Li Ka-shing regains his title as HK’s richest man

Retired billionaire Li Ka-shing has reclaimed his position as Hong Kong’s richest person this year, thanks to a 20 percent jump in his fortune to US$35.4 billion.

Forbes Asia, which has compiled ‘Hong Kong’s Richest 2021 List’, said even though the share price of Li’s property developer CK Asset Holdings fell 27 percent over the past year, the 92-year-old benefited from his stake in the US-listed video conference provider Zoom, which flourished around the world during the Covid-19 pandemic.

Coming in second on the list is the founder of Henderson Land, Lee Shau-kee, who has a net wealth of US$30.5 billion, while the city’s third richest man is New World Development boss Henry Cheng.

Others who secured a place on Hong Kong’s rich list include chairman of Galaxy Entertainment Lui Che-woo, as well as the former head of property developer Wheelock & Co, Peter Woo.

Forbes Asia said even though the SAR’s economy contracted 6.1 percent in 2020 – its worst performance since the Asian financial crisis in 1998 – stock market gains provided some reprieve as the benchmark Hang Seng Index was up by 5 percent since fortunes were last measured 13 months ago.

It said the combined wealth of the 50 tycoons on its 2021 list increased by 7.5 percent to US$331 billion, up from US$308 billion last year.