Rich list: HK, China dominate top 10

New World Development and Chow Tai Fook tycoon Cheng Yu Yung, who died in September, edges out Li Ka-shing as property billionaires dominate our top 10.

Since its inception, Li Ka-shing had topped FinanceAsia's annual rich list. Not this year.

Cheng Yu Tung, the late patriarch of the world’s largest jewellery retailer Chow Tai Fook and transport and property conglomerate New World Development, took the crown in our latest study.

Cheng, who died in late September aged 91, started his career as a gold-shop apprentice, married his boss’s daughter and then built a business empire with over 2,000 outlets in China and Hong Kong, earning revenue more than 70% higher than Tiffany Co. in the latest fiscal year.

But despite falling sales as the number...

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