Li Ka-shing is still the number one on the Forbes Hong Kong Rich List and it is the 87-year-old tycoon's 18th year in a row to be named Hong Kong's wealthiest.
According to Forbes, Hong Kong's richest man is still Li Ka-shing and he has not given up that spot for 18 straight years. He is currently worth US$31.3 billion based on the Forbes Hong Kong Rich List. However, his net worth suffered a big dent and is down by $2.2 billion. Ka-shing was unable to convince his shareholders to give the go signal for his plan to merge Cheung Kong Infrastructure Holdings and Power Assets Holdings in November 2015. He restructured his company last year and has the biggest shares in two holdings: CK Hutchison and Cheung Kong Property.
On Li-Ka-shing's tail is real estate businessman Lee Shau Kee with a net worth of $23.9 billion. He also suffered major setbacks and has seen his wealth shrink from $25 billion in 2015. His company, Henderson Land Development is heavily invested on property, energy and hotels among many others. Kee is also a well-known philanthropist and was given admission to the Chancellor's Court of Benefactors of Oxford University because of his generous donations over the years.
In a report by Forbes Asia, Ka-shing's Hutchison Holdings is seemingly trying to rewrite the history of its successful retail arm A.S. Watson. The drugstore chain has more than 12,000 stores in Hong Kong and many parts of Asia and Europe. It is the world's biggest retailer of health and beauty products. Last month, the company celebrated its 175th anniversary that pointed to its birth in 1841. However, investment banker and shareholder rights advocate David Webb and his company Webb-site Reports found out that Watson was older than 175 and has its origins in the mainland rather than Hong Kong.