August 5, 2021

Hong Kong: the very rich got poorer by 20 billion in 2018, according to Forbes

The wealth of the wealthiest in Hong Kong shrank by $ 20 billion in 2018, reported Forbes magazine, a decline linked to the sharp decline in the stock market but also to the economic slowdown in China and the real estate market and to trade tensions.

The former British colony in southern China is home to one of the largest concentrations of billionaires in the world.

However, according to the latest ranking of the 50 largest fortunes in the city, published Wednesday by Forbes, their cumulative wealth has melted by just over $ 20 billion (17.7 billion euros) to stand at 286. , $ 75 billion (EUR 254.4 billion) in 2018.

A sharp contrast to the previous year when it had increased by $ 60 billion to 307 billion.

Pollyanna Chu, one of the city’s most prominent businesswomen, suffered the biggest setback as her earnings fell 75% to $ 3.3 billion, according to Forbes estimates . The fall of the Hong Kong Stock Exchange, which lost 9.4% of its value last year, strongly affected the results of his company Kingston Financial.

The president of Galaxy Entertainment, Lui Che-woo, is not left out: he lost 4.2 billion, while the slide in prices of casinos in Macau seriously damaged the fortunes of Pansy Ho and his younger brother Lawrence. .

While the wealth of the city’s tycoons is closely correlated with the development of the stock market, “China’s slowdown and the trade war between China and the United States” have also played a role, AFP told AFP. Kingston Securities analyst Dickie Wong.

This is how Yeung Kin-Man and Lam Wai Ying, the couple behind Biel Crystal, the largest iPhone display maker, saw their net worth of their assets reduced by $ 6.4 billion, a drop. by 57%. In question, the slowdown in Apple sales, particularly marked in China.

Hong Kong’s richest man Li Ka-shing, who has dominated the rankings since its first edition in 2008, has had to mourn $ 4 billion. But, with a wealth of 32 billion, he is still ahead of the real estate mogul Lee Shau Kee (30 billion dollars).

After a decade of near-continuous growth, the territory’s real estate market, one of the most expensive in the world, has started to slow as prices have fallen by about 10% in the past four months.

One of the big winners of 2018 was Oyster Sauce King Lee Man-tat. His wealth doubled to $ 17.1 billion, making him the third richest man in town.