Common Wealth Takes Place Amid Hopes of Economic Recovery

This story is part of Forbes’ coverage of Hong Kong’s richest 2023. See the full list here.

Hong Kong’s economy shrank by 3.5% in 2022, as export disruptions and weaker domestic demand took hold. But the prospect for recovery turned positive as pandemic curbs were eased late last year and non-quarantine travel resumed in January after a three-year hiatus. While the benchmark Hang Seng index has fallen 12% since the last time we measured wealth a year ago, the collective wealth of Hong Kong’s 50 richest people fell only slightly to $324 billion from $328 billion.

The pecking order at the top has not changed. Li Ka-shing He stayed at No. 1 with $39 billion, an increase of $3 billion from last year, thanks in part to new information on its assets. While shares of its flagship infrastructure conglomerate CK Hutchison Holdings were down on softer earnings, that was partly offset by a boost from its bet in energy drink maker Celsius Holdings, which saw its shares nearly double after PepsiCo announced a $550 million investment. million in the company.

Real estate tycoon Lee Shau Kee He retained the No. 2 even though his net worth fell 11% to $30.3 billion in a weak property market. Looking to the future, Lee’s Henderson Land is moving ahead quickly with plans to build a $14.6 billion commercial landmark on the Central harbor front. At No. 3 from 2020 that is Henry Cheng, son of the late magnate Cheng Yu-tung. His fortune, which he shares with his family, increased by $2.5 billion to $28.9 billion, as demand for gold jewelry soared shares of his Chow Tai Fook Jewelery Group by nearly 20%.

It was the biggest gain in percentage terms Jean Salad, which doubled its fortune to $5.9 billion after selling its Baring Private Equity Asia in October to Stockholm-based private equity giant EQT. Another big gain was for the shipping tycoon Helmut Sohmenwhose BW Group benefited from a strong freight market and whose estimated net worth increased 53% to $5.5 billion.

The only new face is the co-chairman of property developer Hip Shing Hong Group David Fong, the scene takes his late father Fong Yun Wah. Brothers Victor and William Fungwhose subsidiary to supply chain giant Li & Fung was acquired last August by Danish shipping juggernaut AP Moller-Maersk for an enterprise value of $3.6 billion, returns to the ranks after a four-year hiatus.

Almost half of the listeners saw a decrease in their wealth and none more Yeung Kin-man and Lam Wai-ying, the couple behind smart glass cover maker Biel Crystal. Their fortune shrunk to $4.4 billion as the company postponed its IPO amid declining global smartphone demand. College professor net worth Tang Xiao’ouco-founder of AI firm SenseTime which debuted last year, fell nearly 60% to $2.5 billion alongside the company’s ongoing losses.

As the cut rose slightly this year to $965 million, two dropped out, including Roy Chi Ping Chung, co-founder of power tools Techtronic Industries, who suffered investor concerns about softer demand from the States United, its main market.

Full coverage of Hong Kong’s richest year 2023:

Editing assistance and reporting by Anuradh Raghunathan. Additional reporting by Sonya Angraini, Jonathan Burgos, Jayde Cheung, Gloria Haraito, John Kang, Zinnia Lee, Robert Olsen, Kyunghee Park, Phisanu Phromchanya, Jessica Tan and Yue Wang.

Methodology:

The list was compiled using information from individuals, analysts, government agencies, stock exchanges, databases and other sources. Net worth was based on stock prices and exchange rates as of the close of markets on February 3 and real-time net worth on Forbes.com may reflect different valuations. The ranking lists individual and family fortunes, including those shared among relatives. Private companies were valued using financial ratios and other comparisons with similar publicly traded companies. The list may also include foreign citizens with business, residential or other ties to the city, or citizens who do not live in the city but have significant business or other ties to the city. The editors reserve the right to amend any information or remove any listeners in light of new information.