We recently compiled a list of the 30 Wealthiest People in Hong Kong and in this article we will look at the richest person 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.
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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The Wealthiest Person in Hong Kong
1. Li Ka-shing
Net Worth as of June 23: $35.4 billion
Li Ka-shing is one of the most influential businessmen in Asia. He is ranked 1st on our list of the wealthiest billionaires in Hong Kong. He retired as the chairman of CK Hutchison Holdings and CK Asset Holdings in 2018, but serves as a senior advisor to the company. His company, now headed by his son, employs more than 300,000 people and operates across 50 nations. He also founded Cheung Kong Plastics at the age of 21. His social cause foundation, the Li Ka Shing Foundation has donated over $3.8 billion. Li Ka-shing has grown his wealth to $35.4 billion in 2024, up nearly 72% compared to 2020.
Curious to learn about other wealthy individuals in Hong Kong? Check out our report on the 30 Wealthiest People in Hong Kong.
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