Li Ka-shing retains the No. 1 spot
SINGAPORE (February 27, 2025) – Despite lingering property woes and looming trade tensions, the combined wealth of tycoons on the 2025 Forbes list of Hong Kong’s 50 Richest edged up to US$301 billion from $296 billion last year. The complete list is available here and in the February/March issue of Forbes Asia.
Though Hong Kong’s economy grew at a modest pace of 2.5% in 2024, China’s stimulus measures lifted investor sentiment, driving up the benchmark Hang Seng index by more than a third from a year ago.
The wealth of 30 list members increased, led by Li Ka-shing, who continues to hold the top spot with his fortune up slightly to $37.3 billion, from $36.2 billion. While the prolonged downturn in the property market knocked down shares of his flagship CK Asset Holding, other better-performing investments in his portfolio, such as videoconferencing giant Zoom Communications, made up for the slack.
Real estate magnate Lee Shau Kee held on to his perch as the city’s second-richest with a net worth of $29.2 billion, an increase from $27 billion a year ago. Lee’s Henderson Land Development’s latest Hong Kong landmark is The Henderson, a $3.3 billion, 36-story office tower.
Property and jewelry tycoon Henry Cheng remained at No. 3 but his fortune, shared with his family, fell the most in dollar terms by $2.6 billion to $19.5 billion. Shares of his Chow Tai Fook Jewellery Group slumped as demand in China slowed. Another blow was from Cheng’s debt-laden property arm New World Development, which suffered its highest ever annual net loss since the founding of the company, and was removed from the benchmark Hang Seng Index in December.
The Lee siblings (No. 4) of the LKK Group saw their fortune fall $1.5 billion to $16.2 billion, while real estate magnate Joseph Lau took the fifth spot on the list with $13.6 billion, up from $13.1 billion last year.
Alibaba cofounder and chairman Joseph Tsai (No. 8, $10.8 billion) recorded the biggest dollar gain of $2.3 billion this year, thanks partly to rising Alibaba shares following the January release of a new version of its AI model Qwen. A passion for sports also paid off: Tsai sold a 15% stake in BSE Global, which owns NBA team Brooklyn Nets, for $688 million to American billionaire Julia Koch. Buoyant demand for sports apparel drove up shares of clothing manufacturer Crystal International Group, supplier to brands such as Uniqlo and Lululemon. That boosted cofounder Kenneth Lo’s (No. 45) wealth by 64% to $1.8 billion, making him the biggest gainer in percentage terms.
The two newcomers on this year’s list include Francis Lui (No. 9, $9.4 billion), the eldest son of casino mogul Lui Che Woo, who died last November. Francis, who shares his fortune with family, was vice chairman of Galaxy Entertainment Group, one of the largest gaming and hospitality companies in Macau, before he was named as its chairman in December. The other newcomer is Yang Qiumei (No. 48, $1.5 billion), who inherited a stake in Chinese AI giant SenseTime from her late husband Tang Xiao’ou, the company’s cofounder, who died in 2023.
The sole returnee this year is Zhuo Jun (No. 49, $1.45 billion), who inherited shares in Shenzhen Kinwong Electronics more than a decade ago from her late husband. The printed circuit board maker’s stock nearly doubled over the past 12 months as demand from auto-related and server companies shot up.
The minimum net worth to make the list this year rose to $1.4 billion from $1.1 billion.
The top 10 richest in Hong Kong are:
- Li Ka-shing; US$ 37.3 billion
- Lee Shau Kee; $ 29.2 billion
- Henry Cheng & Family; $19.5 billion
- Lee siblings; $16.2 billion
- Joseph Lau; $13.6 billion
- Kwong Siu-hing; $12 billion
- Peter Woo; $11.7 billion
- Joseph Tsai; $10.8 billion
- Francis Lui & Family; $ 9.4 billion
- Francis Choi; $8.1 billion
The list was compiled using information from individuals, analysts, government agencies, stock exchanges, databases and other sources. Net worths were based on stock prices and exchange rates as of the close of markets on February 7 and real-time net worths on Forbes.com may reflect different valuations. The ranking lists both individual and family fortunes, including those shared among relatives. Private companies were valued by using financial ratios and other comparisons with similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the city, or citizens who don’t reside in the city but have significant business or other ties to the city.
For more information, visit www.forbes.com/hongkong
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