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To: ms.smartest.person who wrote (1123)	4/22/2001 10:05:58 PM
From: ms.smartest.person	Respond to of 2248

Li Ka-shing slips five places on rich list Monday, April 23, 2001 FELIX CHAN Tycoon Li Ka-shing has slipped five places on the world's rich list to 28th after reportedly losing $4.5 billion last year. The annual list of the world's wealthiest people published in the London Sunday Times estimated the Cheung Kong chairman to be worth $84.5 billion, down from $89 billion last year. He was 25th on the 1999 list with $70 billion. Bill Gates, head of Microsoft, was overtaken by supermarket boss S. Robson Walton as the world's richest man, according to the survey. Mr Walton, head of the family that runs the Wal-Mart empire, is worth $510 billion, while Mr Gates saw his fortune plunge to $423 billion. Despite his No 2 ranking, Mr Gates was one of the list's biggest losers, after his worth plunged $175 billion. He was followed by one of the list's biggest gainers, computer mogul Larry Ellison, who was ranked 20th last year. Mr Ellison is worth $327 billion, up $236 billion. Mr Li remains Hong Kong's richest citizen, ahead of two other SAR representatives in the top 50. The Kwok brothers - Walter, Thomas and Raymond - of Sun Hung Kai Properties fell from 37th to 40th, although their wealth remained steady at $68 billion. They managed to overtake Lee Shau-kee, chairman of Henderson Land Development, who fell to 42nd place with $64 billion after losing $13.5 billion. Mr Lee had been 29th last year and in 1999 was Hong Kong's richest person, in 19th place with $89 billion. The lower ranking of Mr Li, nicknamed Superman, was in part due to a severe reduction in the reported profits of his flagship company, Cheung Kong (Holdings), last year. Profits plunged 67.1 per cent to $19.43 billion as the firm was hit by the reduced earnings of its telecommunication and transport arm Hutchison Whampoa. Hutchison, 49.9 per cent owned by Cheung Kong, delivered about $17 billion net profit, or nearly 90 per cent of Cheung Kong's earnings. In 1999 it contributed $57.33 billion. The lower ranking for the Kwoks came after they announced last month that Sun Hung Kai's profits in the six months to December had only edged up 0.9 per cent from a year earlier to $5.3 billion. The Kwoks blamed the flat growth on lagging property sales, down to $6.38 billion from $13 billion a year earlier. However, they plan to develop eight million square feet of residential and business land in the next five years to capitalise on an expected upswing in the leasing market. A drop in property sales was also behind Lee Shau-kee's reduced fortune. Henderson Land's interim profits tumbled 53.17 per cent to $2.09 billion for the six months to December 31. The group's investment arm, Henderson Investment, saw a slump in interim profits, down 14.67 per cent to $1.15 billion for the same period. The Sunday Times' list places Britain's Queen Elizabeth at equal 105th in the world after seeing her fortunes rise by $281 million to $3.4 billion. The richest entertainer was Sir Paul McCartney with $8 billion.