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Granddaughters billionaires prepare for greatness



"For others, the glass ceiling is very true"

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“These women can make a great contribution and can become good role models if they take the lead,” said Petula Ho, a professor at the Department of Social Work and Social Management at the University of Hong Kong, where 2 out of 10 professors are women,

“But this is very biased towards the class, and they come from really rich families. For others, the glass ceiling is very true. Hong Kong is still the world of men. ”

In the coming years, the region will face a massive displacement of wealth, with many of its richest people also being its oldest.

About one fifth of the 500 people included in the Bloomberg Billionaire Index are at least 80 years old, and 21 people are non-Hagenarian, including eight from Asia with a combined net worth of $ 125 billion ($ 175 billion).

In China, where states were created quite recently, control is only now beginning to be transferred to the second generation, many of which are women.

In China, where states were created quite recently, control is only now beginning to be transferred to the second generation, many of which are women.Credit:Bloomberg

Eka Tipta Vijaya, who began selling coconuts and palm oil at the age of 15 years before building a multi-billion dollar empire in Indonesia, died on Saturday at 98. A week earlier, Henry Sy, a shoe seller, became the richest man in the Philippines. , died in 94. Their combined states exceeded 16.5 billion dollars.

“More and more families are thinking about continuity,” said Peng Qian, deputy director of the Center for Asian Studies in Family Business and Entrepreneurship at Tanoto, Hong Kong University of Science and Technology. “We expect a huge demand from Asia’s wealthiest wealth management services in the next few years.”

When a billionaire dies, he can go at least in two ways. An organized division of assets or a royal battle between the heirs.

C tried to take the first approach. He died in the amount of 7.2 billion US dollars when he died after he made bids in his SM Investments Corp. more than ten years ago. to their six children, making them all billionaires.

For other descendants of ultra-rich families, this may mean an intense struggle for who takes control. Stanley Ho, 97, divided most of his fortune among his wives and children in 2011 to resolve a family dispute, but members of the Ho family are still involved in a decade-long battle for their casino empire in Macau.

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In China, where states were created quite recently, control is only now beginning to be transferred to the second generation, many of which are women.

Yang Huiyang, co-chairman of Country Garden Holdings Co., was only 23 years old in 2005, when she inherited her father’s share in a real estate developer. According to the Bloomberg Billionaires Index, ranking the 500 richest people in the world, a graduate of Ohio State University is currently worth $ 19.2 billion and is the richest woman in China.

Teresa Tse, a graduate of the Wharton School of Business at the University of Pennsylvania, turned 22 in 2015 when she became chairman of Sino Biopharmaceuticals Corp. her father Its share is 1.1 billion US dollars.

28-year-old Perenna Key joined the board of directors of Logan Property Holdings in 2010. The company was founded by her father, Kay Hoi Pang.

Bloomberg

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