From Refugee To Business Tycoon: Li Ka-Shing, Hong Kong's Richest Billionaire

Li Ka-Shing Is Looked To As The Warren Buffett Of The East In Terms Of His Business Savvy. With Interests Spanning Three Continents, The Hong Kong Tycoon Is Dubbed Superman For His Knack In Knowing When And Where To Invest.

- Grace Chng

“Always be industrious and the virtuous bear onerous duties.” This sums up the life philosophy of Hong Kong’s richest man, Li Ka-shing, Senior Advisor and Founder of Cheung Kong. Guided by a strong work ethic and steadfast business integrity, he built an extraordinary business empire in his seven decades as a businessman. His wealth topped US$31.7 billion, according to Forbes, which makes him the world’s 28th richest billionaire this year.

A slight man, the 91-year-old looks more like an amiable schoolmaster than an influential business tsar. A widower, his two sons now run various parts of his empire. He is always seen in a dark business suit with a conservative tie and white shirt. His empire spans 50 countries, his businesses touching the lives of millions of people. In Hong Kong, there is not a resident whose daily life did not involve an encounter with part of his empire. He generated electricity, sold groceries and beauty products, developed skyscrapers and connected people by mobile phone. Then there were his interests in ports and infrastructure.

His rags-to-riches story began when his family fled his family home in war-torn Guangdong province in Southern China. They settled in Hong Kong in 1940 to seek a better life. Two years later, Li’s father died from tuberculosis. As the eldest son, he worked to support his mother and siblings. He was in his mid-teens then.

Former journalist and academic Anthony B Chan, who wrote the only English biography of Li in 1996, described his industriousness. Working 16-hour days, including Sundays, he sold plastic belts and watchbands to retailers. He saved every penny. He forewent movies and skimped on haircuts, visiting the barber once every three months for crew cuts.