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New richest man in Asia is Macau gambling tycoon: report

Published on Jan 17, 2014 8:35 PM

HONG KONG (AFP) - Macau gambling tycoon Lui Che-woo has replaced Hong Kong multi-billionaire Li Ka-shing as Asia's richest man, according to Bloomberg on Friday.

Mr Lui, the head of Macau casino operator Galaxy Entertainment, saw his fortune rise US$3.5 billion (S$4.4 billion) this month to $29.6 billion, about US$100 million ahead of Mr Li, whose fortune stood at US$29.5 billion on the Bloomberg Billionaires Index on Thursday.

Mr Lui's family fled war-torn China for Hong Kong in 1934 where he reportedly made money selling food on the streets of the former British colony at the age of 13.

He made his first fortune after World War II when he imported construction equipment, left by US forces in Okinawa, to the city.

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