Li Ka-shing keeps his crown as HK's wealthiest, despite declining net worth

Tycoon Li Ka-shing continued to top the list of Hong Kong's richest, despite the city-wide decline in net worth due to the effects of the Covid-19 pandemic.

The combined wealth of tycoons on the 2024 Forbes list of Hong Kong’s 50 Richest declined from US$324 billion to US$296 billion last year.

This can be attributed to the slower than expected recovery after the Covid-19 pandemic.

List members saw their fortunes fall, including Li Ka-shing, who retained the top spot even as his net worth declined from US$39 billion to US$36.2 billion last year.

Real estate tycoon Lee Shau-kee remained at No. 2, though his net worth fell from US$30.3 billion to US$27 billion.

At No. 3 was property developer Henry Cheng Kar-shun, whose fortune, which he shares with his family, dropped by nearly US$7 billion to US$22.1 billion, which was the largest recorded fall in dollar terms amid a slowing demand from the mainland.

The Lee siblings of LKK Group retained the No. 4 spot despite their net worth slipping from US$19.3 billion to US$17.7 billion last year.

Rounding out the top five on the list is Peter Woo Kwong-ching of Wheelock & Co. with US$13.7 billion, down from US$16.9 billion previously.

A dozen list members overcame the odds to make wealth gains, most notably shipping tycoon Helmut Sohmen, who moved up three spots to No. 14 after seeing a US$750 million boost to US$6.25 billion as a younger fleet helped drive up shares of his Oslo-listed tanker company Hafnia.

There are three newcomers on this year’s list, including Solina Chau Hoi Shuen at 35, with US$2.3 billion, who cofounded and runs Horizons Ventures, an investment firm backed by Li Ka-shing. 

Also making his debut this year is Chow Shing-Yuk, at 41 with US$1.9 billion, whose logistics and delivery firm Lalatech Holdings filed for an IPO on the Hong Kong Stock Exchange last year.

The Keswick family, at 34 with a net worth of US$2.35 billion of the storied Jardine Matheson Holdings, enters the ranks following the restructuring of the group’s complex cross-holdings.

The minimum net worth to make the list was US$1.1 billion, up from US$965 million last year.

The complete list can be found here.