Bloomberg Billionaires Index

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#437 Richard Li $4.44B

Random fact: Worked as a McDonald's cashier while studying in California.

Overview

Li is founder and chairman of Pacific Century Group, an investment company with interests in technology, media, telecommunications, property and financial services. The Hong Kong-based business is the largest shareholder of HKT, the city's largest mobile phone operator with 4.5 million subscribers.

As of May 28, 2018:
Last change -$1.05M (-0.0%)
YTD change -$232M (-5.0%)
Industry Media & Telecom
Biggest asset FWD Group
Citizenship Hong Kong
Age 51
Wealth Inherited
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Richard Li's net worth of $4.44B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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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 Li's fortune is derived from a 79 percent stake in FWD Group, an insurance company operating within Li's Pacific Century Group in Hong Kong, Japan, Thailand and Southeast Asia. Li's stake is according to a January 2018 prospectus.

Swiss Re invested $425 million for a 12.3 percent stake in a 2014 transaction, according to a press release published on Swiss Re's website. The valuation is based on the Swiss Re transaction. Li acquired the assets that were renamed FWD for $2.14 billion of the asset from the Amsterdam-based ING Groep in 2013, using funds mainly provided by his father, billionaire Li Ka-shing.

Li has a majority interest in PineBridge Investments, an asset management firm he bought in 2010 from American International Group for $277 million in cash, according to a statement by AIG. His current stake in PineBridge is valued at about $370 million, according to people familiar with the company, who asked not to be identified because the information is private.

He owns 90 percent of Pacific Century Regional Developments, a Singapore-listed investment holding company that owns shares in publicly traded PCCW, a Hong Kong-based company that controls HKT Trust & HKT, the city's largest mobile phone operator with 4.5 million subscribers, according to its 2016 annual report. He controls the stake through several holding companies and trusts registered in the British Virgin Islands and the Cayman Islands, according to the report. Li also owns 6 percent of PCCW and 1 percent of HKT directly, according to filings with the Hong Kong stock exchange.

The value of Li's cash holdings is based on an analysis of dividend income, insider transactions, taxes and market performance.

The company confirmed the billionaire's public stakes and declined to comment on his closely held assets.

Biography

Birthdate: 11/8/1966
Family: Single, 3 children
Education: Stanford University

Richard Li was born in Hong Kong on Nov. 8, 1966, the youngest son of Li Ka-shing, the city's richest person. He studied at St. Paul's Co-Educational College in Hong Kong before moving to California at age 13. Li enrolled at Stanford to study computer engineering in 1983. During his studies, he worked as a cashier at McDonald's and as a caddy at a local golf course. He dropped out after three years to start his own business.

He started Star TV, Asia's first satellite-delivered cable TV service in 1991, with $400 million he received from his father. Two years later, Li sold the company, which had five channels watched by 50 million households, to Rupert Murdoch's News Corp. for $950 million. He used the funds to start Pacific Century Group, which later became a holding company for enterprises including Cyberport, a government-backed real estate venture in Hong Kong aimed at supporting the technology sector and startups.

Richard Li bought Cable & Wireless HKT in 2000 and followed it with other acquisitions, including PineBridge Investment from American International Group nine years later. His father provided him $2 billion to fund the purchase of insurance company FWD in 2013.

The billionaire is a holder of a Canadian passport. He is single, lives in Hong Kong and has three children.

Milestones
  • 1966 Richard Li, the younger son of billionaire Li Ka-shing, is born.
  • 1984 Enrolls at Stanford University to study computer engineering.
  • 1991 Starts Star TV using the $400 million from his father.
  • 1993 Sells Star TV to Rupert Murdoch and starts what later becomes PCCW.
  • 1999 Develops Cyberport in Hong Kong to support technology sector and startups.
  • 2000 Buys Cable & Wireless HKT.
  • 2010 Acquires PineBridge Investment from American International Group Inc.
  • 2013 Buys ING's units in Hong Kong, Macau and Thailand for $2.1 billion.
  • 2015 Hired former Canadian foreign affairs minister John Baird as an adviser.
  • 2017 FWD expands into Japan with acquisition of AIG business.