View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
January 6, 2012

Forbes: Hong Kong wealthiest lost billions in 2011

By Spear's

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

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).

To read the full story, visit forbes.com

Content from our partners
Meet the females leading in the FTSE
A cut above: Charles Sanford on why HNW clients choose LGT Wealth Management
How the Thuso Group’s invaluable experience and expertise shaped the Spear’s Schools Index 2024

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network