Bloomberg Billionaires Index

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#233 Michael Kadoorie $6.98B

Random fact: Is fluent in the Chinese dialect of Cantonese.

Overview

Kadoorie controls publicly traded CLP Holdings, Hong Kong's biggest power supplier. The company operates in China, Taiwan, India, Southeast Asia and Australia. His family owns stakes in Hutchison Whampoa, Hong Kong Aircraft Engineering, Tai Ping Carpets and Hong Kong and Shanghai Hotels, which operates the Peninsula Hotels chain.

As of Oct. 17, 2017:
Last change +$26.4M (+0.4%)
YTD change +$980M (+16.3%)
Industry Energy
Biggest asset 2 HK Equity
Citizenship Hong Kong
Age 72
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Michael Kadoorie's net worth of $6.98B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Kadoorie's wealth is derived from his 18 percent stake in CLP Holdings, Hong Kong's biggest electricity producer. He owns the stake through his wife and at least six trusts. Half of a trust that holds 70 million shares is deducted from his net worth calculation because he shares the trust with brother-in-law Ronald James McAulay, according to the 2016 annual report.

He also owns a 48 percent stake in Hongkong and Shanghai Hotels, which operates Peninsula Hotels in Asia, Europe and the U.S. He owns the shares directly, and through his wife and trusts.

The billionaire also has interests in several other publicly traded companies, including Hong Kong Aircraft Engineering, an airplane maintenance provider; Tai Ping Carpets, a luxury custom carpet maker; and CK Hutchison Holdings, a company with interests spanning telecommunications, retail, infrastructure and energy. CK Hutchison is owned by Kadoorie's long-time business ally, billionaire Li Ka-Shing. Kadoorie's shares are held through various holding companies and trusts registered in Cayman Islands, Bermuda and the British Virgin Islands.

The value of his cash holdings is based on an analysis of dividends, insider transactions, taxes and market performance.

CLP spokeswoman Justine Lau declined to confirm Kadoorie's holdings or comment on his net worth in September 2017.

Biography

Birthdate: 1941
Family: Married, 3 children

Michael Kadoorie comes from a Jewish family with roots in Baghdad, Iraq. His grandfather Elly Kadoorie, and his younger brother Ellis, first came to the Far East in 1880. The duo moved to Hong Kong to work for E. D. Sassoon and Co., a company run by another Mesopotamian Jewish family. Elly purchased 25 shares of the Hongkong Hotel Co. in 1890, and the company acquired 85 percent of Shanghai Hotels in 1922, changing its name to the Hongkong and Shanghai Hotels.

Elly moved his business and family to Shanghai in 1911, shortly before World War I. His wife died in a fire that destroyed their first home in 1919, and the family built a second home -- the Marble Hall -- which still stands today.

He returned to Hong Kong to create a brokerage business in 1948. The family made a fortune through finance, property and utilities. They accumulated a stake in what was then called China Light & Power, and eventually became the controlling shareholder of the electricity provider. The company later became CLP Holdings.

Elly's son Lawrence married Muriel Gubbay. Their son Michael was born in 1941. Michael went to Switzerland to study at Institut Le Rosey before he was appointed chairman of China Light & Power at age 26.

Hong Kong's economy boomed in the 1960s, the result of large foreign investment encouraged by liberal tax policies. Kadoorie benefited from the steady growth as demand for his electricity and hotel rooms both rose. He gradually diversified into other industries, buying stakes in Tai Ping Carpets, Hong Kong Aircraft Engineering and Hutchison Whampoa. Kadoorie lives with his wife, Betty, in a $30 million mansion in Hong Kong's Deep Water Bay, an area populated by other tycoons, including Li Ka-Shing.

An avid sports car fan, Kadoorie owns a Type 57 Bugatti, a 1932 Phantom II Thrupp & Maberly, a 1934 Hispano-Suiza J12 Van Vooren Cabriolet, a 1969 P400 S Miura Lamborghini and a Rolls-Royce Silver Ghost.

Milestones
  • 1941 Born in Hong Kong to Lawrence Kadoorie and Muriel Gubbay.
  • 1967 Appointed chairman of China Light & Power.
  • 1979 Starts to supply power to China's Guangdong Province.
  • 1985 Becomes chairman of Hongkong and Shanghai Hotels.
  • 1991 The Peninsula Beverly Hills opens.
  • 1998 CLP Holdings is formed after company reorganization.
  • 2001 Acquires a majority stake in Yallourn, his first Australian venture.
  • 2002 Enters India through acquisition of Gujarat Paguthan Energy.
  • 2003 The Peninsula Hong Kong celebrates its 75th anniversary.
  • 2010 Opens The Peninsula Shanghai, the family’s home in early 1900s.