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Forbes released the 2024 Hong Kong Rich List: Li Ka-shing continued to top the list, and his overall wealth shrank

Forbes released the 2024 Hong Kong Rich List: Li Ka-shing continued to top the list, and his overall wealth shrank

The combined wealth of Hong Kong's 50 richest tycoons shrank 9% from last year to US$296 billion. Despite this, there are also 12 members on the list who have overcome difficulties and achieved wealth growth. Notable among them is shipping tycoon Helmut Sohmen, whose fortune has increased by $750 million.

文 | Jane Ho

Hong Kong's economy is expected to grow by 3.2% in 2023, buoyed by tourism and consumption growth. Even so, the post-pandemic recovery has been slower than expected amid stagnant property sectors and sluggish exports. The benchmark Hang Seng Index has fallen 28% since we last measured the wealth of the SAR's wealthy a year ago due to a shortage of IPOs. The combined wealth of Hong Kong's 50 richest tycoons shrank 9% from last year to US$296 billion.

Overall, 30 of the richest people on the list have seen their fortunes shrink, including Li Ka-shing. While he remains at the top of the list, the share price of his real estate development company, Cheung Kong Asset Group, has fallen by a third from last year, bringing Li Ka-shing's fortune down to $36.2 billion. Last year, the company has been lowering prices on its residential projects to boost demand.

Real estate tycoon Lee Shau Kee remains in second place, but his net worth has also dropped to $27 billion. Although Henderson Land's gas utilities and hotel businesses performed better, its shares fell 30% in a weak market.

In third place is Henry Cheng, a real estate and jewellery tycoon who said in November that he would not rule out looking for a successor from outside if the family doesn't have the right talent within the family. The wealth he shared with his family fell by nearly US$7 billion to US$22.1 billion due to slowing demand on the mainland, the biggest decline in net value this year. The same reason has dealt a blow to sofa and bedding maker Man Wah Holdings, whose founder, Wong Man Li, has lost more than a third of his fortune to $2 billion, the biggest percentage drop this year.

Despite this, there are also 12 members on the list who have overcome difficulties and achieved wealth growth. Notable among them is shipping tycoon Helmut Sohmen, whose fortune increased by $750 million to $6.25 billion, as a newer fleet helped push up the share price of his Oslo-listed tanker company, Hafnia.

Among the three new faces on this year's list, Solina Chau is the co-founder and operator of Harbour Investment. Harbour Investments is a Li Ka-shing-backed investment firm known for its early investments in Facebook (now Meta) and Zoom. Last year, Chow Shing Yuk's logistics and courier company, Cargo Lala, filed for an IPO on the Hong Kong Stock Exchange, making him his first appearance. The Keswick family, behind one of Hong Kong's oldest business empires, Jardine Matheson, has joined the ranks following a restructuring of the group's complex cross-shareholdings.

The only returning person on this year's list is Silas Chou, an early investor in Michael Kors who shares a fortune of $2.6 billion with his family. The three richest people who fell off the list this year include gambling tycoon Lawrence Ho. Although he had been on the list for a decade, Mr. Ho's Melco International Development was affected by the industry-wide sell-off last year. Tang Xiaoou, a computer scientist who graduated from the Massachusetts Institute of Technology, an artificial intelligence billionaire and co-founder of SenseTime, died of illness in December last year at the age of 55.

Forbes released the 2024 Hong Kong Rich List: Li Ka-shing continued to top the list, and his overall wealth shrank
Forbes released the 2024 Hong Kong Rich List: Li Ka-shing continued to top the list, and his overall wealth shrank
Forbes released the 2024 Hong Kong Rich List: Li Ka-shing continued to top the list, and his overall wealth shrank
Forbes released the 2024 Hong Kong Rich List: Li Ka-shing continued to top the list, and his overall wealth shrank
Forbes released the 2024 Hong Kong Rich List: Li Ka-shing continued to top the list, and his overall wealth shrank
Forbes released the 2024 Hong Kong Rich List: Li Ka-shing continued to top the list, and his overall wealth shrank

Ranking Method:

The list is compiled based on information from individuals, analysts, government agencies, stock exchanges, databases, and other sources. The wealth value of those on the list is calculated based on the stock price and exchange rate at the close of the stock market on February 2, 2024, and therefore may differ from the real-time wealth displayed on the Forbes website. In addition, this list includes both personal and family wealth, with the latter including wealth shared among relatives. The valuation of an unlisted company is determined through financial ratios and other comparisons with similar public companies. The list may also include foreign nationals who have business, residence or other ties with Hong Kong, or citizens who do not reside in Hong Kong but have significant business or other ties with the SAR. The editors reserve the right to modify the content of the list or remove any entrants based on new information.

|Jonathan Burgos、Gloria Haraito、John Kang、Zinnia Lee、Chengbo Liu、Robert Olsen、Phisanu Phromchanya、Anuradha Raghunathan、Jessica Tan、Catherine Wang、Yue Wang和Yasmine Zhai报道

This article is translated from

https://www.forbes.com/sites/janeho/2024/02/21/hong-kongs-50-richest-2024-collective-wealth-slumps-in-a-gloomy-property-and-trade-landscape/?sh=3d5478802176

Forbes China exclusive manuscript, please do not reprint without permission

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