Li Ka Shing and Lee Shau Kee were rivals

Li Ka Shing and Lee Shau Kee are Hong Kong's two richest billionaires. Both were born in 1928 in Guangdong and have had a complicated relationship filled with both cooperation and competition. Both men made their fortunes in Hong Kong's real estate market. They initially worked together on a luxury housing project called The Ka Siu Terrace. However, their relationship shifted when competition increased. In 1993, Li tried to buy the Miramar Group but was blocked. The Yeung family sold their shares to Lee instead, marking a turning point between the two. From 1996 to 1997, Lee's company saw significant growth in its market value, making him Asia's richest person for two years. Although he was once listed among the world's top billionaires, the 1997 Asian financial crisis hurt Lee's wealth. Meanwhile, Li had diversified his investments and came back stronger, reclaiming the title of Hong Kong's richest man. For many years, Lee was considered to be in Li's shadow. It was noted that he received less attention from the media and political leaders. In 2020, Lee took back the top spot, nudging out Li by just $1 billion. Lee named his son Martin Lee Ka Shing, which led to rumors that it was a dig at Li. However, Lee claimed he chose the name for good fortune. Lee stepped down as chairman of Henderson Land Development in 2019, passing control to his sons. Lee passed away recently at age 97. As of February, his net worth was estimated at $29.2 billion, making him the second richest in Hong Kong. Li, often called the "Warren Buffett of Asia," remains the wealthiest, with an estimated fortune of $38 billion, having retired in 2018.