In 2022, Hong Kong's economy experienced a contraction of 3.5%, succumbing to the impacts of export disruptions and diminished domestic demand. However, a positive shift in the recovery trajectory emerged as pandemic restrictions were eased towards the end of the previous year, coupled with the resumption of quarantine-free travel in January following a three-year hiatus.
Despite a 12% decline in the benchmark Hang Seng index since our last assessment a year ago, the cumulative wealth of Hong Kong's 50 wealthiest individuals exhibited only a marginal decrease, slipping from $328 billion to $324 billion.
The esteemed real estate magnate, Lee Shau Kee, maintained his position at No. 2, albeit witnessing an 11% decrease in his net worth to $30.3 billion amid a sluggish property market. Looking forward, Lee's Henderson Land is steadfastly advancing its $14.6 billion project to construct a commercial landmark on the Central Harbourfront.
Securing the No. 3 position in 2020 is Henry Cheng, scion of the late tycoon Cheng Yu-tung. A noteworthy ascent in fortune shared with his family, saw an increase of $2.5 billion, reaching $28.9 billion. This uptick was propelled by the surging demand for gold jewellery, boosting shares of his Chow Tai Fook Jewellery Group by nearly 20%.
The richest man in Hong Kong is Li Ka-Shing, retaining his No. 1 status with a fortune of $39 billion. Notably, this represents a $3 billion augmentation from the preceding year, attributable in part to newly disclosed information concerning his assets.
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List of Top 10 Richest People In Hong Kong 2023
A considerable portion of the individuals on the list experienced a decline in their wealth, with none facing a more substantial reduction than Yeung Kin-man and Lam Wai-Ying, the tandem behind Biel Crystal, a manufacturer of smartphone glass covers. Their fortune plummeted by half, dwindling to $4.4 billion, a consequence of the company's decision to defer its initial public offering amid the global downturn in smartphone demand. Here is the complete list of 10 Richest people in Hong Kong:
1. Li Ka-Shing - $39 B
2. Lee Shau Kee - $30.3 B
3. Henry Cheng - $28.9 B
4. Lee siblings - $19.3 B
5. Peter Woo - $16.9 B
6. Kwong Siu-hing - $15.2 B
7. Lui Che Woo - $14.9 B
8. Joseph Lau - $13.2 B
9. Joseph Tsai - $8.5 B
10. Francis Choi - $8.2 B
This list is derived from Forbes' Hong Kong's 50 Richest List, compiled utilizing information sourced from individuals, analysts, government agencies, stock exchanges, databases, and various other reliable sources. Net worths were calculated based on stock prices and exchange rates as of the market's closure on February 3, and it's important to note that real-time net worths on Forbes.com may reflect different valuations.
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Richest People In Hong Kong
1. Li Ka-Shing
Net Worth: $39 B
Age: 95
Source: Diversified
Often referred to as "Superman," Li Ka-shing stands as a pivotal figure in Asia's business realm. Despite retiring as chairman of CK Hutchison Holdings and CK Asset Holdings in May 2018, Li continues to wield influence as a senior advisor. His conglomerate, now overseen by his son Victor, spans over 50 nations with a workforce exceeding 300,000. Li's entrepreneurial journey commenced in 1950 with the founding of Cheung Kong Plastics, and his philanthropic endeavours through the Li Ka Shing Foundation have surpassed $3.8 billion, with over 80% directed to Greater China.
2. Lee Shau Kee
Net Worth: $30.3 B
Age: 95
Source: Real Estate
Co-founder of Sun Hung Kai alongside Kwok Tak-Seng, the late father of Hong Kong's Kwok brothers, Lee Shau Kee's wealth centres on Henderson Land Development, a powerhouse in the property sector. After stepping down as Henderson Land's chairman in 2019, his sons Martin and Peter assumed co-chairmanship. Lee's philanthropy extends to education, with donations exceeding $400 million. His humble beginnings, marked by limited access to fish or meat, underscore his journey from adversity to affluence.
3. Henry Cheng & family
Net Worth: $28.9 B
Age: 76
Source: Chow Tai Fook
Succeeding his late father Cheng Yu-tung, Henry Cheng leads Chow Tai Fook Jewellery and New World Development. The family's multifaceted enterprises, managed by at least nine family members, witnessed a surge in fortune driven by the success of Chow Tai Fook Jewellery Group. Henry Cheng and his father achieved the rare honour of both receiving Hong Kong's Gold Bauhinia Medal for their service to the city.
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4. Lee siblings
Net Worth: $19.3 B
Age: -
Source: Food
The five Lee siblings, offspring of the late Lee Man Tat, helm the Lee Kum Kee Group, renowned globally as the largest producer of oyster sauce. Sammy, the executive chairman, oversees diverse ventures including sauce, healthcare, property, and venture capital. Founded in 1888, the family business thrives under the leadership of the next generation, with the appointment of a family outsider, Jing Jie, as CEO in 2022.
5. Peter Woo
Net Worth: $16.9 B
Age: 77
Source: Real Estate
Former chairman of Wheelock & Co. and Wharf Holdings, Peter Woo relinquished his positions in 2015. His son Douglas, now at the helm of Wheelock, privatized the company in 2020. Beyond property, Woo's influence extends to telecom, port, and retailing assets. Woo's journey began in 1972 with Chase Manhattan Bank in New York, eventually joining his wife Bessie's family business in Hong Kong.
6. Kwong Siu-hing
Net Worth: $15.2 B
Age: 93
Source: Real Estate
Widowed after the passing of Sun Hung Kai Properties co-founder Kwok Tak-seng, Kwong Siu-hing assumed the role of chairman from 2008 to 2011. Despite family disputes resulting in her eldest son Walter's ousting, she remains the major shareholder in Sun Hung Kai. Lui Che Woo's fortune originates from supplying gravel during Hong Kong's postwar construction boom.
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7. Lui Che Woo
Net Worth: $14.9 B
Age: 94
Source: Casinos/Hotels
Chairman of Galaxy Entertainment Group and K. Wah International Holdings, Lui Che Woo's roots trace back to supplying construction materials. Lui's contributions extend beyond business, as evidenced by his $1.2 billion donation in 2015 to establish the Lui Che Woo Prize. His children, Francis, Paddy, and Alexander, play integral roles in overseeing Galaxy and K. Wah.
8. Joseph Lau
Net Worth: $13.2 B
Age: 72
Source: Real Estate
Former chairman of Chinese Estates, Joseph Lau's wealth primarily stems from prime real estate holdings in Hong Kong. An art aficionado, his collection includes works from Warhol, Gauguin, and Hockney. In 2017, citing health concerns, Lau transferred a significant portion of his wealth to his wife and son.
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9. Joseph Tsai
Net Worth: $8.5 B
Age: 59
Source: E-Commerce
Vice chairman and co-founder of Alibaba Group, Joseph Tsai holds the distinction of being its second-largest individual shareholder. Tsai's diverse portfolio extends to sports ownership, acquiring the Brooklyn Nets National Basketball Association team in 2018. Holding degrees from Yale University, Tsai carries a Canadian passport.
10. Francis Choi
Net Worth: $8.2 B
Age: 76
Source: Real Estate
Revered as the "King of Toys," Francis Choi is the founder and chairman of Early Light International, the world's largest toymaker. Additionally, he serves as vice chairman of Regal Hotels International. Choi's wealth is anchored by a vast property portfolio across China, Hong Kong, and Australia. His son Karson manages the luxury watch retailer Unique Timepiece Group.
This ranking encompasses both individual and family fortunes, considering ties through business, residence, or other affiliations. Valuations of private companies were determined using financial ratios and comparisons with publicly traded counterparts. The list may include individuals with significant ties to the city, even if they don't reside there.
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