Li Ka-Shing Hong Kong's richest man

Li Ka-Shing Hong Kong's richest man

According to the latest Hong Kong rich list published by Forbes Asia, forty of Hong Kong’s wealthiest people are US dollar billionaires.

In fact, the top forty super rich in Hong Kong are reported to have a combined net worth of US$167 billion.

Although this total has increased by US$28 billion since 2009, it still remains below the 2008 figure of US$178 billion.

Senior editor at Forbes, Russell Flannery, commented; “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 mainland [China’s] economy hasn’t, and that’s very apparent in this year’s Hong Kong list.”

Even though Hong Kong has a total population of just over seven million, whilst mainland China can count well over one billion, the top forty richest in Hong Kong are worth US$26 billion more than their counterparts in mainland China.

The wealthiest man in Hong Kong is eighty two year old Li Ka-Shing, whose total wealth is estimated at US$24 billion. Li Ka-Shing has held the number one spot in Forbes’s Asia rich list since 2008, when the list was first published.

In second place are the Kwok family, with a total fortune of US$20 billion. The husband and wife team saw their net worth rise sharply in 2010 – mainly due to the success of their real estate development company, Sun Hung Kai Properties.

Lee Shau Kee, who ranked second wealthiest in Hong Kong last year, slipped to third position with a net worth of US$19.5 billion.

Looking at the Forbes Asia rich list for Hong Kong, it is apparent that the majority of Hong Kong’s business tycoons have made their wealth from real estate. During 2010, property developers in Hong Kong suffered from tax increases on property transactions, increases in office rents helped those who own commercial properties.

New comers to the 2011 Forbes Asia rich in Hong Kong list were; William E. Connor II at number twenty two with US$2 billion, Choy Kam Lok with US$1.73 billion and Albert Yeung with US$1.3 billion in assets.

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