Macau gaming industry figures have featured prominently on the Forbes list of Hong Kong’s 50 Richest 2023, with most enjoying strong gains over 12 months ago as their gaming empires begin their long journey towards COVID recovery.
This year’s list features four representatives of the Macau gaming industry, led by jewellery magnate Henry Cheng and family who are ranked third on Forbes’ list with a fortune of US$28.9 billion. Cheng, who oversees Chow Tai Fook and New World Development, also holds a 10% stake in SJM Holdings parent firm STDM, is a strategic investor in Australia’s Star Entertainment Group with a 4.99% stake and in 2016 acquired Baha Mar, the largest resort in the Caribbean, from Chinese state creditors.
Not too far behind in seventh spot is Galaxy Entertainment Group Chairman Lui Che Woo. Dr Lui ranks one place higher than he did a year ago and has seen his fortune grow further from US$12.8 billion last year to US$14.9 billion.
Ranking 22nd is MGM China Co-Chairperson and Executive Director Pansy Ho with a US$3.8 billion fortune. Ms Ho moved six places higher in 2023 while her fortune grew by around US$600 million.
Meanwhile, the fourth wife of Dr Stanley Ho – SJM Holdings’ Co-Chairman and Executive Director Angela Leong – moved one place higher to 32nd with US$2.7 billion to her name, while Melco Resorts Chairman and CEO Lawrence Ho held steady in 46th with US$1.4 billion. This was US$100 million more than he held a year ago, according to Forbes.
Topping Hong Kong’s 50 Richest 2023 is businessman Li Ka-shing with US$39 billion while textiles guru Kenneth Lo rounded out the list with US$965 million.
Forbes said, “Hong Kong’s economy contracted by 3.5% in 2022, as export disruptions and weaker domestic demand took their toll. But the outlook for a recovery turned positive as pandemic curbs were eased late last year and quarantine-free travel resumed in January after a three-year hiatus.
“While the benchmark Hang Seng index declined 12% since we last measured fortunes a year ago, the collective wealth of Hong Kong’s 50 richest by comparison dipped only slightly to US$324 billion from US$328 billion.”
View the full list here.
