Li Ka-shing retains the No. 1 spot
SINGAPORE (February 22, 2024) – The combined wealth of tycoons on the 2024 Forbes list of Hong Kong’s 50 Richest declined to US$296 billion from $324 billion last year. The complete list is available here and in the February/March issue of Forbes Asia.
Hong Kong’s economy grew an estimated 3.2% in 2023, buoyed by an uptick in tourist arrivals and consumption. However, with a sluggish IPO market and a stagnant property sector, the post-pandemic recovery has been slower than expected. The benchmark Hang Seng index declined 28% since fortunes were last measured a year ago.
Overall, 30 list members saw their fortunes fall, including Li Ka-shing, who retained the top spot even as his net worth declined to $36.2 billion from $39 billion last year. Shares of Li’s CK Asset Holdings, which reduced prices of some residential projects to boost demand, dropped by a third from last year.
Real estate tycoon Lee Shau Kee remained at No. 2 though his net worth fell to $27 billion from $30.3 billion. Shares of Henderson Land dropped 30% in a weak market despite the better performance of its gas utility and hotel businesses. At No. 3 is Henry Cheng, whose fortune, which he shares with his family, was down nearly $7 billion to $22.1 billion, the biggest fall this year in dollar terms, amid slowing demand from the mainland.
The Lee siblings of LKK Group retained the No. 4 spot, despite their net worth slipping to $17.7 billion from $19.3 billion last year. Rounding out the top five on the list is Peter Woo of Wheelock & Co. with $13.7 billion, down from $16.9 billion previously.
A dozen list members overcame the odds to make wealth gains. Notable in this group is shipping tycoon Helmut Sohmen at No. 14, up three spots from No. 17 last year. His fortune got a $750 million boost to $6.25 billion as a younger fleet helped drive up shares of his Oslo-listed tanker company Hafnia.
Man Wah Holdings’ founder Wong Man Li (No. 40) saw the largest percentage decline in wealth with his fortune down by more than a third to $2 billion, as sales at the Hong Kong-listed sofa and bedding maker sagged both at home and overseas.
There are three newcomers on this year’s list, including Solina Chau (No. 35, $2.3 billion), who cofounded and runs Horizons Ventures, an investment firm backed by Li Ka-shing. Horizons is best known for its early bets on Facebook (now Meta) and Zoom.
Also making his debut this year is Chow Shing Yuk (No. 41, $1.9 billion), whose logistics and delivery firm Lalatech Holdings filed for an IPO on the Hong Kong Stock Exchange last year. The Keswick family (No. 34, $2.35 billion) of storied Jardine Matheson Holdings, enters the ranks following the restructuring of the group’s complex cross-holdings.
The sole returnee to the list this year is Silas Chou at No. 30, an early investor in Michael Kors, who shares a $2.6 billion fortune with his family.
Among the three who did not make the cut this year is casino mogul Lawrence Ho, a fixture on the list for a decade, whose Melco International Development was impacted by a broader industry sell-off.
The minimum net worth to make the list was $1.1 billion, up from $965 million last year.
The top 10 richest in Hong Kong are:
- Li Ka-shing; US$36.2 billion
- Lee Shau Kee; $27 billion
- Henry Cheng & Family; $22.1 billion
- Lee siblings; $17.7 billion
- Peter Woo; $13.7 billion
- Joseph Lau; $13.1 billion
- Lui Che Woo; $12.1 billion
- Kwong Siu-hing; $11.4 billion
- Joseph Tsai; $8.5 billion
- Francis Choi; $8.2 billion
The list was compiled using information from individuals, analysts, government agencies, stock exchanges, databases and other sources. Net worths were based on stock prices and exchange rates as of the close of markets on February 2 and real-time net worths on Forbes.com may reflect different valuations. The ranking lists both individual and family fortunes, including those shared among relatives. Private companies were valued by using financial ratios and other comparisons with similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the city, or citizens who don’t reside in the city but have significant business or other ties to the city.
For more information, visit www.forbes.com/hongkong
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