Hong Kong Richest Men in 2008
LI KA-SHING TOPS THE LIST WITH WEALTH UP US$10 BILLION TO $32 BILLION.
The 40 richest people in Hong Kong are all worth BILLIONS, thanks largely to the city’s red hot property sector and close ties to China’s booming economy. According to the inaugural Hong Kong Rich List published by Forbes Asia, their combined wealth is US$179 billion, $59 billion more than their counterparts in mainland China.
No 1 Richest Man in Hong Kong is still Li Ka-Shing, 79, head of Cheung Kong Holdings and Hutchison Whampoa. The self-made billionaire is worth $32 billion, an increase of $10 billion over last year. In absolute dollar amounts, his is the biggest individual gain on the list. Li’s Cheung Kong Holdings holds vast tracks of real estate in Hong Kong while his Hutchison Whampoa conglomerate is the world’s largest container terminals operator and largest health and beauty retailer.
His youngest son Richard Li, 41, also features on the list at No. 24 with $1.52 billion. He cashed out of two high-profile stakes last year, including his 55% interest in the Landmark Marunouchi Building. The Tokyo property was sold for $1.7 billion, the highest price paid for a single piece of real estate in the Japanese capital.
No 2 Richest Man in Hong Kong are brothers Raymond, Thomas and Walter Kwok of Sun Hung Kai Properties, Hong Kong’s biggest developer by market value. Their combined $10 billion gain in the past year takes them to $24 billion. The brothers also have interest in telecom company, SmarTone-Vodafone and in city bus operator, KMB.
No 3 is Lee Shau Kee, “Asia’s Warren Buffett”. Lee’s correct predictions last year on rising China stocks, climbing oil prices and the weak US dollar, led to an impressive $6.5 billion gain and a net worth of $23 billion.
No 4 is Cheng Yu-tung, head of conglomerate New World Development with $9.4 billion, an increase of $2.9 billion.
No 5 is Stanley Ho, Macau’s original casino mogul, with $9 billion, up $2 billion from the previous year.
View the rest of the list with photos here http://www.richmantips.com/blog/news/hong-kong-top-40
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