The wealth of the big names on Forbes' list of the top 50 richest people in Hong Kong in 2024 fell to $296 billion from $324 billion last year. Overall, 30 members of the list saw their wealth decline, with Li Ka-shing maintaining the top spot despite a drop in net worth to $36.2 billion.
"The post-pandemic recovery has been slower than expected," it said in a press release on Thursday, despite Hong Kong's economy growing by about 3.2% in 2023, "due to a sluggish IPO [IPO] market and a depressed real estate sector," it added.
"The benchmark Hang Seng index has fallen 28% since its fortunes were last measured a year ago."
Among the three billionaires not cut this year were U.S.-listed Melco Resorts & Entertainment Limited and Hong Kong-listed Chairman and Chief Executive Officer Lawrence Hoya-Lung (pictured).
Mr. Ho, a gaming mogul and the son of former Macau monopoly Stanley Ho Hong Sun, has been on the list for a decade and last year ranked 46th with a net worth of $1.4 billion.
According to Forbes, Mr. Ho has seen a "remarkable decline this year," as shares of Melco International have "nearly halved in the past 12 months amid widespread industry selling."
The 2024 "Hong Kong's 50 richest people" list shows Lui Che Woo, chairman of the Hong Kong-listed Galaxy Entertainment Group Ltd., ranks highest among Hong Kong's wealthy in casinos and games, despite a drop in net worth to $12.1 billion from $14.9 billion a year ago.
Mr. Lui, who is also chairman of Hong Kong-listed real estate developer K. Wah International Holdings Ltd., remains seventh in this year's rankings.
Pancy Ho Chiu King, co-chairman of MGM China Holdings Ltd, saw her net worth drop to $3.7 billion from $3.8 billion a year ago. She held the 22nd spot on this year's list.
Ho, Ho's sister, is also chairman of Sun Tak Holdings, a Hong Kong-listed real estate, shipping and accommodation conglomerate. The latter invests in hotels and real estate in Macau and operates ferry services to and from Hong Kong and Macau.
Angela Leong On Kei, director of SJM Holdings Ltd., who has invested in real estate, ranked 33rd on the most recent Forbes list, compared to 32nd in the previous year. Her net worth is now $2.4 billion, compared to $2.7 billion a year ago.
Hong Kong billionaire Henry Cheng Kar Shun and his family currently have net worth of $22.1 billion, staying in third place compared to $28.9 billion a year ago. The Cheng family is known for its business and investment portfolios that range from jewelry to real estate development and accommodation. It also supports investment in casinos
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