Thomas Kwok, Henry Cheng, Raymond Kowk and Peter Woo all rank high on Bloomberg’s Billionaires Index – some are self-made and built their fortunes through real estate and investments while others inherited wealth from their families – but how much do they really have?
The 15 richest people from Hong Kong are collectively worth more than US$200 billion.
Some of the billionaires occupying the top ranks of the Bloomberg Billionaires Index and Forbes’ Billionaires List are self-made property tycoons – 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.
All net worths below are sourced from Bloomberg unless otherwise noted.
Net worth: US$6.45 billion
Source of wealth: Inherited
Net worth year-over-year change: Down US$987 million in the last year
Kwok
Tak-seng (right), chairman of Sun Hung Kai Properties, presents a
cheque to Governor Sir Murray MacLehose, patron of the Hong Kong Heart
Foundation, at Government House in 1978.
Geoffrey
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.
Ronald McAulay was on the CLP Holdings board until 2016.
Net worth: US$6.7 billion
Source of wealth: Inherited
Net worth year-over-year change: Down US$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.
Joseph
Lau Luen-hung attends real estate tycoon Walter Kwok Ping-sheung’s
funeral service held at St John’s Cathedral in Central in November 2018.
Net worth: US$8.15 billion per Bloomberg; US$16.7 billion per Forbes
Source of wealth: Self-made
Net worth year-over-year change: Up US$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.
Sir Michael Kadoorie, chairman of CLP Holdings Limited, chairman of The Hongkong & Shanghai Hotels.
Source of wealth: Inherited
Net worth year-over-year change: Down US$499 million in the last year
Michael
Kadoorie serves as the chairman of CLP Holdings and The Hongkong &
Shanghai Hotels. His family’s CLP Holdings provides electricity for 80
per cent of Hong Kong.
Former Sun Hung Kai Properties co-chairman Thomas Kwok Ping-kwong.
Net worth: US$10.4 billion
Source of wealth: Inherited
Net worth year-over-year change: Down US$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 per cent of Sun Hung Kai,
which made US$10.9 billion in the first half of 2019.
Kwok
and his brother, Raymond, were arrested in 2012 for suspected bribery.
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.
Chairman and managing director of Sun Hung Kai Properties, Raymond Kwok Ping-luen.
Net worth: US$10.8 billion
Source of wealth: Inherited
Net worth year-over-year change: Down US$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 per cent of Sun Hung Kai,
which made US$10.9 billion in the first half of 2019.
Hui Wing-mau, chairman and executive director of Shimao Property Holdings.
Net worth: US$11.4 billion
Source of wealth: Self-made; Shimao Property Holdings
Net worth year-over-year change: Up US$650 million in the last year
Hui
Wing-mau serves as chairman of Shanghai-based property developer Shimao
Property Holdings. The developer made US$15.7 billion in 2019. Hui is
also the second-largest shareholder of the finance company Mason
Financial Holdings as of 2016, according to Forbes.
Xu Hang co-founded a Shenzhen-based medical device supply company, Mindray Bio-Medical Electronics.
Net worth: US$13.1 billion
Source of wealth: Self-made; Mindray Bio-Medical Electronics
Net worth year-over-year change: Up US$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 US$2.8 billion in 2019. Hang
serves as its chairman. He has degrees in computer science, biomedical
engineering and international business.
Wharf (Holdings) Limited former chairman, Peter Woo Kwong-ching had married into the prominent Pao family.
Net worth: US$14.6 billion
Source of wealth: Inherited; Wheelock and Co. and Wharf
Net worth year-over-year change: Up US$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 and Company,
a real estate company, and Wharf, a real estate investment and
developing company.
Woo took over the companies when Pao’s father died, according to Forbes.
Woo served as chairman of Wharf until 2015 when he retired. His son,
Douglas, serves as chairman of Wheelock and Company, which made US$6.3
billion in 2019.
Robin Zeng Yuqun founded one of the largest electric car battery suppliers in the world.
Net worth: US$16.7 billion
Age: 52
Source of wealth: Self-made; Contemporary Amperex Technology (CATL)
Net worth year-over-year change: Up US$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 US$4.5 billion in 2018.
CATL supplies batteries for car companies like BMW and Volkswagen.
Lui Che-woo, chairman and founder of Galaxy Entertainment Group.
Net worth: US$17.9 billion
Source of wealth: Self-made; K. Wah International Holdings and Galaxy Entertainment Group
Net worth year-over-year change: Up US$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 US$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.
New World Development chairman Henry Cheng Kar-shun.
Net worth: US$18.6 billion, per Bloomberg; US$1 billion per Forbes
Source of wealth: Inherited; Chow Tai Fook Jewellery Group and New World Development
Net worth year-over-year change: Up US$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 US$9.8 billion.
In this photo from 2009, David Lee (left) with his father Lee Man-tat.
Industry: Food and beverage
Source of wealth: Inherited; Lee Kum Kee
Net worth year-over-year change: Up US$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 more than 100 years ago, per Bloomberg. Today, Lee is the
chairman of Lee Kum Kee's parent company, LKK Group.
Lee Shau-kee, set up one of the largest property development firms in Hong Kong.
Source of wealth: Self-made; Henderson Land Development
Net worth year-over-year change: Down US$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 US$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 US$400 million into charities funding education, per his Forbes profile.
Li
Ka-shing may have stepped back from the day-to-day of CK Hutchison
Holdings but remains a very influential figure in the city.
Source of wealth: Self-made; CK Hutchison Holdings
Net worth year-over-year change: Down US$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, according to his Bloomberg Billionaires
profile.
CK Hutchison made US$5.13 billion in 2019.
