The city in southern China is home to one of the largest concentrations of billionaires in the world. However, according to the latest ranking of the 50 largest Hong Kong fortunes released Wednesday by Forbes, their cumulative wealth stood at 286.75 billion dollars (254.4 billion euros) in 2018, against 307 billion in 2017 (where it had increased 60 billion dollars).
Fall of the stock market by 9.4%
Pollyanna Chu, one of the city's most prominent businesswomen, suffered the biggest setback in fortune with a 75% drop in her revenue, to $ 3.3 billion, according to estimates by Forbes. The fall of the Hong Kong Stock Exchange, which lost 9.4% of its value last year, has strongly affected the results of its company Kingston Financial.
Galaxy Entertainment's chairman, Lui Che-woo, is not outdone: he lost $ 4.2 billion, while the slippage of casino prices in Macao has seriously undermined the fortune of Pansy Ho and his younger brother Lawrence .
If the wealth of the city's magnates is closely correlated with the evolution of the stock market, "the slowdown of the Chinese economy and the trade war between China and the United States" also played, told the analyst Dickie Wong, from Kingston Securities.
This is how Yeung Kin-Man and Lam Wai Ying, the couple behind Biel Crystal, the largest manufacturer of screens for iPhone, saw the net worth of its wealth reduced by $ 6.4 billion, a fall 57%. In question, the slowdown in sales of Apple, particularly marked in China.
Real estate prices fall by 10% in the last four months
The richest man in Hong Kong, Li Ka-shing, who has dominated the rankings since its first edition in 2008, has had to mourn $ 4 billion. But, with a wealth of 32 billion, he still ahead of real estate magnate Lee Shau Kee ($ 30 billion).
After a decade of near-continuous growth, the territory's housing market, one of the most expensive in the world, has begun to slow, with prices falling by around 10% in the last four months.
But not everyone has seen their wealth diminish. This is particularly the case with the king of oyster sauce Lee Man-tat, one of the big winners of 2018 whose fortune has doubled to $ 17.1 billion, making him the third richest man in the world. Hong Kong.