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‘Superman’ Li takes lead for Forbes Asia’s 2010 Hong Kong 40 Richest list

February 04, 2010 | Updated 9 years ago

Last Updated: May 11, 2015

KUALA LUMPUR: Hong Kong real estate tycoons took the lead in Forbes Asia’s Hong Kong 40 Richest list this year. According to Forbes Asia, over a dozen of the Top 40 richest have substantial real estate investments there, including several property developers.

Developer Li Ka-shing, also known as “Superman” Li, was named Hong Kong’s richest man by Forbes Asia, at US$21.3 billion (RM72.88 billion), a little over US$5 billion more than what he had last year. According to a statement by Forbes Asia, the 81-year-old head of Cheung Kong Holdings and Hutchinson Whampoa, has held pole position since the inaugural Hong Kong 40 Richest list was published in 2008.

In second place, and last year’s number three, is Lee Shau Kee the biggest gainer this year who is worth US$19 billion. He added US$10 billion over the past year, partly due to his property firm, Henderson Land’s share price doubling.

Moving down to the third spot from second position last year is the Kwok family, although their wealth is up by over US$6 billion to US$17 billion. The family, which controls Sun Hung Kai Properties, is finishing construction of the International Commerce Center, Hong Kong’s tallest building and also opened a replica of Noah’s Ark last May as a tourist attraction.

Cheng Yu-tung, 84, took the fourth position and is worth US$7 billion. Cheng has stakes in Ming Fung jewellery, New Times Energy and property firm Evergrande. One of Hong Kong’s biggest landlords, Joseph Lau, came in fifth with a net worth of US$6 billion. Power generator China Light and Power (CLP) chairman Michael Kadoorie, 68, took the sixth position with a net worth of UK$5 billion. Kadoorie is also chairman of The Hongkong & Shanghai Hotels, owners and operators of Peninsula Hotel Group.

At seventh position is the chairman of Wheelock and Company Ltd and The Wharf (Holdings) Ltd, Peter Woo, with a net worth of US$4.2 billion. The group is almost finishing one of Shanghai’s tallest towers in Jing’an district, and past projects include Hong Kong’s Times Square and Harbour City.

At the age of 87 with a net worth of US$3.2 billion is textile turned property developer Chen Din Hwa who is in eighth position. His Nan Fung Group also has interest in shipping. Chen owns a minority stake in Sino Land.

The collective wealth of the 40 tycoons rose by 65% to US$135 billion, up from US$82 billion last year. It is, however, less than the US$179 billion combined net worth recorded in 2008. As many as 24 of the tycoons who were on the list last year have added at least 50% of their net worths this year.

Forbes Asia stated that a minimum of US$850 million was needed to quality for this year’s list, up from US$485 million previously. Unlike its billionaires’ ranking, the Hong Kong 40 Richest list includes numerous family fortunes.

The list, they said, is compiled using shareholding and financial information obtained from the families and individuals themselves, stock changes and analysts.

Here’s the complete list of Forbes Asia’s Hong Kong 40 Richest (link to http://www.forbes.com/2010/02/03/hong-kong-rich-10-richest-wealth-macau-billionaires_land.html ) :