Hong Kong: Macau gambling tycoon Lui Che-woo has replaced Hong Kong multi-billionaire Li Ka-shing as Asia's richest man, according to Bloomberg on Friday.
Lui, the head of Macau casino operator Galaxy Entertainment, saw his fortune rise $3.5 billion this month to $29.6 billion, about $100 million ahead of Li, whose fortune stood at $29.5 billion on the Bloomberg Billionaires Index on Thursday.
Lui's family fled war-torn China for Hong Kong in 1934 where he reportedly made money selling food on the streets of the former British colony at the age of 13.
He made his first fortune after World War II when he imported construction equipment, left by US forces in Okinawa, to the city.
The 84-year-old made entered the Macau gambling market with Galaxy after it opened up in 2002, after a four-decade monopoly held by Hong Kong gambling mogul Stanley Ho ended.
Galaxy, which saw its shares rise more than 100 percent in 2013, is one of six firms licensed to operate casinos in Macau, the world's biggest gaming hub, which was handed back to Beijing in 1999 and remains the only Chinese city where casino gambling is allowed.
Macau's gambling revenue jumped 18.6 percent to a record $45 billion in 2013, official figures showed earlier in the month.
According to Forbes Magazine's 2014 Hong Kong rich list, Lui is still behind Li, however.
Released this month, it places Lui's net worth at $21 billion behind Li's $32 billion.
Li Ka-shing started out in business as a plastic flower-maker but now commands a vast empire through Cheung Kong Holdings and Hutchison Whampoa, with global assets in property, telecoms, utilities, ports and retail.
The 85-year-old was Asia's richest man starting April 2012 after he surpassed Indian billionaire Mukesh Ambani, according to the index.
The Bloomberg Billionaires Index lists American Jim Walton, founder of retailer Wal-Mart, as the richest in the world, with a fortune of $36.5 billion.
He was followed by Amazon's Jeff Bezos with a net worth of $35.7 billion.
The index, which ranks Lui and Li at 21 and 22, is a daily ranking of the world's richest people.
Lui, the head of Macau casino operator Galaxy Entertainment, saw his fortune rise $3.5 billion this month to $29.6 billion, about $100 million ahead of Li, whose fortune stood at $29.5 billion on the Bloomberg Billionaires Index on Thursday.
Lui's family fled war-torn China for Hong Kong in 1934 where he reportedly made money selling food on the streets of the former British colony at the age of 13.
The 84-year-old made entered the Macau gambling market with Galaxy after it opened up in 2002, after a four-decade monopoly held by Hong Kong gambling mogul Stanley Ho ended.
Advertisement
Macau's gambling revenue jumped 18.6 percent to a record $45 billion in 2013, official figures showed earlier in the month.
Advertisement
Released this month, it places Lui's net worth at $21 billion behind Li's $32 billion.
Advertisement
The 85-year-old was Asia's richest man starting April 2012 after he surpassed Indian billionaire Mukesh Ambani, according to the index.
Advertisement
He was followed by Amazon's Jeff Bezos with a net worth of $35.7 billion.
Advertisement
COMMENTS
Advertisement
S Jaishankar's 5-Year Prediction Amid West Asia War Fears, US Election 3 Kashmiri Scientists Discover New Species Of Hoverfly World's Richest Lose $134 Billion In Stock Slump, Led By Jeff Bezos Trump, Musk Groove To Bee Gees' 'Stayin' Alive' In AI-Video Now Viral 150 mg Semen In Kolkata Doctor's Body, Suspect Gang-Rape: Parents To Court "Want To Ask Congress...": Mamata Banerjee Snaps At Ally In Rape-Murder Case US Judge Says "Monopolist" Google Can't Avoid App Store Reforms NASA To Decide Stranded Starliner Astronauts' Route Home By End Of Month Mob Vandalises Hospital During Protest Over Kolkata Horror Track Latest News Live on NDTV.com and get news updates from India and around the world.