Sleepless in Hong Kong over wealth gap
HONG KONG — Li Ka-shing, Asia’s richest man, says he has trouble sleeping at night because of a widening wealth gap and waning trust that could become “the new normal” if left unaddressed.
Cheung Kong Holdings Chairman Li called on the government to introduce fresh impetus to enable dynamic and flexible redistribution policies, in his address to students at China’s Shantou University, according to a speech posted on the website of the Li Ka Shing Foundation. The growing scarcity of resources and waning trust are also reasons he was being deprived of sleep, he said.
Mr Li’s comments come as the debate over how to elect Hong Kong’s next leader in 2017 divides the city. Almost 800,000 residents participated in an unofficial 10-day democracy poll as of 8pm yesterday, according to data on the “PopVote” website.
“Trust enables us to live in harmony, without which more and more people will lose faith in this system, breeding scepticism towards what is fair and just, doubting everything and believing all has turned sour and rancid,” said Mr Li, who turns 86 next month.
“The howl of rage from polarisation and the crippling cost of welfare dependence is a toxic cocktail commingled to stall growth and foster discontent.”
Mr Li ranks 17th among the world’s richest individuals, with a net worth of $32.5bn according to the Bloomberg Billionaire index. The businessman, who also controls Hutchison Whampoa, wakes up at about 5am to listen to the news on the radio and spends 90 minutes every day playing golf and swimming.
Shantou University, founded in 1981 by Mr Li, is the only privately funded public university in China, according to its website.
Technology and innovation can increase options as resources are becoming scarce, Mr Li said in the speech. The government needs to inject a “strong dose of liberating elixir” into the education system, he said.