In this article, we will look into the 25 richest billionaires in real estate industry. If you want to skip our detailed analysis of the real estate market, you can go directly to the 5 Richest Billionaires in Real Estate Industry.
Global Real Estate Industry
According to a report by Savills, global real estate which includes residential, commercial real estate, and agricultural land was worth $379.7 trillion in 2022. The market witnessed a decrease in its value from 2021 to 2022, due to a rise in interest rates and inflation. However, the market value in 2022 was 18.7% higher compared to the pre-pandemic period. The residential sector accounted for the highest share of the global real estate market, reaching $287.6 trillion in 2022. Whereas, commercial real estate held a 13% share of total market value.
The real estate market is facing an investment turndown globally. However, a recent report by PwC suggests that both sellers and buyers are now adjusting to a high interest rate environment. Experts in the market are hopeful about an increase in investments, driven by clarity about monetary policies in the US, Europe, and Asia. Prioritizing sustainability when choosing office spaces is one of the growing market trends in the real estate industry.
On March 13, Reuters reported that Goldman Sachs Asset Management (GSAM) will start actively investing in the US commercial real estate market this year. Rising interest rates and record-high vacancy rates since the pandemic, have led to a decrease in US offices and commercial property prices. This remains a major concern among investors, leading to a drop in investments in the market. Despite this, GSAM expects a market rebound, driven by a potential jump in the US economy.
The affordability of housing remains one of the key concerns in the US, Europe, and the Asia Pacific, inhibiting the growth of the market. On March 25, Reuters reported that single-family home sales fell by 0.3% in the US in February, according to the Commer Department’s Census Bureau. This drop can be attributed to rising mortgage rates, as the average rate on a 30-year fixed-rate mortgage increased to 6.94% in February, according to Freddie Mac. However, on April 23, Reuters reported that the sales are now recovering and reached 693,000 units in March. This represents the highest increase since September 2023. You can also look at the 20 Worst Performing Housing Markets in the US and the 25 Most Underpriced Housing Markets in the US in 2024.
Major Players in the Market
Some of the key players in the global real estate market include Simon Property Group, Inc. (NYSE:SPG), Sun Hung Kai Properties Limited (OTC:SUHJY), and Welltower Inc. (NYSE:WELL).
Simon Property Group, Inc. (NYSE:SPG) is one of the largest real estate companies in the world. It specializes in the acquisition and development of shopping malls, restaurants, and entertainment sites. On April 24, the company announced its plan to add a new store to Woodbury Common Premium Outlets, a leading outlet center in North America. The company also plans to improve customer experience which includes adding a new VIP suite, featuring numerous private spaces. These spaces will be furnished and have a private kitchen, lounge area, and dressing rooms. The VIP suite is expected to open by the end of the year. Moreover, Simon Property Group, Inc. (NYSE:SPG)’s Woodbury Common Premium Outlets plans to open more than 20 new stores in 2024.
Sun Hung Kai Properties Limited (OTC:SUHJY) is a Hong Kong-based real estate company, engaged in the development, construction, and management of properties. Aligning with the current market trends, on February 24, the company announced that it has purchased 9 pieces of electric construction equipment to reduce its carbon footprint. The new electrified equipment will help avoid 240 tonnes of carbon emissions annually. This marks a huge milestone for Sun Hung Kai Properties Limited (OTC:SUHJY), as it embraces sustainability by adopting green alternatives.
Welltower Inc. (NYSE:WELL) is a REIT, that invests in healthcare and wellness infrastructures in the United States, Canada, and the UK. On February 13, the company announced that it has allied with a wellness housing developer and operator, Affinity Living Communities. Welltower Inc. (NYSE:WELL) will acquire its portfolio of 25 purpose-built adult communities, which comprises around 3,900 units. This transaction was processed for $966 million and is expected to close in tranches over the coming months.
With this context, let’s have a look at the 25 richest billionaires in real estate industry.
An expansive outdoor view of a skyline backed by residential complex, symbolizing the company’s real estate solutions.
Methodology
To compile our list of the 25 richest billionaires in real estate industry, we used the real-time billionaire ranking by Forbes. Our list ranks the 25 richest billionaires in real estate industry in ascending order of their net worth, as of April 27.
25 Richest Billionaires in Real Estate Industry
25. Wang Jianlin
Net Worth (2024): $6.4 billion
Wang Jianlin is ranked among the richest billionaires in the real estate industry. He chairs the leading company Dalian Wanda Group, which invests in real estate, finance, and movie theaters. He is one of the biggest commercial real estate developers in the world and owns over five hundred plazas across China. As of April 27, his net worth is $6.4 billion.
24. Wu Yajun
Net Worth (2024): $6.4 billion
Wu Yajun is the co-founder of a leading Hong Kong-based real estate company, Longfor Group Holdings Limited (OTC:LGFRY). As of April 27, her net worth is $6.4 billion. He is ranked 24th on our list.
23. Radovan Vitek
Net Worth (2024): $6.5 billion
Radovan Vitek is a real estate magnate who owns the leading real estate company, CPI Property Group. The group has 1 million square meters of lucrative real estate in Berlin. With a net worth of $6.5 billion, Vitek is ranked among the richest billionaires in the real estate industry.
22. Edward Roski Jr
Net Worth (2024): $6.7 billion
Edward Roski Jr. owns the real estate developer, Majestic Reality in Los Angeles. The company has over 90 million square feet of industrial real estate across the United States. He has a net worth of $6.7 billion, as of April 27.
21. Robert Ng
Net Worth (2024): $7.0 billion
Robert Ng owns the leading private landlord and property developer, Far East organization in Singapore. As of April 27, Robert Ng has a net worth of $7 billion and is ranked among the richest billionaires in the real estate industry.
20. Philip Ng
Net Worth (2024): $7.1 billion
Next up on our list is the brother of Robert Ng, Philip Ng. Both brothers control the leading property-developing company in Singapore. As of April 27th, Philip Ng has a net worth of $7.1 billion.
19. Fredrik Lundberg
Net Worth (2024): $7.4 billion
Fredrik Lundberg serves as the CEO and chairman of the real estate company, L.E. Lundbergforetagen AB. It was founded by his father in 1944 as a construction company. With a net worth of $7.4 billion, he is ranked 19th on our list of the richest billionaires in the real estate industry.
18. Jeff Greene
Net Worth (2024): $7.5 billion
Jeff Greene earned his fortune by buying credit default swaps on mortgage-back bonds. Most of his fortune comes from real estate, equities, and other investments in the United States. He has a net worth of $7.5 billion.
17. Law Kar Po
Net Worth (2024): $7.7 billion
Law Kar Po is the chairman of Park Hotel Group, which develops and manages over a dozen hotels across Asia. He has a net worth of $7.7 billion and is ranked 17th on our list.
16. Igor Olenicoff
Net Worth (2024): $7.7 billion
Igor Olenicoff runs a real estate Empire in the United States Olen Properties. His company owns 17,000 residential units and 8 million square feet of office space across 8 US states. His net worth is valued at $7.7 billion, as of April 27.
15. Ivar Tollefsen
Net Worth (2024): $7.8 billion
Ivar Tollefsen owns a real estate company, called Fredensborg AS, which has 100,000 apartments across Europe. He is one of the richest billionaires in the real estate industry and has a net worth of $7.8 billion.
14. Leonard Stern
Net Worth (2024): $8.1 billion
Leonard Stern entered into the real estate business by acquiring a New Jersey Warehouse. His company, Hartz Mountain has over 260 real estate properties that are located mostly in New Jersey. As of April 27, he has a net worth of $8.1 billion.
13. Francis Choi
Net Worth (2024): $8.2 billion
Francis Choi is ranked 13th on our list of the richest billionaires in the real estate industry. He has earned his fortune through property investments and has a net worth of $8.2 billion, as of April 27.
12. Alexander Otto
Net Worth (2024): $8.6 billion
Alexander Otto owns a majority share of the leading commercial real estate company focused on developing shopping centers, ECE group. He also serves as the CEO of the company and has a net worth of $8.6 billion.
11. David Reuben
Net Worth (2024): $9.3 billion
David Reuben has earned his fortune from real estate and technology. He is one of the richest billionaires in the real estate industry and has a net worth of $9.3 billion.
10. Stephen Ross
Net Worth (2024): $10.1 billion
Stephen Ross founded the housing developing company, Related Companies in 1972. His company has developed and acquired over $60 billion worth of properties across the world. As of April 27, he has a net worth of $10.1 billion.
9. Mangal Prabhat Lodha
Net Worth (2024): $10.6 billion
Ranked 9th on our list, Mangal Prabhat Lodha is the founder of a top properties developer, Lodha Group. Founded in 1980, the company is now known as Macrotech Developers. He has a net worth of $10.6 billion, as of April 27.
8. Kwong Siu-hing
Net Worth (2024): $11.4 billion
Kwong Siu-hing served as the chairperson of Sun Hung Kai Properties Limited (OTC:SUHJY) from 2008 to 2011. She is also one of the biggest shareholders of the company. As of April 27, she has a net worth of $11.4 billion.
7. Manuel Villar
Net Worth (2024): $11.4 billion
Manuel Villar is the chairman of the leading property developer, Vista Land & Lifescapes. With a net worth of $11.4 billion, Villar is ranked 7th on our list of the richest billionaires in real estate.
6. Joseph Lau
Net Worth (2024): $13.1 billion
Joseph Lau is ranked 6th on our list of the richest billionaires in the real estate industry. He is the former chairman of Chinese Estates, a leading property developer. As of April 27, he has a net worth of $13.1 billion.
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Disclosure. None. 25 Richest Billionaires in Real Estate Industry is originally published on Insider Monkey.