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Asia’s Richest Man Li Says Net Worth Calculations Are Accurate

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Billionaire Li Ka-shing
Li Ka-shing, chairman of Cheung Kong Holdings Ltd. and Hutchison Whampoa Ltd. Photographer: Lam Yik Fei/Bloomberg

March 3 (Bloomberg) -- Li Ka-shing, Asia’s richest man, said his wealth is in line with what’s reported in the international media one day after saying his net worth was at least 40 percent underestimated.

His comments on Feb. 28 referred to how foreign magazines didn’t previously account for his stake in Canadian oil and gas producer Husky Energy Inc., he clarified at a briefing the following day.

“The current calculations of my assets by international media are correct,” Li said a briefing on March 1. “When I talked about media underestimating my assets yesterday, I was talking about a miscalculation that occurred over 10 years ago when not many people knew I was the major shareholder of Husky Energy.”

The 85-year-old Li is ranked 22nd on the Bloomberg Billionaires Index with a net worth of $29.6 billion. The index includes Li’s stake in Husky in its calculations, crediting him with direct holdings of almost 350 million shares of the company. The stake is valued at $10.5 billion, representing about a third of his fortune.

His other assets consist of stakes in publicly traded companies, including property developer Cheung Kong Holdings Ltd., Hong Kong-based conglomerate Hutchison Whampoa Ltd., Hutchison Telecommunications Hong Kong Holdings and Cheung Kong Infrastructure Holdings, according to the Bloomberg Billionaires Index.

Li has never disclosed the value of his private assets.

To contact Bloomberg News staff for this story: Michael Wei in Shanghai at mwei13@bloomberg.net

To contact the editor responsible for this story: Matthew G. Miller at mmiller144@bloomberg.net

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