Hong Kong's Forbes 50 richest combined wealth falls 9%

Hong Kong’s wealthiest saw his fortune dip by 7%.

The combined wealth of Hong Kong's 50 richest individuals, as listed by Forbes in 2024, has decreased to $296b from $324b the previous year, a fall of 9%.

Despite a 3.2% estimated economic growth in 2023, driven by increased tourist arrivals and consumption, sluggish IPO and property sectors slowed post-pandemic recovery, the magazine said. The Hang Seng index declined by 28% since the last assessment.

Amongst the list's members, 30 experienced declines in their fortunes. Li Ka-shing retained the top spot with a net worth of $36.2b, down 7% from $39b, with CK Asset Holdings' shares declining by a third.

Real estate tycoon Lee Shau Kee held onto the second spot with a net worth of $27b, down from $30.3b. Henderson Land's shares dropped by 30% despite the positive performance of its gas utility and hotel businesses. Henry Cheng, at number three, saw the biggest dollar decrease in net worth, down nearly $7b to $22.1b due to slowing demand from the mainland.

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Meanwhile, shipping tycoon Helmut Sohmen climbed three spots to number 14 with his fortune increasing by $750m to $6.25b 

Man Wah Holdings' Wong Man Li, however, experienced the largest percentage decline in wealth, with his fortune dropping by more than a third to $2b due to weakened sales.

The list welcomed three newcomers, including Solina Chau, co-founder of Horizons Ventures, and Chow Shing Yuk, founder of Lalatech Holdings. The Keswick family of Jardine Matheson Holdings also entered the list following a restructuring.

Lawrence Ho did not make the cut this year due to industry sell-offs affecting Melco International Development.

The minimum net worth required for the list increased to $1.1b. Forbes compiled the list using data from various sources, including individuals, analysts, databases, and stock exchanges.