Business

Hong Kong tycoons wealth soars

Hong Kong tycoons wealth soars

By Agence France Presse

HONG KONG: Hong Kong’s tycoons are worth a combined US$135 billion, with many of its wealthiest people boosting their fortunes from investments on the Chinese mainland, Forbes said. The top 40 richest people have added $82 billion to their wealth over the past year, much of it due to a stock market recovery and soaring property prices in Hong Kong and China. Li Ka-shing, the 81-year-old head of conglomerate Cheung Kong Holdings, was once again the financial hub’s richest person with a $21.3 billion fortune, according to the annual list compiled by Forbes business magazine. Forbes in November ranked Li as the 16th wealthiest person in the world when his net worth was just 16.2 billion dollars. He fared particularly well from Hong Kong’s soaring property prices and was the only one of the city’s tycoons to make the top 25 world ranking list, which placed Microsoft founder Bill Gates as the globe’s richest person with a $40 billion fortune. Li’s son Richard was 26th on the Hong Kong list with $1.3 billion. Henderson Land chief Lee Shau-kee, 82, grabbed second spot with $19 billion owing to his company’s soaring share price, the magazine said. Following were property giants the Kwok family at $17 billion, developer Cheng Yu-tung with $7 billion and real estate magnate Joseph Lau at $6 billion, the magazine said. Macau casino tycoon Stanley Ho, 88, took 17th spot with a $2.1 billion fortune. Twenty-four people on the list bumped their net worth by at least 50 per cent from a year ago and not one grew poorer, Forbes said. No women were listed, although there was at least one heiress to a top 40 fortune.