Cheng Yu Tung

Cheng Yu Tung is a name that’s constantly dwelled on the top billionaires list with an estimated worth of $15.5 billion. Born in 1925 in Lunjiao, Cheng Yu Tung rose as a Hong Kong billionaire with impressive business dealings and interests in real estate.

The main source of his great wealth though is in the Chow Tai Fook jewelry which he joined in the 1940’s as a clerk and expanded it drastically. The total area occupied by its jewelry factory was 42,000 square meters as of March 31st, 2012.

Now Chow Tai Fook is the largest jewelry retailer worldwide. It’s spanned around the globe and incorporated various business ventures in its expansion. The company is also the major shareholder of the New World Development Company Limited that is active in Telecommunications, property and infrastructure.

Cheng Yu Tung heads the New World Development and it owns multiple properties across the globe and even purchased Carlyle Hotel and runs Sheraton Marina Hotels. He also has a place at the board of directors of the Hang Seng Bank, the third largest bank in Hong Kong.

Cheng Yu Tung married Tsui-ying Chow in 1943 and had two sons and two daughters. His eldest son is Henry Cheng and the next Peter Cheng. At the age of 88, Cheng Yu is ailing and reported to have had a stroke in 2012. He retired from Chow Tai Fook and handed over his primary duties to his eldest son Henry Cheng.

Third generation offspring are also emerging to take up positions and lead the company to even greater heights. Sonia Cheng and Adrian Cheng, grandchildren of Cheng Yu Tung have taken up head positions of the company and continue spreading Cheng Yu Tung’s legacy. The retirement was after working for 70 years and Cheng Yu Tung now sits back and watches his dynasty flourish. 

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References:

Forbes (The ultimate site for billionaire rankings)

CelebrityNetWorth (The ultimate site for net worth of celebrities)

TheRichest (Great site for things about money and rich people)

Wikipedia (Greatest site on earth for lots of information)