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Forbes Asia announces the 2021 Hong Kong Rich List, Li Ka-shing regains the top spot

In 2020, Hong Kong’s economy shrank by 6.1%, which was the worst year since the Asian financial crisis in 1998. However, the prosperity of Hong Kong stocks is finally a chance for a "breathing". Compared to 13 months ago when the wealth of Hong Kong's richest people was calculated, the Hang Seng Index rose by 5% overall. The stock market's strength helped Hong Kong's 50 millionaires' total wealth rise to US$333.1 billion, an increase of 7.5% (last year's total wealth was US$308 billion).

This year, "Superman" Li Ka-shing's wealth soared by 20%, and his total wealth rose to US$35.4 billion, regaining the top spot in Hong Kong's rich list. Although the share price of Li Ka-shing's real estate development company Cheung Kong Holdings Group plunged 27%, the share price of Zoom, a US listed company in which Li Ka-shing holds shares, soared, and wealth rose accordingly. In 2020, the real estate giant Li Zhaoji once surpassed Li Ka-shing to take the first place with a slight advantage, and fell to the second place this year. His total wealth remained almost unchanged, staying at US$30.5 billion.

The stock price of Zoom, a US listed company in which Li Ka-shing holds shares, has soared, and wealth has risen accordingly.

 

No one on the list with the largest increase in wealth this year is Yang Jianwen and Lin Huiying. The market's demand for their company's Bourne Optics production has greatly increased, boosting their wealth to $18.6 billion. On this year's list, he advanced six places to the fourth place.

Huang Minli of Man Wah Holdings is the person on the list with the largest increase in wealth this year. Thanks to the strong demand for Man Wah Holdings products in mainland China, his wealth increased by 200% to US$6.3 billion. Man Wah Holdings' revenue for the fiscal year ending September 2020 increased by 19% to US$857 million. The list cover character Horst · Julius · Pudwell's wealth increased to 6.7 billion US dollars, an increase of 81%. His company, Transtech Industries, has booming sales in power tools and floor care products, and its stock price has risen accordingly.

Hong Kong wealth is concentrated in real estate, and the real estate industry has been hit hard by the epidemic. It is not surprising to see that more than half of the 27 millionaires whose wealth has shrunk this year are real estate giants. However, in June last year, Wu Guangzheng, who was going to privatize Defeng, bucked the trend. His wealth increased by 47% to $17 billion. Prior to this, Wheelock's stock price has been lower than the valuation of the enterprise group, and with the dust of 57 years of listing history, its valuation has soared by 52%.

As commercial real estate prices and rents have fallen sharply, most real estate giants have been hit, including Nan Fung Group’s Chen Huihui, China Land’s Liu Luanxiong, Shui On Land’s Luo Kangrui, Goldin Real Estate’s Pan Sutong, and Shengyu Group’s Deng Chengbo . Liu Luanxiong's brother Liu Luanhong, whose wealth comes from shopping malls and real estate, fell directly off the list this year.

Wu Jiwei, the founder of Private Equity Capital Capital, returned strongly and landed at number 44 on the list with a net worth of US$1.6 billion. The watershed for this year's list is US$1 billion, compared with US$1.2 billion last year.

 

How to make the list

The information used to compile this list comes from individuals, stock exchanges, analysts, private databases, government agencies and other channels. The wealth of the rich is based on the closing price and exchange rate as of February 5; therefore, the real-time wealth figures may differ from the valuation of this list. The valuation of non-listed companies uses indicators such as the financial ratios of listed companies of similar size. Wealth valuation includes spouse wealth. If the rich man is the founder of a company, the valuation also includes the wealth that his children have obtained from the company.