The Forbes list of Hong Kong’s 50 Richest 2023 notably features members of the Macau gambling industry, the majority of whom have seen significant profits over the past year as their casino empires start the arduous road to COVID recovery.
Four members of the Macau casino sector are included on this year’s list, led by jewelry tycoon Henry Cheng and his family, who are rated third on Forbes’ list with a wealth of US$28.9 billion. Cheng, who is in charge of Chow Tai Fook and New World Development, is a strategic investor in Australia’s Star Entertainment Group with a 4.99% stake and purchased Baha Mar, the largest resort in the Caribbean, from Chinese state creditors in 2016. He also owns a 10% stake in SJM Holdings’ parent company STDM.
Lui Che Woo, CEO of Galaxy Entertainment Group, is ranked eighth, not too far behind. Dr. Lui has moved up one spot and seen his wealth increase from US$12.8 billion to US$14.9 billion since last year.
Pansy Ho, co-chairwoman and executive director of MGM China, is ranked number 22 with a net worth of US$3.8 billion. In 2023, Ms. Ho rose six positions while her wealth increased by about US$600 million.
Lawrence Ho, the chairman and CEO of Melco Resorts, remained in place at number 46 with US$1.4 billion, while Angela Leong, the fourth wife of Dr. Stanley Ho and co-chairwoman and executive director of SJM Holdings, rose one spot to 32nd. According to Forbes, this was US$100 million more than he had a year prior.
Businessman Li Ka-shing tops the list of Hong Kong’s 50 Richest 2023 with US$39 billion, and textiles tycoon Kenneth Lo comes in at number 50 with US$965 million.
According to Forbes, Hong Kong’s GDP shrank by 3.5% in 2022 as a result of export disruptions and a decline in domestic demand. But, the outlook for a recovery improved when pandemic restrictions were loosened in the latter part of last year and quarantine-free travel was reinstated in January following a three-year break.
“Although the benchmark Hang Seng index has lost 12% of its value since we last assessed fortunes a year ago, the combined wealth of Hong Kong’s 50 wealthiest has only slightly decreased, to US$324 billion from US$328 billion.”
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Feb 24, 2023