Hong Kongs richest have been some of the worlds biggest beneficiaries from the economic rise of China in the past three decades. Now that the mainland is getting pinched by the global slowdown and tighter interest rates to tame inflation, Hong Kongs wealthiest are feeling the squeeze
Hong Kong’s richest have been some of the world’s biggest beneficiaries from the economic rise of China in the past three decades. Now that the mainland is getting pinched by the global slowdown and tighter interest rates to tame inflation, Hong Kong’s wealthiest are feeling the squeeze.
The total wealth of Hong Kong’s 40 richest declined this year by 7% to $151 billion. (Click here for a list of the entire 40.) The group that suffered the most: real estate developers. Li Ka-shing, who remains in his perch at the top of the list, declined 8% to $22 billion. The Kwok family fell from second to third place as its wealth dropped by almost a quarter to $15 billion. They were placed at the No. 2 spot by Lee Shau Kee, the chairman of Henderson Land, whose wealth we project at $17 billion. Besides business in Hong Kong, all three have growing investments and policy exposure in the mainland.
The biggest gainer this year was Cheng Yu-tung, whose wealth climbed to $15 billion from $9 billion last year following the successful IPO last month by his Chow Tai Fook Jewelry chain. Another gainer from last year’s list was Francis Choi, whose diversified interests now extend into watch retailing (see related story here).
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