Hong Kong's Richest

Last Updated: Feb 22, 2014, 06:50 IST2 min

Macau, the world’s biggest gambling centre, is booming—and pumping up the wealth of its top operators. Lui Che Woo, chairman of Galaxy casinos, has had his worth more than double for the second straight year, making him now the second-richest man in Hong Kong. But higher real estate taxes have hurt others.

$2.1 Billion is the revenue of Galaxy Entertainment Group, run by Lui Che Woo, in the third quarter of 2013, up 16 percent year-over-year.

1. Li Ka-Shing$32 billion The empire of Asia’s wealthiest person includes Cheung Kong, Hutchison Whampoa and Husky Energy.

2. Lui Che Woo$21 billion He had no experience in casinos when he bought a $1.1 billion Macau gaming licence in 2002 and hit the jackpot.

3. Lee Shau Kee$20 billion Last year’s No 2 slips one spot as tax increases hurt sales at his real estate company, Henderson Land.4. Kwok Family$17.5 billion Kwong Siu-hing and her sons are worth nearly $2 billion less after shares of Sun Hung Kai Properties sank.

5. Cheng Yu-tung$15.5 billion At 88, he is ailing and has turned over the chairmanship of his New World Development to his son Henry, 67.

6. JosePh Lau$9.7 billion The stock price of his Chinese Estates has doubled, bucking the trend in Hong Kong real estate.

7. MIchael kadoorIe$8.6 billion He helped make Hong Kong a world financial hub, but shares in his hotel and power companies have languished.

8. Peter Woo$7 billion His fortune fell by $1 billion as Wharf, which runs sho-pping malls, suffered in the weak real estate market.

9. Pansy Ho$6.8 billion The 51-year-old is the daughter and heir apparent of Macau gambling kingpin Stanley Ho.

10. Victor & William Fung$4.7 billion The brothers’ firm, Li & Fung, is the world’s largest supplier of goods to retailers such as Walmart and Target.

WINNERS Elon Musk +$1 billion Net worth: $7.9 billionElectric automaker Tesla Motors’s shares surge 16 percent after Musk announces 6,900 Model S deliveries in the quarter, blowing past expectations by 20 percent.

David Duffield +$750 million Net worth: $7.6 billionCloud computing firm Workday, which he cofounded in 2005, trades at an all-time high after an analyst upgrade. Shares are up 93 percent since its 2012 IPO.

Robert Duggan +390 million Net worth: $1.9 billionPharmacyclics’s shares have their best gain in five years after acing a clinical trial for Imbruvica, being developed jointly with Johnson & Johnson.

LOSERS

Richard Schulze –$840 million

Net worth: $2.2 billionAfter a triple-digit gain for its stock in 2013, Best Buy’s turnaround story hits a big speed bump when awful holiday sales trigger a 29 percent price drop. Leslie Wexner –$310 million Net worth: $5.7 billionThe CEO of L Brands, which owns Victoria’s Secret, has to cut its quarterly forecasts after margins turn out to be lower than expected.

Edward Lampert –$280 million Net worth: $3 billionA year after he named himself Sears’s CEO, weak holiday sales and negative earnings push the retailer’s shares down to their lowest level since 2012.

Figures reflect the change in value of publicly traded holdings from Dec 31, 2013 to Jan 16, 2014.Sources: Interactive Data via FactSet Research Systems Forbes

First Published: Feb 22, 2014, 06:50

Galaxy Entertainment GroupLui Che Woo

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