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The richest family in Hong Kong lost $8 billion in the past year — and it shows just how uncertain the city's future is



thomas kwok raymond kwok

  • Hong Kong’s richest family, the Kwoks, are $8 billion less rich than they were 12 months ago, Bloomberg’s Venus Feng and Blake Schmidt reported.
  • The Kwok brothers inherited their $30 billion fortune from Sun Hung Kai Properties, the real-estate developer founded by their late father.
  • The Kwoks’ net worths began to plummet shortly after the protests began because they are unusually exposed to the sectors hit hardest by the economic unrest from the city’s ongoing protests: retail and tourism.
  • Even before more than a year of social unrest and Beijing’s new security law cast doubts on the city’s future, Hong Kong’s billionaires had the most volatile net worths in the world.
  • Many ultrawealthy Hong Kongers are expected to try to emigrate from the city in the coming months, and one real-estate developer even proposed building a new city in the Irish countryside to house the expats.
  • Visit Business Insider’s homepage for more stories.

SEE ALSO: Boardroom battles, bribery, and kidnapping: Meet Hong Kong’s richest family, who has lost over $2 billion since the protests began

DON’T MISS: A Hong Kong real-estate tycoon wants to build a new city in Ireland for 50,000 emigrants fleeing China’s crackdown

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