The real estate business has often been considered a fairly stable investment. There may have been economic downfalls due to the mismanaging and lack of regulation in that field before, but if done in legal and morally correct ways, real estate can be a perpetual income generator.
Why so? It is because almost all humans need space either to live in or to conduct their activities. As long as there are humans who want to be part of society, the business will remain booming. Many billionaires around the world come from the real estate business. Well, who is the richest real estate owner ? Here are 10 of the richest, as of 2021:
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10th – Robert and Philip Ng
- Net Worth: $12.1 Billion
- Age: 69 years old (Robert Ng) 62 years old (Philip Ng)
- Nationality: Singaporean
Robert and Philip Ng are brothers. They are sons of Ng Teng Fong, one of the richest Singaporeans and a real estate tycoon. Upon his death in 2010, Robert and Philip inherited fully all of the family business operations.
The Ng family owns 2 companies: one is the firm Far East Organization (FEO) which is currently Singapore’s largest landholder; and the other is the Sino Group, which is one of Hong Kong’s largest real estate developers.
Robert has handled the Sino Group since 1991 and now together with his son, Daryl. Meanwhile, Philip oversees the FEO since 1991 and also has served as the country’s ambassador to Chile and Argentina.
In Singapore, the Ng brothers are the 2nd richest. In comparison to the overall world’s richest rankings, the brothers ranked at 112th.
- Business Operations:
Far East Organization, or FEO, has been established since 1960. It becomes the largest property developer in Singapore, having 750 properties already developed. Two listed subsidiaries are Far East Orchard Limited and Yeo Hiap Seng Limited. As of 2020, the company tends to expand in Japan with the acquisition of Village Hotel in Ariake, Tokyo.
The Sino Group has long been in the real estate property business since 1970. It has been a powerhouse in Hong Kong’s real estate and has three listed companies under the conglomerate. These are Tsim Sha Tsui Properties Limited, Sino Land Company Limited, and Sino Hotels (Holdings) Limited.
9th – Hugh Grosvenor
- Net Worth: $13 Billion
- Age: 30 years’ old
- Nationality: British
Hugh Grosvenor is the son of the late Gerald Cavendish Grosvenor. Before his death, he served as the Duke of Westminster, and automatically his son, Hugh, inherited the title and the family business when he died on August 9, 2016.
Being one of the youngest persons to ever become a billionaire, he also holds responsibility as part of the British royalty. Not only Hugh is an aristocrat, but he is also now the owner of the company Grosvenor Group Limited.
Being the only son in the family, he is destined to be the 7th Duke of Westminster. He has also Russian blood since his mother, Natalia Philips is a descendant of the Romanov imperial family. He obtained his college degree in Countryside Management at Newcastle University in 2013 with honors.
Before taking over the family business, he worked in various employers. First is being in the Wheatsheaf Investment’s estate management from 2013 to 2014. Next, he worked under his family business, and then in early 2016, he was an Accounts Manager at a green energy company called Bio-bean.
- Business Operations:
Grosvenor Group Limited has its origins dating back to 1677. Since then, it has grown an international reach, having assets in 62 cities all over the world and 14 of them have established offices.
For comparison, according to historical records, the founders of the company had 500 acres of land stretching from the northern Thames to London’s western regions wherein Mayfair is a piece of that property. As generations passed, the company’s UK assets now extended to Belgravia.
As of 2020, Hugh Grosvenor donated millions of British pounds to the country’s COVID-19 pandemic response. Also, there are donations made for the UK’s National Health Service.
8th – Joseph Lau
- Net Worth: $16.1 Billion
- Age: 69 years’ old
- Nationality: Hongkonger
Joseph Lau is a billionaire from Hong Kong. He owns more than half of the stake in Chinese Estates Holdings. Although he is a Hong Kong citizen, he also holds British citizenship.
He may be an ultra-wealthy person, yet his encounters with the law in the past decade earn him infamy. In 2012, he and his business partner, Steven Lo, were accused of bribing Ao Man-Long, a former public works chief in Macau, over a project bid. Aside from that, the two also were involved in money laundering, and in 2014, they were judged as guilty in all charges.
Joseph has been denied in his appeals in 2015 and is now avoiding extradition. As of now, he lived his life as a fugitive in Macau. Still, he can make money through his stake in the aforementioned Chinese company.
Joseph has enjoyed a lavish lifestyle ever since. He purchased a Boeing 787 private jet and a $40-million painting by Paul Gauguin in 2007. He is also fond of diamonds based on the way he gifted his daughters. Aside from that, he also owns a collection of around 10,000 bottles of red wine.
- Business Operations:
Chinese Estates Holdings Limited is a Chinese investment holding company that is based in Hong Kong. Joseph Lau served as chairman and CEO from 2006 to 2014. The company’s subsidiaries are engaged in property development and investment, and other fields such as securities investment, brokerage, and money lending.
In 2017, while still being a fugitive, Joseph transferred 75 percent of his shares in the company to his recent wife and his son. This is due to the serious health issues he has been feeling.
7th – Thomas and Raymond Kwok
- Net Worth: $16.5 Billion
- Age: 69 years old (Thomas Kwok) 68 years old (Raymond Kwok)
- Nationality: Hongkongers
The Kwok brothers handle Hong Kong’s largest property developer, Sun Hung Kai Properties (SHK Properties). They are Kwok Tak Seng’s sons, the founder of the company previously mentioned. Upon their father’s death in 1990, they instantly inherited the reins for the control of SHK Properties.
Thomas has his bachelor’s degree from Imperial College London in civil engineering. He goes on to obtain his MBA from the London Business School.
Raymond has a degree in law from the Cambridge University, an Honorary Doctorate in Business Administration from the Open University of Hong Kong, an MBA from Harvard University, and Honorary Doctorate in Laws received from the Chinese University of Hong Kong.
The brothers are already known for their history of controversies. In 2008, a family feud took place between them and another brother, Walter, which ended in the latter being ousted from the company.
In 2012, the brothers were arrested due to bribery charges. Soon, they are being cleared of the cases but Thomas remains convicted due to the reason of “conspiracy to commit misconduct in public office”.
- Business Operations:
Sun Hung Kai Properties Limited is one of the largest property developers in Hong Kong. The Kwok brothers’ father and two other individuals, Fung King-hey and Lee Shau Kee found it in 1963. It was until the 1970s that the company became very active in acquiring assets and building a portfolio.
SHK Properties has had so many real estate projects for decades. These include residential housing such as the YOHO Series and the Wings Series, and commercial projects like the International Commerce Center (ICC) building, which is Hong Kong’s tallest building, and the International Finance Center (IFC) building which is Hong Kong’s second tallest.
6th – Donald Bren
- Net Worth: $17 Billion
- Age: 88 years’ old
- Nationality: American
Donald Bren is the owner and chairman of the Irvine Company, which is a real estate development company in the US. There is no denial that he was born from a family of known personalities.
His father was a naval officer and movie producer, in which he went on to marry award-winning actress Claire Trevor after splitting up from Donald’s mother. Donald Bren’s mother was an active civic leader and went to marry steel businessman Earle M. Jorgensen. Donald obtains his bachelor’s degree in Business Administration from the University of Washington and also becomes a US Marine Corps officer.
His business career started in 1958, in which he founded the Bren Company that was building homes in Orange County, California. In 1977, he and a group of investors purchased the Irvine Company. Later on, by 1996, he became the sole owner of the company.
He is also involved in philanthropic work and research funding in the 2000s. Unlike other American billionaires, he is one of those who are least public. In the overall world rankings, Donald is ranked 32nd in the world’s richest.
- Business Operations:
The Irvine Company, LLC. has been in business for around 150 years now. Founded in 1864 by James Irvine, the base of its operations is in the state of California.
As of now, the company owns a whopping 120 million square feet of California land where around 40 shopping centers, 120 apartment complexes, and 550 office buildings have been established. Donald is responsible for what Orange County is now.
5th – David and Simon Reuben
- Net Worth: $18 Billion
- Age: 80 years old (Simon Reuben) 77 years old (David Reuben)
- Nationality: British
Little is known about the background of the Reuben brothers. They have been born in India, at a time when a portion of the country was still a British colony. They are coming from a well-off Jewish family and have been conducting businesses back and forth from India to England.
The Reuben brothers have no family-inherited company and they have made a fortune out from investments alone. In the early years, they were engaged in the Russian metal business, specifically in aluminum production. The company, Trans-World Metals, is responsible for 5 to 7 percent of the global aluminum output.
In 2000, the brothers began selling their Russian company assets and focused on real estate in the UK. As of 2016, they have also focused on venture capital and private equity aside from the real estate business.
- Business Operations:
The UK properties obtained by the Reuben brothers include the Millbank Tower, the John Lewis Partnership headquarters, and the Cambridge House to name a few. They are also responsible for the developments of Merchant Square and other numerous apartments, hotels, and airports in London.
4th – Wang Jianlin
- Net Worth: $20.2 Billion
- Age: 66 years’ old
- Nationality: Chinese
Wang Jianlin is a Chinese billionaire. He is the founder of Dalian Wanda Group, which is China’s largest real estate developer, and also the world’s biggest operator of movie theaters. He also owns a portion of Atletico Madrid, one of the top Spanish football clubs worldwide.
Aside from being a businessman and philanthropist, he is also an economic consultant for the Yunnan provinces and a construction consultant of the Guiyang government. He is widely recognized in the Communist Party of China for his works in the economy. He is the 4th wealthiest person in all of China.
- Business Operations:
The Dalian Wanda Group has become a multinational conglomerate. It was founded in 1988 by Wang Jianlin. Mostly, the investments are conducted in Mainland China and have many fields tapped into, from real estate to technology and even reach the fields of healthcare and sports.
One of the greatest contributions of the Dalian Wanda Group is the cultural impact through the presence of movie theaters. In 2012, the corporation acquired American theater operator AMC Theatres for a price of $2.6 billion. Its goal for dominance leads to further diversification under the leadership of Wang Jianlin.
3rd – Yang Huiyan
- Net Worth: $23.4 Billion
- Age: 40 years’ old
- Nationality: Chinese
Yang Huiyan is the richest woman in the real estate industry. She is a Cypriot-Chinese billionaire, meaning she is Chinese from her father’s side and has also obtained citizenship in Cyprus last 2018. Her father, Yang Guoqiang, transferred all his shares of the Country Garden Holdings to her in 2007.
Before the IPO of Country Garden Holdings in 2007, Yang Guoqiang already amassed 70 percent of the shares. Yang Huiyan is not only a businesswoman, she also serves as the chairman of Bright Scholar Education Holdings, which is China’s largest bilingual and international K-12 school operator.
- Business Operations:
Country Garden Holdings was established by Yang Huiyan’s father in 1992. The company is based in Guangdong, China, and has grown to be a powerhouse not only in real estate but also in education. As of 2018, it has more than 200 high-end property developments in China, Malaysia, and Australia.
During the IPO in 2007, the company raised about $1.6 billion. The company is no stranger to controversy in the past decade. In 2018, there are reports about security inspections, causing Country Garden to halt all projects done in China. In 2019, there is a controversy regarding the development of South East Wilton due to its possible impact on the Koala colony nearby.
In 2020, Country Garden’s Australian subsidiary, Risland Australia, has obtained supplies weighing 82 tons. They are being airlifted all to the virus epicenter at that time, Wuhan, China.
2nd – Hui Ka Yan
- Net Worth: $26.8 Billion
- Age: 62 years’ old
- Nationality: Chinese
Hui Ka Yan is a Chinese billionaire and the largest shareholder of a massive Chinese real estate developer, Evergrande Group. His story was a ‘rags-to-riches’ one, wherein he started working in the cement production factory during his high school years and ended up founding the Evergrande Group in which he was also the chairman.
He also owns the elite Guangzhou Evergrande football club as of 2016. In comparison with the rest, he is the 3rd richest Chinese. During the pandemic, his wealth dropped due to the debts that are mounting out from the economic impact of the virus spread.
- Business Operations:
Based on sales alone, Evergrande Group is the 2nd largest property developer in China. Founded in 1997, the company’s main business is selling apartments to upper-class and middle-class households. In 2017, the company’s value increased 3 to 4 times.
Currently, it has around 45.8 million square meters of land from 22 cities of Mainland China. One of its massive projects is the construction of Ocean Flower, an artificial archipelago near the Hainan island with a total area of 940 acres.
1st – Lee Shau Kee
- Net Worth: $28.6 Billion
- Age: 93 years’ old
- Nationality: Hongkonger
Lee Shau Kee is the world’s wealthiest businessman in the real estate industry. He is the majority owner of Henderson Land Development, a property conglomerate in Hong Kong. In comparison to the list of the world’s richest, Lee Shau Kee ranks at 29th.
As of 2019, he stepped down as the chairman of the company in favor of his sons Peter and Martin Lee. Not only is he a prolific businessman, but he is also one of Hong Kong’s philanthropists, focusing on the education of the youth.
- Business Operations:
Henderson Land Development is a property developer in Hong Kong and is founded by Lee Shau Kee. The company was made public in 1981. More than 70 percent of its shares belong to Lee Shau Kee and he acts as chairman for a long time.
As of 2014, the company’s associates are Towngas, Miramar Hotel and Investment Co. Ltd, and Hong Kong Ferry. Henderson Land Development also engaged in a joint venture with SHK Properties for the development of the International Finance Center building. There are also numerous high-rise residential buildings developed in Hong Kong that caters to middle and upper-class households.
Conclusion
Most of the wealthiest real estate businessmen come from Asia. Although the continent is the most populated one, amounting to almost half of the world’s entire population, the need for living space has always been essential.
Only a few of the aforementioned billionaires have undergone real struggles towards the top and some have a few serious encounters with the law. Overall, there can be a lesson or two that we can learn from them about the real estate business.
