Stock Market Rally Lifts Wealth But Property Woes Linger

This story is part of Forbes’ coverage of Hong Kong’s Richest 2025. See the full list here.

Though Hong Kong’s economy grew at a modest pace of 2.5% in 2024, China’s stimulus measures lifted investor sentiment, driving up the benchmark Hang Seng index by more than a third from a year ago. But with lingering property woes and looming trade tensions, the collective net worth of Hong Kong’s 50 richest tycoons only edged up to $301 billion from $296 billion last year.

The wealth of 30 list members increased, led by Li Ka-shing, who continues to hold the top spot with his fortune up slightly to $37.3 billion. While the prolonged downturn in the property market knocked down shares of his flagship CK Asset Holding, other better-performing investments in his portfolio, such as videoconferencing giant Zoom Communications, made up for the slack. Real estate magnate Lee Shau Kee held on to his perch as the city’s second-richest with a net worth of $29.2 billion. His Henderson Land Development’s latest Hong Kong landmark is The Henderson, a $3.3 billion, 36-story office tower.

Property and jewelry tycoon Henry Cheng remained at No. 3 but his fortune, shared with his family, fell the most in dollar terms by $2.6 billion to $19.5 billion. Shares of his Chow Tai Fook Jewellery Group slumped as demand in China slowed. Another blow was from Cheng’s debt-laden property arm New World Development, which said it had received offers for its various assets, including a Hong Kong mall under its flagship K11 brand.

Alibaba cofounder and chairman Joseph Tsai recorded the biggest dollar gain of $2.3 billion this year, thanks partly to rising Alibaba shares following the January release of a new version of its AI model Qwen. A passion for sports also paid off: Tsai sold a 15% stake in BSE Global, which owns NBA team Brooklyn Nets, for $688 million to American billionaire Julia Koch. Buoyant demand for sports apparel drove up shares of clothing manufacturer Crystal International Group, supplier to brands such as Uniqlo and Lululemon. That boosted cofounder Kenneth Lo’s wealth by 64% to $1.8 billion, making him the biggest gainer in percentage terms.

A new face this year is that of Francis Lui, the eldest son of casino mogul Lui Che Woo, who died last November. Francis, who shares his fortune with family, was vice chairman of Galaxy Entertainment Group, one of the largest gaming and hospitality companies in Macau, before he was named as its chairman in December. The other newcomer is Yang Qiumei, who inherited a stake in Chinese AI giant SenseTime from her late husband Tang Xiao’ou, cofounder of the company, who died in 2023.

The sole returnee this year is Zhuo Jun, who inherited shares in Shenzhen Kinwong Electronic more than a decade ago from her late husband. The printed circuit board maker’s stock nearly doubled in the past 12 months as demand from auto-related and server companies shot up. Two from last year dropped off including Li Sze Lim, cofounder of Guangzhou, China-based R&F Properties, which got weighed down by debt amid China’s property crisis.

The cutoff this year rose to $1.4 billion from $1.1 billion.

Full Coverage of Hong Kong’s Richest 2025:

Editing assistance and reporting by Anuradha Raghunathan. Reporting by Gloria Haraito, John Kang, Zinnia Lee, Chengbo Liu, Phisanu Phromchanya, Yessar Rosendar, Jessica Tan, Catherine Wang and Yue Wang.

Methodology:

The list was compiled using information from individuals, analysts, government agencies, stock exchanges, databases and other sources. Net worths were based on stock prices and exchange rates as of the close of markets on Feb. 7 and real-time net worths on Forbes.com may reflect different valuations. The ranking lists both individual and family fortunes, including those shared among relatives. Private companies were valued by using financial ratios and other comparisons with similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the city, or citizens who don’t reside in the city but have significant business or other ties to the city. The editors reserve the right to amend any information or remove any listees in light of new information.

Acknowledgments:

Special thanks to Euromonitor International, JLL research team, Knight Frank, Veson Nautical and other experts who helped us with our reporting and valuations, including Marina Bracciani, JLL; Gigi Cheuk, UOB Kay Hian; Will Chu, CGS International Securities Hong Kong; Michelle Ciesielski, McGrath Estate Agents; Kate Luang, UOB Kay Hian; Michael Nhu, CBRE; Rachael Rothman, CBRE; Govinda Singh, Colliers; Daniel Stocker, JLL.