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Buoyed by an uptick in tourism and consumption, Hong Kong’s economy grew an estimated 3.2% in 2023. Even so the post-pandemic recovery has been slower than expected amid a stagnant property sector and sluggish exports. With an IPO drought, the benchmark Hang Seng index declined 28% since we last measured fortunes a year ago. The collective net worth of Hong Kong’s 50 richest tycoons contracted by 9% to $296 billion.<br/><br/>Overall, 30 list members saw their fortunes fall, including Li Ka-shing, who retained the prime spot even as his net worth declined to $36.2 billion. Shares of Li’s property developer CK Asset Holdings, which has been reducing prices of its residential projects to boost demand, were down by a third from last year.<br/><br/>The list was compiled using information from individuals, analysts, government agencies, stock exchanges, databases and other sources. Net worths were based on stock prices and exchange rates as of the close of markets on Feb. 2 and real-time net worths on Forbes.com may reflect different valuations. The ranking lists both individual and family fortunes, including those shared among relatives. Private companies were valued by using financial ratios and other comparisons with similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the city, or citizens who don’t reside in the city but have significant business or other ties to the city. The editors reserve the right to amend any information or remove any listees in light of new information.<br/><br/>Read the full story on Forbes: https://www.forbes.com/sites/janeho/2024/02/21/hong-kongs-50-richest-2024-collective-wealth-slumps-in-a-gloomy-property-and-trade-landscape/?sh=2620080a2176<br/><br/>Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/>Stay Connected<br/>Forbes newsletters: https://newsletters.editorial.forbes.com<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com<br/><br/>Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.
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Australians are losing almost $1 dollars a year to card surcharges, but the Reserve Bank could mandate a scheme to cut the costs. Least-cost routing means terminals in businesses automatically default to the lowest-price network.
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Adrian Gee
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ANTalks
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Andy McManus Neilson has been cooking for the People of Glasgow for years now and has experience in restaurants all over the city. For Lebowskis, his aim was to create good fun food that’s value for money.
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Investigation Discovery
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Devon Loren
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Time to focus on your financial health! Debt is the love handle of the financial world. Here are some real and tangible solutions to slim down what you owe from 3 financial experts Nicole Lapin, Lynette Khalfani-Cox, and Ric Edelman.
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Cakes u0026 Eclairs
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