SINGAPORE (February 22, 2024) – The combined wealth of tycoons on the 2024 Forbes list of Hong Kong’s 50 Richest declined to US$296 billion from $324 billion last year. The complete list is available here and in the February/March issue of Forbes Asia.
Hong Kong’s economy grew an estimated 3.2% in 2023, buoyed by an uptick in tourist arrivals and consumption.
However, with a sluggish IPO market and a stagnant property sector, the post-pandemic recovery has been slower than expected. The benchmark Hang Seng index declined 28% since fortunes were last measured a year ago.
Overall, 30 list members saw their fortunes fall, including Li Ka-shing, who retained the top spot even as his net worth declined to $36.2 billion from $39 billion last year. Shares of Li’s CK Asset Holdings, which reduced prices of some residential projects to boost demand, dropped by a third from last year.
Real estate tycoon Lee Shau Kee remained at No. 2 though his net worth fell to $27 billion from $30.3 billion. Shares of Henderson Land dropped 30% in a weak market despite the better performance of its gas utility and hotel businesses. At No. 3 is Henry Cheng, whose fortune, which he shares with his family, was down nearly $7 billion to $22.1 billion, the biggest fall this year in dollar terms, amid slowing demand from the mainland.
The Lee siblings of LKK Group retained the No. 4 spot, despite their net worth slipping to $17.7 billion from $19.3 billion last year. Rounding out the top five on the list is Peter Woo of Wheelock & Co. with $13.7 billion, down from $16.9 billion previously. Source: Forbes
