Li Ka-shing got US$5.7b richer last year, and is still Hong Kong’s richest person
The 50 richest people in Hong Kong saw their combined wealth rise by 24 per cent to US$307 billion in 2017, according to the 2018 Forbes Hong Kong Rich List
The 50 individuals on the list saw their combined wealth rise by 24 per cent in 2017 to US$307 billion, up US$60 billion during the year, reflecting the biggest one-year wealth change ever recorded for a Forbes Asia 50 Rich List. The combined wealth figure nearly matches the size of Hong Kong’s economy, with annual GDP totalling US$319.7 billion in 2016.
The gains were driven by the melt up rally in the stock market, as the Hang Seng Index rocketed 36 per cent last year, to rank as the world’s best performing major market, while the local property market also rose to a record.
The rankings reflect the 20th consecutive year Li Ka-shing, 89, has topped the tables as Hong Kong’s richest man. His personal wealth increased by US$5.7 billion for the year, raising his personal fortune to more than US$36 billion.
However, this year’s biggest gainer in dollar terms was Hong Kong tycoon Lee Shau-kee, who ranked No 2 on the list with a personal fortune of US$32.9 billion. Lee’s net worth increased US$9.3 billion over the past year, a rise of 40 per cent from 2016.
Pollyanna Chu Li Yuet-wah, Hong Kong’s richest women, ranked seventh on the list with a personal fortune of US$12 billion. Chu saw her net worth jump 150 per cent thanks to share price gains in Kingston Financial Group, which she founded in 1992 with her husband Nicholas Chu.
Other notable gainers include former Hong Kong chief executive Tung Chee-hwa and his brother Chee Chen. The two sold their stakes in family business Orient Overseas to China’s state-owned shipping company Cosco. Their combined wealth increased by 73 per cent to US$5.1 billion, to rank 17th on the Hong Kong rich list.
Hong Kong’s top 10 richest individuals, according to Forbes
1) Li Ka-shing; US$36 billion
2) Lee Shau-kee; US$32.9 billion
3) Lui Che-woo; US$19 billion
4) Thomas and Raymond Kwok; US$17.8 billion
5) Joseph Lau Luen-hung; US$17 billion
6) Peter Woo Kwong-ching; US$13 billion
7) Pollyanna Chu Li Yuet-wah; US$12 billion
8) Yeung Kin-man and Lam Wai-ying; US$11.1 billion
9) Joseph Tsai Chung-hsin; US$10.4 billion
10) Walter Kwok Ping-sheung; US$8.7 billion