Hong Kong second wealthiest tycoon Lee Shau Kee bows out

Hong Kong’s second-richest man Lee Shau Kee steps down as Henderson Land chairman. (Bloomberg pic)

HONG KONG: The elder Lee posed for photos and waved at reporters before his sons slowly led him out.

Hong Kong’s original billionaires are lionised in the financial hub, held up as living symbols of the city’s economic rise and international clout.

But critics also see them as the embodiment of Hong Kong’s rampant inequality, sitting at the top of enormously wealthy family dynasties who captured key sectors of the economy in a city where many increasingly struggle to make ends meet.

According to Wealth-X’s 2019 Billionaire Census, New York is the only city in the world to boast more billionaires than Hong Kong, 105 versus 87.

Many of Hong Kong’s most famous billionaires have worked well into their eighties and nineties.

The city’s wealthiest tycoon Li Ka-shing, 90, only retired last year, handing the baton to his oldest son Victor.

Hong Kong gambling tycoon Stanley Ho, known as the “godfather” of Macau casinos, also stepped down last year aged 96 as his daughter Daisy took over his flagship SJM Holdings