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Li Ka-shing Retains High Spot on Forbes Listing of Hong Kong’s Richest

Li Ka-shing Retains High Spot on Forbes Listing of Hong Kong’s Richest

Business magnate Li Ka-shing keeps his crown as the wealthiest person in the city according to the Forbes list of Hong Kong’s 50 richest in 2024. Despite a city-wide decline in net worth, thanks to the COVID-19 pandemic, Hong Kong’s richest people still have a combined wealth of USD 296 billion (approx. HKD 2.3 trillion).

The 95-year-old’s net worth had a drop from USD 39 billion (approx. 305 billion) last year to USD 36.2 billion (approx. HKD 283 billion) this year. Real estate tycoon Lee Shau-kee also maintained his number two spot despite his fortune delincing from USD 30.3 billion (approx. HKD 237 billion) to USD 27 billion (HKD 211 billion).

Ranking at number three is property developer Henry Cheng Kar-shun. His wealth saw a USD 7 billion (approx. HKD 54 billion) decrease. LKK Group’s Lee siblings kept their ranking but their fortune slipped to USD 19.3 billion (approx. HKD 150). Wrapping up the top five list is Peter Woo Kwong-ching whose net worth fell to USD 13.7 billion (approx. HKD 107 billion).

Welcoming newcomers on Hong Kong’s 50 richest list in 2024

Shipping kingpin Helmut Sohmen managed to climb three spots to number 14. Three newcomers also made their debut on this year’s list including Solina Chau who runs Horizons Ventures, a firm backed by Li. Chow Shing-yuk also entered the list following Lalatech Holding’s IPO filing on the Hong Kong Stock Exchange last year. Missing on this year’s list is casino mogul Lawrence Ho, who was a fixture in the city’s richest for a decade. 

In general, Hong Kong’s economy grew 3.2 per cent in 2023 due to a rise in tourist arrivals and consumption. However, post-pandemic recovery is still slower than expected. Below is the top 10 list of Hong Kong’s richest people in 2024.

Top 10 richest people in Hong Kong, according to Forbes

1. Li Ka-shing

Net worth: USD 36.2 billion (approx. HKD 283 billion)
Industry: Diversified

Li Ka-shing has dominated the Hong Kong ranking of the richest for quite some time. In 2018, he retired as the chairman of CK Hutchison Holdings and CK Asset Holdings but remains a senior advisor. In 1950, Li started his business, Cheung Kong Plastics at 21 years old with only USD 6,500 (approx. HKD 50,000) in capital. Today, ‘Superman’ as he’s called, is one of Asia’s most influential businessmen.

2. Lee Shau Kee

Net worth: USD 27 billion (approx. HKD 211 billion)
Industry: Real estate

Lee Shau Kee co-founded the property development company Sun Hung Kai with Kwok Tak-seng. But a bulk of his wealth comes from Henderson Land Development despite stepping down as chairman in 2018. His sons, Martin and Peter remain as co-chairmen of the company. Lee has donated more than USD 400 million (approx HKD 3.1 billion) to education initiatives throughout the years.

3. Henry Cheng & Family

Net worth: USD 22.1 billion (approx. HKD 173 billion)
Industry: Diversified

Henry Cheng took over as chairman of family businesses Chow Tai Fook Jewellery and New World Development after the passing of his father, Cheng Yu-tung. Business runs in the family with Cheng’s children, Adrian Cheng serving as vice chairman of New World Development and Sonia Cheng as the CEO of Rosewood Hotel Group.

4. Lee siblings

Net worth: USD 17.7 billion (approx. HKD 138 billion)
Industry: Food and beverage

The Lee siblings comprise Charlie, Sammy, Eddy, David, and Elizabeth. Their late father, Lee Man Tat passed away in 2021, aged 91. In 1888, Man Tat’s grandfather founded the family business, Lee Kum Kee Sauce. It is the world’s largest maker of oyster sauce, which is available in over 100 countries. Sammy serves as executive chairman of the Lee Kum Kee Group where he oversees the sauce, healthcare, property, and venture capital businesses.

5. Peter Woo

Net worth: USD 13.7 billion (approx. HKD 107 billion)
Industry: Real estate

Peter Woo was the chairman of Wheelock & Co., a property developer and its main subsidiary, Wharf Holdings. He stepped down from his position in 2015 and his son Douglas took over as chairman in 2020. Other than real estate, the company also control telecom and retail assets including the luxury department store, Lane Crawford.

6. Joseph Lau

Net worth: USD 13.1 billion (approx. HKD 102 billion)
Industry: Real estate

Formerly the chairman of property developer Chinese Estate, Lau now owns various prime real estate in Hong Kong. Citing health reasons, Lau transferred most of his wealth to his wife and son in 2017. He remains an avid art collector with a portion of his wealth coming from his collection of Warhol, Gauguin, and Hockney pieces.

7. Lui Che Woo

Net worth: USD 12.1 billion (approx. HKD 94 billion)
Industry: Gambling and casinos

Ninety-four-year-old casino magnate Lui Chee Woo chairs casino operator Galaxy Entertainment Group and property developer K. Wah International Holdings. His eldest son, Francis manages the operations for Galaxy while his daughter Paddy and son Alexander oversee K. Wah.

8. Kwong Siu-hing

Net worth: USD 11.4 billion (approx. HKD 89 billion)
Industry: Real estate

Kwong Siu-hing, the richest woman in Hong Kong, is the widow of Sun Hung Kai Properties co-founder, Kwok Tak-seng. She served as the company’s head from 2008 to 2011 but still remains the biggest shareholder.

9. Joseph Tsai

Net worth: USD 8.5 billion (approx. HKD 66 billion)
Industry: Technology

See Also

Joseph Tsai is the co-founder of e-commerce giant Alibaba Group and is the company’s second-largest individual shareholder following Jack Ma. In 2023, Tsai rose from vice chairman to chairman of the company. And in 2018, he bought 49 per cent of the Brooklyn Nets NBA team and purchased the remaining 51 per cent the following year.

10, Francis Choi

Net worth: USD 8.2 billion (approx. HKD 64 billion)
Industry: Real Estate

Francis Choi is currently the chairman of Early Light International, the world’s largest toymaker. Known as the King of Toys, the billionaire also co-founded the company and serves as the vice chairman of Regal Hotels International. In addition, he also owns luxury watch retailer Unique Timepiece Group which his son, Karson now runs.

Visit the official website to see the full list of Hong Kong’s 50 richest people in 2024.

All images credit: Visual China Group/Getty Images

This story first appeared on Lifestyle Asia Hong Kong

Frequently Asked Questions (FAQs)

-Who is the richest man in Hong Kong?

Li Ka-shing is the richest man in Hong Kong

-Who is the richest family in Hong Kong?

The Lee and Cheng families are among the richest in Hong Kong.

Source: Prestige Online

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