Li Ka-shing now worth US$32b
Hong Kong's 'Superman', tycoon Li Ka-shing, has topped a list of those in the city with the 40 fattest wallets in Forbes magazine's local rich list.
With a fortune estimated at US$32 billion, Mr Li, 79, who controls Cheung Kong (Holdings) and Hutchison Whampoa, enjoys a significant lead over his closest rivals, the Kwok brothers of Sun Hung Kai Properties. Raymond, Thomas and Walter Kwok have a combined fortune of about US$24 billion.
In a list dominated by property magnates, the brothers and Mr Li each saw their wealth jump by US$10 billion year on year.
Mr Li was joined on the list by the younger of his two sons, Richard Li Tzar-kai of Cyberport and PCCW. He was ranked No24, with US$1.52 billion. The 41-year-old tabloid favourite cashed out his 55 per cent stake in the landmark Marunouchi Building in Tokyo last year when it was sold for US$1.7 billion.
Nina Wang Kung Yu-sum, who had been Asia's richest woman, dropped out of the list following her death last year. Her estate, valued at about US$4.2 billion, is still being contested.
Newcomer Pong Hong Siu-chu, a grandmother of 19, is now the only woman on the list at No35. She co-founded Shiu Wing Steel with her late husband in 1950 and has a fortune of US$1.08 billion.
This is the inaugural Forbes list for Hong Kong. Last year's list combined Hong Kong and Taiwan.
Forbes senior editor Russell Flannery said: 'This list underscores the fact that Hong Kong, 10 years after its return to China, has kept its niche as one of the world's best conduits for business and investment between mainland China and the rest of the world. That isn't likely to change anytime soon.'
Lee Shau-kee, chairman of real estate giant Henderson Land, has significant interests on the mainland but saw his ranking drop to No3 from second place a year ago. His US$23 billion fortune represents a gain of US$6.5 billion.
In December 2006, Mr Lee's son, Martin, married actress and model Cathy Chui Chi-kei in a Sydney wedding that was estimated to have cost HK$100 million. It was rumoured that wedding gifts valued at about HK$400 million were given to the Chui family.
Although still billionaires, the rest of the tycoons on the list have drastically smaller fortunes. New World Development's Cheng Yu-tung is worth US$9.4 billion, an increase of US$2.9 billion.
Casino magnate Stanley Ho Hung-sun is fifth on the list with US$9 billion, up US$2 billion.
The rich get richer
Hong Kong's 2008 rich list as of January 4 (and a year ago)
1 Li Ka-shing US$32b (US(22b)
2 Raymond, Thomas and Walter Kwok US24b (US$14b)
3 Lee Shau-kee US$23b (US16.5b)
4 Cheng Yu-tung US$9.4b (US$6.5b)
5 Stanley Ho Hung-sun US$9b (US$7b)
6 Joseph Lau Luen-hung US$5.5b (US$2.1b)
7 Michael Kadoorie and family US$5.2b (US$5.3b)
8 Peter Woo Kwong-ching US$5b (US2.7b)
9 Henry Fok Ying-tung's descendants US$4.5b (US$3.7b)
10 Chen Din-hwa US$3.7b (US$2.6b)
SOURCE: FORBES
