Top seven tycoons lose HK$125bn
Top seven tycoons lose HK$125bn

HONG Kong’s seven richest tycoons saw their combined net wealth plunge by some US$16 billion (HK$124.8 billion) over the past year.

Li Ka-shing (李嘉誠) who was the 17th richest man in the world last year with US$33.3 billion saw his wealth shrink to US$27.1 billion (HK$209 billion). He now ranks 20th.

Li is still the wealthiest in Hong Kong though, according to Forbes’ list of The World’s Billionaires 2016 (福布斯全球億萬富豪榜).

The huge drop came after the value of his share in Husky Energy, a Canadian oil giant, tumbled by more than half over the past year.

Lee Shau-kee (李兆基), Hong Kong’s second richest tycoon saw his global ranking slide from 27th to 31st.

In contrast, the global ranking of the SAR’s third and fourth wealthiest men improved.

Cheng Yu-tung (鄭裕彤), who owns jewellry business Chow Tai Fook and properties, climbed to 58th spot from 71st as his net worth rose by US$100 million.(HK$776 million)

Property investor Joseph Lau Luen-hung (劉鑾雄), dramatically improved his ranking, jumping to the 65th spot from 114th a year earlier.

His net worth increased by 20 percent to US$13.1 billion (HK$100 billion), thanks to a surge in the share price of Chinese Estates.

Bill Gates again ranked as the world’s richest although his wealth shrank to US$75 billion (HK$582billion).

(This article is published on Junior Standard on 9 March 2016)

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