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Friday, Sep 25, 2020

Meet the 15 richest people in Hong Kong, who are collectively worth more than $200 billion

The 15 richest people from Hong Kong in the Bloomberg Billionaires Index and Forbes Billionaires List are collectively worth more than $200 billion. Some of the billionaires occupying the top rank are self-made and built their fortunes through real estate and investment holding companies, like Li Ka-Shing who founded CK Hutchison Holdings. Others inherited wealth from their families, like Lee Man Tat, whose grandfather is credited with having invented oyster sauce.
Multiple members of the Kwok family, Asia's second-richest family and Hong Kong's richest family, have secured a place in this list.

All net worths below are sourced from Bloomberg unless otherwise noted.


15. Geoffrey Kwok

Net worth: $6.45 billion

Age: 35

Territory: Hong Kong

Industry: Real estate

Source of wealth: Inherited

Net worth year-over-year change: Down $987 million in the last year.

Geoffery Kwok's grandfather, Kwok Tak-Seng, founded Sun Hung Kai Properties, the largest property developer in Hong Kong. Kwok's father, Walter, served as chairman of the company until 2008 when his brothers Thomas and Raymond took over. Walter then started his own property developer, Empire Group Holdings. Walter died in 2018, after which Kwok and his brother, Jonathan, took over the company.

Kwok also joined the Sun Hung Kai Properties board in 2018.


14. Ronald McAulay

Net worth: $6.7 billion

Age: 84

Territory: Hong Kong

Industry: Energy

Source of wealth: Inherited

Net worth year-over-year change: Down $192 million in the last year.

Ronald McAulay owns several shares of CLP Holdings, the largest energy supplier in Hong Kong, alongside his brother-in-law, Michael Kadoorie.

McAulay was on the CLP Holdings board until 2016. McAulay also owns shares in The Hongkong & Shanghai Hotels, a tourism and holding company focusing on hotels and commercial and investment projects. McAulay was on the company's board until 2017.


13. Joseph Lau

Net worth: $8.15 billion per Bloomberg; 16.7 billion per Forbes

Age: 69

Territory: Hong Kong

Industry: Real estate

Source of wealth: Self-made

Net worth year-over-year change: Up $315 million in the last year.

Joseph Lau used to serve as chairman of Chinese Estates, a property developer. But according to Forbes, most of his money today comes from his holdings in Hong Kong real estate. Lau spends his fortune collecting art. He transferred much of his savings to his family in 2017 over health concerns


12. Michael Kadoorie

Net worth: $10.3 billion

Age: 79

Territory: Hong Kong

Industry: Energy

Source of wealth: Inherited

Net worth year-over-year change: Down $499 million in the last year.

Michael Kadoorie serves as the chairman of CLP Holdings and The Hongkong & Shanghai Hotels. CLP Holdings, his family's company, provides electricity for 80% of Hong Kong.


11. Thomas Kwok

Net worth: $10.4 billion

Age: 68

Territory: Hong Kong

Industry: Real estate

Source of wealth: Inherited

Net worth year-over-year change: Down $1.36 billion in the last year.

Thomas Kwok served as chairman of Hong Kong's largest real estate developer, Sun Hung Kai Properties, until 2014. The company was founded by his father, Kwok Tak-Seng, who died in 1990. Kwok and his two brothers inherited the company. Kwok owns about 18% of Sun Hung Kai, which made $10.9 billion in the first half of 2019.

Kwok and his brother, Raymond, were arrested in 2012 for suspected bribery, BBC reported. While Raymond was cleared of the charges in 2014, Kwok was sentenced to five years in jail but was released after serving about three, Forbes reported in 2019.


10. Raymond Kwok

Net worth: $10.8 billion

Age: 67

Territory: Hong Kong

Industry: Real estate

Source of wealth: Inherited

Net worth year-over-year change: Down $1.42 billion in the last year.

Raymond Kwok serves as chairman of Sun Hung Kai Properties. Kwok and his two older brothers inherited the company after their father, who started the company, died in 1990. Kwok owns about 18% of Sun Hung Kai, which made $10.9 billion in the first half of 2019.

Kwok and his brother, Thomas, were arrested in 2012 for suspected bribery, BBC reported. Kwok was cleared of the charges. Thomas was sentenced to five years in jail but was released after serving about three, Forbes reported in 2019.


9. Hui Wing Mau

Net worth: $11.4 billion

Age: 70

Territory: Hong Kong

Industry: Real estate

Source of wealth: Self-made; Shimao Property Holdings

Net worth year-over-year change: Up $650 million in the last year.

Hui Wing Mau serves as chairman of Shanghai-based property developer Shimao Property Holdings. The developer made $15.7 billion in 2019. Hui is also the second-largest shareholder of the finance company Mason Financial Holdings as of 2016, per Forbes.


8. Xu Hang

Net worth: $13.1 billion

Age: 58

Territory: Hong Kong

Industry: Health care

Source of wealth: Self-made; Mindray Bio-Medical Electronics

Net worth year-over-year change: Up $5.69 billion in the last year.

Xu Hang co-founded a Shenzhen-based medical device supply company, Mindray Bio-Medical Electronics. The company made $2.8 billion in 2019. Hang serves as its chairman. He has degrees in computer science, biomedical engineering, and international business.


7. Peter Woo

Net worth: $14.6 billion

Age: 73

Territory: Hong Kong

Industry: Real estate

Source of wealth: Inherited; Wheelock & Co. and Wharf

Net worth year-over-year change: Up $1.89 billion in the last year.

Peter Woo married into wealth. While working in finance in New York City, he met his future wife Bessie Pao, whose father owned Wheelock & Co., a real estate company, and Wharf, a real estate investment and developing company.

Woo took over the companies when Pao's father died, per Forbes. Woo served as chairman of Wharf until 2015 when he retired. Their son, Douglas, serves as chairman of Wheelock & Co., which made $6.3 billion in 2019.


6. Zeng Yuqun

Net worth: $16.7 billion

Age: 52

Territory: Hong Kong

Industry: Industrial

Source of wealth: Self-made; Contemporary Amperex Technology (CATL)

Net worth year-over-year change: Up $7.77 billion in the last year.

Zeng Yuqun founded Contemporary Amperex Technology (CATL) — one of the largest electric car battery suppliers in the world. Zeng is the chairman of CATL, which made $4.5 billion in 2018.

CATL supplies batteries for car companies like BMW and Volkswagen.


5. Lui Che Woo

Net worth: $17.9 billion

Age: 91

Territory: Hong Kong

Industry: Entertainment

Source of wealth: Self-made; K. Wah International Holdings and Galaxy Entertainment Group

Net worth year-over-year change: Up $212 million in the last year.

Lui Che Woo serves as chairman for Galaxy Entertainment Group, a Hong Kong-based casino company, and K. Wah International Holdings, a Hong Kong-based property developer. In 2015, Lui started financing the LUI Che Woo Prize, an annual prize of about $2.5 million given to three people, Forbes reported in 2019. By 2019, nine people had won the prize, which is for "selfless" acts that benefit society, according to the LUI Che Woo Prize website.


4. Henry Cheng

Net worth: $18.6 billion, per Bloomberg; $1 billion per Forbes

Age: 74

Territory: Hong Kong

Industry: Retail

Source of wealth: Inherited; Chow Tai Fook Jewellery Group and New World Development

Net worth year-over-year change: Up $1.74 billion in the last year.

Henry Cheng serves as chairman for two family companies — Chow Tai Fook Jewellery Group and real estate company New World Development. In the first half of 2019, Chow Tai Fook Jewellery Group made $9.8 billion.


3. Lee Man Tat

Net worth: $19 billion

Age: 90

Territory: Hong Kong

Industry: Food and Beverage

Source of wealth: Inherited; Lee Kum Kee

Net worth year-over-year change: Up $2.6 billion in the last year.

Lee Man Tat's grandfather, Kum Sheung, founded Lee Kum Kee, a Hong Kong-based condiment business that makes more oyster sauce than any other company in the world.

Lee's grandfather invented the condiment accidentally while overcooking mollusks over 100 years ago, per Bloomberg. Today, Lee is the chairman of Lee Kum Kee's parent company, LKK Group.


2. Lee Shau Kee

Net worth: $20.7 billion

Age: 92

Territory: Hong Kong

Industry: Real estate

Source of wealth: Self-made; Henderson Land Development

Net worth year-over-year change: Down $3.41 billion in the last year.

Lee Shau Kee founded Henderson Land Development, a Hong Kong-based real estate conglomerate, of which he is the largest shareholder. This is the source of a majority of Lee's wealth, Forbes reported. The company had $58 billion in assets at the end of 2019.

Lee also co-founded Sun Hung Kai Properties, a Hong Kong-based property developer, alongside Kwok Tak-Seng, a businessman who died in 1990.

Lee grew up in a low-income family, and he has poured more than $400 million into charities funding education, per his Forbes profile.


1. Li Ka-Shing

Net worth: $28 billion

Age: 92

Territory: Hong Kong

Industry: Real estate

Source of wealth: Self-made; CK Hutchison Holdings

Net worth year-over-year change: Down $1.68 billion in the last year.

Li Ka-Shing founded CK Hutchison Holdings, an investment holding company, primarily for retail services. Li also founded CK Asset Holdings, another investment holding company geared towards real estate services.

Li served as chairman for both companies until May 2018, when his son, Victor, took over the roles, per his Bloomberg Billionaires profile.

CK Hutchinson made $38 billion in 2019.

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