The richest family in Hong Kong lost $8 billion in the past year — and it shows just how uncertain the city's future is

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The richest family in Hong Kong lost $8 billion in the past year — and it shows just how uncertain the city's future is
Billionaires Thomas Kwok and Raymond Kwok.Edward Wong/South China Morning Post via Getty Images
  • Hong Kong's richest family, the Kwoks, are $8 billion less rich than they were 12 months ago, Bloomberg's Venus Feng and Blake Schmidt reported.
  • The Kwok brothers inherited their $30 billion fortune from Sun Hung Kai Properties, the real-estate developer founded by their late father.
  • The Kwoks' net worths began to plummet shortly after the protests began because they are unusually exposed to the sectors hit hardest by the economic unrest from the city's ongoing protests: retail and tourism.
  • Even before more than a year of social unrest and Beijing's new security law cast doubts on the city's future, Hong Kong's billionaires had the most volatile net worths in the world.
  • Many ultrawealthy Hong Kongers are expected to try to emigrate from the city in the coming months, and one real-estate developer even proposed building a new city in the Irish countryside to house the expats.
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