Posted on: February 24, 2022, 08:27h.
Last updated on: February 24, 2022, 08:27h.
Forbes has updated its annual list of the richest people in Hong Kong with the latest figures. A handful of these are part of the global gaming industry, but, collectively, their total wealth has fallen since last year.
The past couple of years have been rough on the global gaming industry. COVID-19 brought the industry almost to its knees, and the uncertainty over Macau’s casino future hasn’t helped.
In addition to casino shutdowns everywhere, bans on tourism continue to hurt different markets. The US is starting to see a significant recovery, but other areas aren’t so fortunate. As a result, Forbes indicates that the wealthiest Hong Kong citizens, many of which have ties to gambling, have witnessed a decline in their aggregate value.
Hong Kong’s Wealthiest Stay Wealthy
The top 50 in Hong Kong are worth $328 billion, a drop of $3 billion from last year. This is despite the fact that over half of those on the list saw their wealth increase.
At the top of the list, making a reappearance for another year, is Li Ka-shing. The Zoom backer is worth an estimated $36 billion and saw his value drop while he retained the top spot.
Lee Shau Kee is in second place, with a fortune of $34.2 billion. These two have made their money in different areas of the real estate market.
All of the top 50 spots were names that have endured year after year, except one. The founder of Crystal International, Kenneth Lo, dropped off two years ago. However, he’s back, coming in at 50 with a value of $955 million. Last year, the minimum wealth of the top 50 was $1 billion.
Casino Moguls Take Significant Hits
In the gaming industry, a number of long-time heavyweights couldn’t do much to keep their values from falling. This is a direct result of the global pandemic and the changes coming to Macau. The crackdown on junkets also plays a role.
Galaxy Entertainment Group’s chairman, Lui Che Woo, and the Woo clan lost 28% of its fortune. The family is now worth $12.8 billion, according to the Forbes update.
Pansy Ho, who serves as the co-chair of MGM China, saw her wealth shrink by 17%, to $3.4 billion. One of the many daughters of casino entrepreneur Stanley Ho, who died in 2020, she is now in a legal battle with a few of the other 16 children he had. The family patriarch didn’t leave a will when he passed away.
The second-largest drop, by percentage, is in the fortune of Lawrence Ho. He is in charge of Melco Resorts and Melco International Development, and is also Pansy Ho’s younger brother. At $1.25 billion, his current fortune is 37% less than it was a year ago.
There’s another name on the list that has ties to the Ho family. Angelo Leong is the fourth widow of Stanley Ho and also the largest shareholder of SJM Holdings. She lost 12% over the last 12 months and is now worth $2.9 billion.