Lee Kum Kee oyster sauce dynasty flies up Forbes Hong Kong wealthy record however can’t contact Li Ka-shing’s fortune
Whereas a lot of the metropolis’s prime magnates noticed their fortunes decline, the Lee household’s wealth gained US$8.6 billion to achieve US$17.1 billion, lifting them out of 11th place a yr in the past.
Li Ka-shing was as soon as once more Hong Kong’s wealthiest man, although his web price dropped by US$Four billion to US$32 billion. Property tycoon Lee Shau-kee of Henderson Land misplaced US$2.9 billion however remained in second place with a fortune of US$30 billion.
Why Hong Kong model Lee Kum Kee’s sauces are out of this world
The wealthy record revealed that Hong Kong’s elite enterprise class took a monetary beating in 2018, with a number of outstanding members dropping a giant chunk of their fortunes.
Their mixed wealth fell US$20 billion to US$286.75 billion, primarily due to financial headwinds from the US-China commerce conflict and the slowdown in China. The earlier yr their collective fortunes had climbed by US$60 billion to US$307 billion.
Others who faired badly included Yeung Kin-man and Lam Wai-ying, the husband-and-wife house owners of Biel Crystal, who noticed their fortune collapse by US$6.Four billion to US$4.7 billion. Biel Crystal, which makes glass screens for Apple’s iPhones, was the obvious sufferer of US-China commerce tensions. It has postponed plans to launch an IPO.
Li and Fung house owners William and Victor Fung have fallen off the wealthy record altogether this yr, reflecting the battle the merchandising firm has confronted to compete within the period of e-commerce. They had been estimated to have US$3.Three billion on final yr’s record.
Lee Man-tat’s meteoric stand up the rankings might sign a renewal for retailing as a supply of wealth in Hong Kong.
The Lee household have famously adopted a structure to handle the enterprise. Lee’s son Charlie runs the 130-year previous oyster sauce enterprise whereas his different son, Sammy, heads the extremely profitable LKK Well being, which markets conventional Chinese language medication merchandise in mainland China.
In 2016, the well being enterprise earned US$3.5 billion in income and it’s now greater than the sauce enterprise. In 2017, the household ventured into abroad property, shopping for London’s “walkie-talkie” workplace constructing for US$1.7 billion.
Why do Hong Kong tycoons maintain on to their wealth whereas Westerners give again a lot?
The final yr noticed the loss of life of property magnate Walter Kwok, whose estrangement from his household highlighted the deep divisions that usually happen between relations of Hong Kong’s wealthiest clans. Kwok’s mom, Kwong Siu-hing, 89, was added to the record with an estimated fortune of US$15 billion.
Her remaining sons, Thomas and Raymond, had been listed collectively in 2018, however Forbes Asia has determined to record them and their respective kids individually. Walter Kwok’s sons, Geoffrey and Jonathan, had been listed collectively after inheriting their father’s fortune.
The shake up highlighted the prospect of wealth switch amongst Hong Kong’s richest households and the potential for splitting up household fortunes which have been held collectively by respective patriarchs.