Wealth of Hong Kong’s 50 richest people on Forbes list impacted amid looming uncertainties

SINGAPORE (February 24, 2022) – the the collective wealth of tycoons on the 2022 Forbes list of Hong Kong’s 50 richest has fallen slightly from $331 billion last year to $328 billion, although more than half of those listed have seen their fortunes to augment. The full list is available here as well as in the February/March issue of Forbes Asia.

After contracting in 2020, Hong Kong’s economy has revived with a 6.4% rise in 2021 thanks to a rise in exports and domestic consumption. But the tight restrictions imposed by the city’s zero-tolerance approach to Covid-19 have impacted the benchmark Hang Seng index, which has fallen 16% over the past 12 months.

The top three on the list led the increase in wealth. Li Ka-shing retained his No. 1 spot with $36 billion. The resilience of Hong Kong’s residential market pushed shares of its property developer CK Asset Holdings up a third from a year ago, offsetting a drop in its stake in video conferencing provider Zoom. Real estate tycoon Lee Shau Kee, whose Henderson Land reclaimed prime commercial land in the city for a record $6.5 billion, saw his fortune rise 12% to $34.2 billion dollars and remains in second place.

This year’s biggest dollar earner Henry Cheng retains the third spot since 2020. His net worth, which he shares with his family, increased by $4.3 billion to $26.4 billion, shares of her jewelry group Chow Tai Fook jumped 40% on rising sales.

This year’s biggest percentage gainers have largely benefited from support for startups. Real estate matriarch Chan Tan Ching-fen (#25) more than doubled her wealth to $3.9 billion, thanks to her investment in video-sharing platform Kuaishou Technology, which went public on last year and raised $5.3 billion. Shipping tycoon Harindarpal Banga (#34, $2.85bn) saw his net worth rise 97% from $1.45bn, following the November IPO of the Indian online beauty retailer Nykaa, where he was an early investor.

As smartphone sales stagnated, leaving manufacturers with excess inventory, Yeung Kin-man and Lam Wai-ying, the couple behind smartphone glass case maker Biel Crystal, slipped six places to No. 10 and their combined wealth more than halved to $8.9 billion. Amid travel restrictions, casino moguls Lui Che Woo (#8, $12.8 billion), Pansy Ho (#28, $3.4 billion), Angela Leong (#33, 2 $.9 billion) and Lawrence Ho (#46, $1.25 billion) saw their fortunes plummet.

Among the three newcomers are university professor Tang Xiao’ou (#16, $6 billion), co-founder of AI firm SenseTime, and Techtronic Industries co-founder Roy Chi Ping Chung (#49, $1.1 billion), whose company shares rose due to increased demand for power tools. The Lee siblings (#4, $18.9 billion), who inherited the oyster sauce empire from their late father Lee Man Tat, join the ranks for the first time.

The only returnee this year, after a two-year hiatus, is Kenneth Lo, founder of clothing maker Crystal International, which is No. 50 with $955 million. The minimum net worth of $955 million was down slightly from last year’s $1 billion.

The 10 richest in Hong Kong are:

  1. Li Ka-shing; 36 billion US dollars
  2. Lee Shau Kee; $34.2 billion
  3. Henry Cheng and his family; $26.4 billion
  4. Lee siblings; $18.9 billion
  5. Peter Woo; $18.7 billion
  6. Joseph Lau; $13.7 billion
  7. Kwong Siu-hing; $13.2 billion
  8. Him Che Woo; $12.8 billion
  9. Joseph Tsai; $9.1 billion
  10. Yeung Kin-man & Lam Wai-ying; $8.9 billion

The list was compiled using information from individuals, analysts, government agencies, exchanges, databases and other sources. Net worth was based on stock prices and exchange rates as of the close of trading on Feb. 4 and real-time net worth on Forbes.com may reflect different valuations. Private companies were assessed using financial ratios and other comparisons with similar publicly traded companies. The estimates include the spouse’s wealth and, where the person is the founder of the business, also include the wealth of children and siblings that comes from that company. The list may also include foreign citizens with commercial, residential, or other ties to the city, or citizens who do not reside in the city but have significant commercial or other ties to the city.

For more information, visit www.forbes.com/hongkong.

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Luz W. German