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6 out of 10 richest Chinese are aging, looking for successors

Last Updated: Tuesday, April 16, 2013 - 10:11

Zee Media Bureau

New Delhi: In the list of richest Chinese published by Forbes magazine, six out of top 10 richest people are aged above 80 and looking for their successors, according to a report in Global Times.

Topping the list of richest Chinese people is the eighty-four-year-old Hong Kong tycoon Li Ka-shing. Li has topped the list for the 15th consecutive year with wealth of $31 billion.

The youngest richest to be in the top ten list is, sixty-seven-year-old Zong Qinghou, chairman of beverage maker Hangzhou Wahaha Group. He ranks ninth on the list with a wealth of $11.6 billion, which also makes him the richest mainlander this year.

The number two spot has been taken by Henderson Land's chairman Lee Shau-kee with US$20.3 billion. Lee is a real estate tycoon and he is 85 years old. He is followed by Sun Hung Kai Properties's co-chair Thomas Kwok Ping-kwong and Raymond Kwok Ping-luen with US20 billion in the third place.

Cheng Yu-tung, 87, of New World Development took the fourth place.

According to reports, company founders tend to retire older because their influence within the firms could mean their retirement would disturb operations.

The website quoted Russell Flannery, Forbes' Shanghai bureau chief, saying that companies led by their founders are planning to turn over leadership to the next generation of the same family.

"The more children involved, the more complicated the balancing act can become," he said.

First Published: Tuesday, April 16, 2013 - 10:11
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