|
Hong Kong may be a bastion of free market enterprise and the closest an Asia gets to be a "land of opportunity", however, this environment also creates an opportunity for wealth to become concentrated in the hands of only a few individuals.
Hong Kong's business scene closely resembles America in the early 1900s when a handful of industrialists controlled the economy - the Rockefeller's, Carnegie's, Vanderbilt's, and Morgan's of the U.S. have equivalents in current day Hong Kong - Li Ka Shing, Lee Shau Kee, Cheng Yu-Tung, Lui Che Woo, and Thomas and Raymond Kwok control most aspects of Hong Konger's daily lives. As a CNN Money article explains, the five men wield an extraordinary amount of influence over local business and by extension local politics. Each of the men have business holdings that have expanded into mainland China, and therefore Beijing, may influence these tycoons, who in turn influence Hong Kong politics. The Hong Kong "Umbrella Democracy" protests in the fall of 2014 had as much to do with income inequality and the concentration of wealth in these men's hands as it did with the freedom to vote. LI KA SHING The wealthiest person in Asia. He started in plastic manufacturing and eventually expanded empire to include real estate holdings, container ports, electronics, and telecom - recently announced acquisition of O2, one of the UK's leading wireless companies. Li's companies also control 13% of worldwide container ports. Some of his more recognizable retail brands include Watson's, Park'n'Shop, and Fortress electronics. His companies comprise 15% of the Hong Kong Stock Exchange's market capitalization. LEE SHAU KEE The 19 wealthiest person in the world. He made most of his wealth through financial and real estate investment. Most of the financial investments were through mainland China based bank and energy companies. The most notable and visible of his real estate holdings is the International Finance Centre (IFC) Tower that dominates the Kowloon skyline. |
From CNN Money:
|
CHENG YU-TUNG
Another retail and real estate tycoon who's most visible holding is the Chow Tai Fook jewelry stores which can be found all over Hong Kong. Cheng built a broad and diversified business empire from these stores.
LUI CHE WOO
The second wealthiest person in Asia. Lui started in the construction industry and eventually expanded into hotels and casinos. He was one of the first to open casinos in Macau through his Galaxy Entertainment Group subsidiary.
THOMAS AND RAYMOND KWOK
The Kwok Brothers own and operate Sun Hing Kai Properties, the largest property developer in Hong Kong. In December 2014, Thomas Kwok was sentenced to five years in prison for a government bribery crime. Rafael Hui, his government accomplice, received seven years.
What's interesting to note is that each of these men, except for the Kwok brothers, are in their 80s. While each is supposedly in good health and still active in their businesses at some point there will be a transition to a younger generation. Hong Kong's growth over the past thirty years highlights both the good and bad of free market enterprise. While city services and infrastructure have improved, wealth has concentrated in the hands of a few individuals and rising costs, particularly in housing, is attributed to this concentration of wealth. Like most other parts of the world, income inequality and the role of government, is a major discussion topic in the lives of Hong Konger's.
Another retail and real estate tycoon who's most visible holding is the Chow Tai Fook jewelry stores which can be found all over Hong Kong. Cheng built a broad and diversified business empire from these stores.
LUI CHE WOO
The second wealthiest person in Asia. Lui started in the construction industry and eventually expanded into hotels and casinos. He was one of the first to open casinos in Macau through his Galaxy Entertainment Group subsidiary.
THOMAS AND RAYMOND KWOK
The Kwok Brothers own and operate Sun Hing Kai Properties, the largest property developer in Hong Kong. In December 2014, Thomas Kwok was sentenced to five years in prison for a government bribery crime. Rafael Hui, his government accomplice, received seven years.
What's interesting to note is that each of these men, except for the Kwok brothers, are in their 80s. While each is supposedly in good health and still active in their businesses at some point there will be a transition to a younger generation. Hong Kong's growth over the past thirty years highlights both the good and bad of free market enterprise. While city services and infrastructure have improved, wealth has concentrated in the hands of a few individuals and rising costs, particularly in housing, is attributed to this concentration of wealth. Like most other parts of the world, income inequality and the role of government, is a major discussion topic in the lives of Hong Konger's.