billion, US$3 billion more than last year. Placed third previously, the family is the biggest gainer in dollar terms on the list this year. Investors have shrugged off family infighting, sending shares of their real estate development firm Sun Hung Kai Properties up 20% in the past year.
Slipping one notch to No 3 is Lee Shau Kee with US$19.5 billion. His main property firm, Henderson Land Development, lost value over the year but other investments helped him gain US$500 million over the previous year.
There were four newcomers to the list this year. At No 22 with US$2 billion is William E Connor II. The 61-year old American has been in Hong Kong for a quarter of a century, and runs a sourcing logistics firm. Also making his debut is Choy Kam Lok at No 27, with a fortune of US$1.73 billion. His firm United Laboratories International Holdings is one of the biggest makers of generic antibiotics for the China Market.
Rounding off the new faces are Albert Yeung of Emperor Watch & Jewelry at No 31 with US$1.3 billion, and husband and wife team Simon and Eleanor Kwok of cosmetics chain Sa Sa International, at No 34 with US$1.19 billion.
Exiting the list from last year's batch are Jonathan Choi of diversified Sunwah Group, Gordon Wu who runs infrastructure outfit Hopewell, and printed-circuit board maker Meadville founder Tan Hsiang Chien. They missed the cut-off mark of US$1 billion needed to make the list this year.
The top 10 richest in Hong Kong are:
1. Li Ka-shing (US$24 billion)
2. Kwok family (US$20 billion)
3. Lee Shau Kee (US$19.5 billion)
4. Cheng Yu-tung (US$9 billion)
5. Victor & William Fung (US$8.6 billion)
6. Joseph Lau (US$6.3 billion)
7. Michael Kadoorie (US$6.1 billion)
8. Peter Woo (US$5.2 billion)
9. Tang Yiu (US$4 billion)
10. Tung Chee Chen @ CC Tung (US$3.9 billion)
Their collective wealth this year is US$163 billion (RM500.41 billion), compared with US$135 billion last year, but below the 2008 peak of US$178 billion.
"There is no doubt that most of Hong Kong's wealthiest are riding the China wave. Much has changed in China in the past few decades — but Hong Kong's role as an important conduit between foreign businesses and China's economy hasn't, and that's very apparent in this year's Hong Kong list," said Forbes senior editor Russell Flannery in a press release on Thursday, Jan 6.
Over one-third of the tycoons on the list make the bulk of their money in real estate. While some residential developers felt pressure from a tax hike on real estate transactions, others with commercial properties have benefited from rising office rents.
Leading the rankings is Li Ka-shing, head of Cheung Kong Holdings and Hutchison Whampoa. Now worth US$24 billion compared with US$21.3 billion last year, the 82-year old has held the top position since the inaugural list was published in 2008.
Li is still the richest person in Greater China.
Second on the list is the Kwok family with US$20 billion, US$3 billion more than last year. Placed third previously, the family is the biggest gainer in dollar terms on the list this year. Investors have shrugged off family infighting, sending shares of their real estate development firm Sun Hung Kai Properties up 20% in the past year.
Slipping one notch to No 3 is Lee Shau Kee with US$19.5 billion. His main property firm, Henderson Land Development, lost value over the year but other investments helped him gain US$500 million over the previous year.
There were four newcomers to the list this year. At No 22 with US$2 billion is William E Connor II. The 61-year old American has been in Hong Kong for a quarter of a century, and runs a sourcing logistics firm. Also making his debut is Choy Kam Lok at No 27, with a fortune of US$1.73 billion. His firm United Laboratories International Holdings is one of the biggest makers of generic antibiotics for the China Market.
Rounding off the new faces are Albert Yeung of Emperor Watch & Jewelry at No 31 with US$1.3 billion, and husband and wife team Simon and Eleanor Kwok of cosmetics chain Sa Sa International, at No 34 with US$1.19 billion.
Exiting the list from last year's batch are Jonathan Choi of diversified Sunwah Group, Gordon Wu who runs infrastructure outfit Hopewell, and printed-circuit board maker Meadville founder Tan Hsiang Chien. They missed the cut-off mark of US$1 billion needed to make the list this year.
The top 10 richest in Hong Kong are:
1. Li Ka-shing (US$24 billion)
2. Kwok family (US$20 billion)
3. Lee Shau Kee (US$19.5 billion)
4. Cheng Yu-tung (US$9 billion)
5. Victor & William Fung (US$8.6 billion)
6. Joseph Lau (US$6.3 billion)
7. Michael Kadoorie (US$6.1 billion)
8. Peter Woo (US$5.2 billion)
9. Tang Yiu (US$4 billion)
10. Tung Chee Chen @ CC Tung (US$3.9 billion)
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