Li Ka-shing (pictured), head of family-owned conglomerate Hutchison Whampoa, has topped a new list of the 40 wealthiest people in Hong Kong with an estimated fortune of $32 billion. Li's wealth has soared from $22 billion last year due to rising property prices, which has lifted the development industry to new heights.
Many other families firms also feature in the list, which has been published by Forbes. Raymond, Thomas and Walter Kwok, the brothers who own development firm Sun Hung Kai Properties, came in second with $24 billion.
Chairman of the Hong Kong & Shanghai Hotels Michael Kadoorie and family feature seventh with a fortune of $5.20 billion. This wealth is due to the double counting of family shares last year.
Tang Yiu, chairman of Federation of Hong Kong Footwear, is placed 13th with $3.3 billion. He became a millionaire overnight due to an IPO, and shares his fortune with his daughter who is the group's executive director.
The list features many other extended families, including the families of Michael Wu, who runs his family's Wing Lung Bank, developer Charles Hui, and Noble Group founder Richard Elman.
The list is comprised solely of billionaires. In contrast, there were only around a dozen billionaires in Hong Kong in the mid-90s.