Two 29-year-old entrepreneurs from Hong Kong make it to latest Forbes’ 35th Annual World’s Billionaires List

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Thomas Kwok and Sam Bankman-Fried

8th April 2021 – (Hong Kong) American financial magazine “Forbes” announced on Tuesday (6th) the  Forbes‘ 35th Annual World’s Billionaires List. Amazon founder Jeff Bezos topped the list for the fourth consecutive year, with a net worth of US$177 billion. In Hong Kong, Li Ka-shing, the founder of CKH Holdings, ranked 43rd in the world with a net worth of US$33.7 billion (approximately HK$262.1 billion) and became the richest man in Hong Kong. There are two youngest Hong Kong tycoons on the Forbes’ list, both of whom are 29 years old. One is Jonathan Kwok, the son of the late founder Walter Kwok who is the eldest son of Kwok Tak-seng, founder of Sun Hung Kai Properties, with a net worth of US$2.4 billion (approximately HK$18.7 billion). The other is Sam Bankman-Fried, who has a net worth of US$8.7 billion (approximately HK$67.7 billion).

According to Forbes, he is the founder and CEO of quantitative crypto trading firm Alameda Research, managing US$2.5 billion in assets, mostly from the Serum (SRM) coin that Bankman-Fried helped create. In 2019, he founded crypto-derivatives platform FTX, which recently raised US$40 million at a US$1.2 billion valuation. FTX trades futures on cryptocurrencies. He owns approximately 50% of the company, which generated roughly US$50 million revenue so far this year, with a profit of US$30 million.

Many new billionaires in the Forbes’ list include entrepreneurs like Sam Bankman-Fried who built their wealth on their own. In 2001, nearly half of the wealthiest on the list started from scratch, and then the proportion has been rising. This year, 70% of the tycoons on the list started from scratch.

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