Hong Kong's Wealthiest See Record Increase In Wealth

By on January 25, 2018 in ArticlesBillionaire News

The collective wealth of Hong Kong's richest has risen by $60 billion to $307 billion, according to the 2018 Forbes Hong Kong Rich List. The jump was caused by a 37 percent bump in the Hang Seng index, a thriving real estate market, and a stable global economy.

In 2017, real estate tycoon Lee Shau Kee made more money than anyone else in the region. His net worth jumped $9.3 billion to $32.9 billion.

Business magnate and investor Li Ka-shing (pictured below) held onto his No. 1 ranking. The 89-year-old added $5.7 billion to his riches, raising his net worth to $36 billion.

Mike Clarke/Getty Images

The year was certainly prosperous for the territory's richest woman. Thanks to her Kingston Financial Group, Pollyanna Chu saw a 150% hike in her net worth, which has now reached $12 billion.

Despite a losing streak from 2014–2016, most of the casino fortunes continue to rebound, including Galaxy chairman Lui Che Woo, who collected $7.8 billion—bringing his fortune to $19 billion. (Though, not quite back to his $21 billion peak in 2014.)

Brothers Tung Chee Hwa and Chee Chen accepted an opulent offer from Chinese shipping company Cosco to sell their stake in their family's investment holdings company Orient Overseas. This propelled their combined wealth by 73 percent.

And with the $9.5 billion Greenwich Peninsula project under way, Henry Cheng made his first debut on the list. Cheng's father, Cheng Yu-tung, was Hong Kong's third-richest when he passed away in 2016.