As billionaires take a hit, oyster sauce tycoon doubles his wealth
HONG KONG: China’s slowdown, trade tensions, stock plunges and a softening of the world’s least affordable property market helped wipe some US$20 billion (RM82 billion) from the fortunes of Hong Kong’s wealthiest last year, Forbes has reported.
The southern Chinese financial hub boasts entrenched income inequality with one of the highest concentrations of billionaires.
But the ultra-wealthy had an uncharacteristically tough year in 2018, according to the latest list of the city’s 50 richest tycoons published by Forbes on Wednesday.
The group’s combined wealth fell just over US$20 billion to US$286.75 billion in 2018, a marked contrast to 2017, when they grew by a collective US$60 billion to US$307 billion.
Pollyanna Chu, one of the city’s most prominent female entrepreneurs, witnessed the sharpest decline in personal fortune according to Forbes’ estimates — a 75 per cent drop to US$3.3 billion.
Galaxy Chairman Lui Che-woo lost US$4.2 billion while Macau casino share prices significantly dented the fortunes of Pansy Ho and her younger brother Lawrence Ho.
Hong Kong’s wealthiest man Li Kashing, who has dominated the list ever since it first came out in 2008, saw some US$4 billion wiped off his wealth. But with US$32 billion, he still remains ahead of property magnate Lee Shau Kee on US$30 billion.
One major winner from the last year was Lee Kum Kee oyster sauce tycoon Lee Man-tat.
His wealth doubled to US$17.1 billion, making him the city’s third richest tycoon.