In this article, we will look at the 30 Wealthiest People in Hong Kong.
Hong Kong’s Economy: An Outlook
According to the IMF, Hong Kong has a gross domestic product of $406.78 billion, as of 2024. In the first quarter, the economy rose at a steady pace of 2.7% YoY, fueled by growth in the export of services and goods. Nonetheless, it experienced a slight decline from the previous quarter which recorded a 4.3% growth. The private consumption and investment expenditure also continued their upward trajectory in Q1. The labor market restrictiveness persisted in the quarter. However, the unemployment and underemployment rates stayed low at 3% and 1.1%, respectively. The first three months of 2024 witnessed a solid growth in employment earnings. The year exhibits a positive outlook, with GDP growth forecasted between 2.5% and 3.5%. Inflation is predicted to be around 1.7% and 2.4% for underlying and headline prices, respectively.
Hong Kong has one of the largest stock exchanges in the world. In 2024, the financial market in Hong Kong remained under pressure, with its local stock market experiencing a downturn in the first quarter. The Hang Seng Index closed Q1 3% down from the end-2023, fueled by elevated geopolitical conflict and tempered expectations concerning US rate cuts.
Wealth Disparity in Hong Kong
According to a report by Stanford, the income share earned by the top 1% of the region’s population, grew from 10.7% to 16.3% over the past 40 years. However, the wage share earned by the bottom 50% declined to 18.7%. The capital share of the economy doubled, majorly benefitting the ones in the highest income bracket. The total wealth of Hong Kong is concentrated by 0.001% richest of the total population, accounting for more than half of its income.
Which Sector Contributes the Most to Hong Kong’s GDP?
Hong Kong is an international financial center and is home to one of the biggest financial markets in the world. The financial services and insurance sector contributes the highest to its GDP. As of 2022, the services sector accounts for 93.5% of Hong Kong’s economy, of which financial and insurance services hold a 22.4% share. The finance sector provided 276,200 jobs in 2022, representing 7.5% of the total employment. AIA Group Limited (OTC:AAGIY) is the largest company in Hong Kong by market cap and is also one of the largest insurance companies in the world. The Asian insurer has a presence that extends over 18 markets. It is a major player in the industry, boasting $276 billion in assets under investment. It caters to a huge clientele, securing the future of more than 42 million individuals by providing exceptional individual policies. It also boasts a strong portfolio in group insurance schemes, providing services to over 18 million members.
AIA Group Limited (OTC:AAGIY) recorded a noteworthy financial year, recording a 33% rise in the value of new business (VONB) and reaching $4 billion (excluding the effect of fluctuating Asian currency), fueled by its strong presence in markets including Hong Kong, China, India, and ASEAN. Another key factor that led to its growth is its network of strategic distribution partners, responsible for a 58% increase in its VONB in 2023. This marks a drastic comeback following the sales drop after the pandemic in 2022. Moreover, the company’s increased focus on technology and digital improvements has enhanced the customer experience. The company has successfully implemented its technology, data, and analytics (TDA) program which it started in 2020, to transform its operations. The insurer has made a staggering $800 million investment in TDA initiatives. Its distribution channels are now digitally enabled working in their full capacity. AIA logged a $1.2 billion Annualized Net Premium (ANP) through digital leads in 2023. It has more than 20 million digital users on its apps. The company plans to leverage its digital capabilities for further growth through generative AI.
AIA is focused on capturing the customer base in Asia’s life and health insurance market. It aims to engage 1 billion people in its insurance policies by 2030, to promote a healthier lifestyle in Asia. It also plans to amplify growth with a focus on expanding its operations and customer reach. Recently on May 27, AIA Group Limited (OTC:AAGIY) opened its redeveloped headquartered in Wan Chai, Hong Kong. This is the first urban campus, owned, operated, and solely occupied by the company. This will help AIA continue its long-term growth and reach its goals for a healthier Asia.
A lone businessman in the financial district of Central, Hong Kong, surrounded by a skyline of high rise buildings.
Methodology
To compile our list of the 30 wealthiest people in Hong Kong, we consulted the real time billionaires data from Forbes and ranked the wealthiest people in Hong Kong in ascending order of their net worths, as of June 23.
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30 Wealthiest People in Hong Kong
30. Tung Chee Hwa
Net Worth as of June 23: $2.6 billion
Tung Chee Hwa is ranked among the wealthiest people in Hong Kong. He is the eldest son of the shipping mogul, Tung Chao Yung, who was the founder of one the largest shipping companies in Hong Kong. Chee Hwa ran the company, Orient Overseas for 14 years and later passed it over to his brother to serve as the CEO. In 2018, the brother sold a 68.7% stake to China shipping giant COSCO, gathering $4.34 billion. As of June 23, Tung Chee Hwa has a net worth of $2.6 billion.
29. Patrick Lee
Net Worth as of June 23: $3.0 billion
Patrick Lee started an industrial-packaging company called, Lee & Man Paper, which is now run by his sons, Raymond and Edmund. The billionaire also started a chemical production company in 2006, called Lee & Man Chemical now headed by his other son, Norman. Lee is ranked 24th on our list, with a net worth of $3 billion.
28. Ronald McAulay
Net Worth as of June 23: $3.1 billion
Ronald McAulay has a large stake in the power company, CLP Holdings, chaired by his brother-in-law Michael Kadoorie. He also has shares in the Hong Kong and Shanghai Hotels. McAulay is one of the richest billionaires in Hong Kong, with a net worth of $3.1 billion.
27. Rita Tong Liu
Net Worth as of June 23: $3.3 billion
Rita Tong Liu is the founder and chairman of Gale Well Group, which owns premium office buildings in Hong Kong including the China Insurance Group Building and Austin Plaza, along with entire floors at Grand Millennium Plaza, Shun Tak Centre, and Lippo Centre. Her net worth is $3.3 billion, as of June 23.
26. Tung Chee Chen
Net Worth as of June 23: $3.4 billion
Tung Chee Chen was the chairman and CEO of Orient Overseas. He and his brother sold their entire stake in the company to China shipping giant COSCO. His net worth is $3.4 billion.
25. Zeng Fangqin
Net Worth as of June 23: $3.5 billion
Zeng Fangqin is the chairman of a parts supplier of digital gadgets, Lingyi Technology. Its major clients are Apple and Huawei. In March 2018, He listed the company on the Shenzhen Stock Exchange for nearly $3.2 billion. As of June 23, he has a net worth of $3.5 billion.
24. Cho Tak Wong
Net Worth as of June 23: $3.6 billion
Cho Tak Wong chairs the leading auto glass manufacturer, Fuyao Glass Industry Group. The company provides auto glass to leading automakers in the world. As of June 23, he is worth $3.6 billion.
23. Edwin Leong
Net Worth as of June 23: $3.6 billion
Edwin Leong is the son of a comprador of British trading house Jardine Matheson, Henry G. Leong. He ventured into retail and commercial properties through Tai Huronng Fai Enterprise. His other businesses include the mass residential market, which he started during the pandemic. He is the founder of the Tai Hung Fai Charitable Foundation and has a net worth valued at $3.6 billion.
22. Samuel Tak Lee
Net Worth as of June 23: $3.6 billion
Samuel Tak Lee is the owner of retail and office space manager, Langham Estate. His holdings consist of up to 14 acres, with his property empire stretching from Hong Kong to Geneva. He is ranked 22nd on our list of the wealthiest people in Hong Kong.
21. Pansy Ho
Net Worth as of June 23: $3.9 billion
Pansy Ho is the chairman of a property development company in Hong Kong, Shun Tak Holdings. She is also a major shareholder in casino operators, MGM China and SJM. She is worth $3.9 billion, as of June 23.
20. Richard Li
Net Worth as of June 23: $4.4 billion
Richard Li is the son of the richest billionaire and chairs the investment company, Pacific Century Group, which has interests in finance, technology, and property. He has a net worth of $4.4 billion.
19. Li Ping
Net Worth as of June 23: $5.1 billion
Li Ping is the vice chairman of the battery supplier, Contemporary Amperex Technology (CATL). Founded in 2011, CATL supplies batteries for electric vehicles. The company’s notable clients include BMW and Volkswagen. His net worth is $5.1 billion.
18. Wu Jianshu
Net Worth as of June 23: $5.5 billion
Wu Jianshu is the chairman of a leading company supplying vibration, acoustic, and suspension products for the auto industry, Ningbo Tuopu Group. He has a net worth of $5.5 billion and is ranked 18th on our list of the wealthiest billionaires in Hong Kong.
17. Ruan Xueping
Net Worth as of June 23: $6.4 billion
Ruan Xueping is the vice chairman and co-founder of the power-strip supplier, Gongniu Group. As of June 23, his net worth is $6.4 billion.
16. Michael Kadoorie
Net Worth as of June 23: $6.4 billion
Michael Kadoorie is the chairman of the power company, CLP Holdings, which serves 80% of Hong Kong’s population. He also chairs the luxury hotel chain, Hongkong and Shanghai Hotels. His net worth is $6.4 billion, as of June 23.
15. Ruan Liping
Net Worth as of June 23: $6.5 billion
Ruan Liping is the chairman of Gongniu Group, which he co-founded with his brother. He is one of the richest billionaires in Hong Kong, with a net worth of $6.5 billion.
14. Law Kar Po
Net Worth as of June 23: $7.7 billion
Law Kar Po is the chairman of Park Hotel Group, which manages hotels across Asia. He is the 14th wealthiest person in Singapore, with a net worth of $7.7 billion as of June 23.
13. Wang Laichun
Net Worth as of June 23: $8.2 billion
Wang Laichun is ranked 13th on our list. She is the chairman of Luxshare Precision Industry, a leading electronics manufacturer. Before setting up Luxshare, Wang worked for Hon Hai Precision Industry for 10 years. She founded the company with his brother who serves as the vice chairman of the company.
12. Francis Choi
Net Worth as of June 23: $8.2 billion
Francis Choi is the chairman and founder of the leading toymaker, Early Light International. He also chairs the Regal Hotels International. He is also the owner of Unique Timepiece Group, a luxury watch retailer, now run by his son. He is ranked 12th on our list.
11. Zhou Qunfei
Net Worth as of June 23: $8.3 billion
Zhou Qunfei is the chairman of the touchscreen maker, Lens Technology. It supplies its products to Apple, Samsung, Huawei, Tesla, and BYD. Qunfei ranks 11th on our list, with a net worth of $8.3 billion.
10. Wang Laisheng
Net Worth as of June 23: $8.4 billion
Wang Laisheng is the vice chairman of the publicly listed electronics manufacturer, Luxshare Precision Industry which he founded with his sister. As of June 23, he has a net worth of $8.4 billion.
9. Xu Hang
Net Worth as of June 23: $9.4 billion
Xu Hang is the director and co-founder of a leading medical devices supplier, Shenzhen Mindray Bio-Medical Electronics. The company was founded in 1991 in Shenzhen. Hang also owns the real estate developer, Parkland Group. He is one of the wealthiest people in Hong Kong.
8. Gong Hongjia & family
Net Worth as of June 23: $9.8 billion
Gong Hongjia raised his fortune from his stakes in Hangzhou Hikvision Digital Technology, a surveillance products supplier. He is also the chairman of Vcanbio Cell & Gene Engineering, a leading cell and gene engineering company. In December 2022, he bought a 2.4% stake in C-Mer Eye Care Holdings. The family is worth $9.8 billion, as of June 23.
7. Lui Che Woo
Net Worth as of June 23: $11.0 billion
Lui Che Woo is the chairman of the leading casino companies, Galaxy Entertainment Group and property developer K. Wah International Holdings. He is one of the richest billionaires in Hong Kong, with a net worth of $11 billion.
6. Kwong Siu-hing
Net Worth as of June 23: $11.2 billion
Kwong Siu-hing served as the chairman of Sun Hung Kai Properties, which her late husband co-founded, from 2018 to 2011. She is the biggest shareholder in the company and is worth $11.2 billion.
5. Peter Woo
Net Worth as of June 23: $12.8 billion
Peter Woo was the chairman of the property company, Wheelock & Co. and its main subsidiary, Wharf Holdings. He stepped down in 2015 and passed the company to his sons. He is ranked 5th on our list of the wealthiest people in Hong Kong.