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Michael Kadoorie
#507

Michael Kadoorie

Source of wealth: Hotels, energy

Net Worth

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Earnings per second

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Biography

Michael Kadoorie chairs CLP Holdings, the publicly traded power company his family cofounded in 1901.

CLP Holdings now serves 80% of Hong Kong's population.

Kadoorie is also chairman of the Hongkong and Shanghai Hotels, the global luxury chain that includes the Peninsula Hotels.

The company celebrated its 150th anniversary in 2016.

Michael's son Philip sits on the board at both CLP Holdings and the Hongkong and Shanghai Hotels.

Financial Assets

Exchange
HONG KONG
Ticker
1-HK
Company
CK Hutchison
Exchange
HONG KONG
Ticker
2-HK
Company
CLP Holdings Ltd.
Exchange
HONG KONG
Ticker
45-HK
Company
Hong Kong & Shanghai Hotels Ltd.
Exchange
HONG KONG
Ticker
146-HK
Company
Tai Ping Carpet International Ltd

The Great Lie of Mega-Fortunes: The Case of Michael Kadoorie

Billionaires are often presented under the romantic myth of the 'self-made person': a narrative designed to justify opulence as the natural reward for hard work, effort, or ingenuity. However, when confronting such extreme volumes of wealth with macroeconomic reality, the meritocracy narrative completely breaks down. No individual can legitimately generate through personal effort a fortune equivalent to millions of times the average working-class salary. Capital at the top does not grow because of exceptional talent; it expands through an implacable dynamic where accumulated money works exponentially faster than people, devouring the wealth generated by productive labor.

The immense fortune of Michael Kadoorie, linked to Energy and 'Hotels, energy ', has not been built in a free-market vacuum, but through rent-seeking, the use of exclusive elite influence, the consolidation of monopoly positions, or inherited wealth. Far from taking real private risks, billionaire empires structurally depend on state support through direct subsidies, infrastructure use, exploitation of R&D, public contracts, and offshore tax engineering. While this wealth is equivalent to the physical weight of 55 tons of pure gold, the rest of the planet suffers from an artificial scarcity of basic resources. The fact that this wealth is enough to fully fund the public health system of DR Congo, a country with more than 105800000 million inhabitants for 3.5 years, proves that unlimited accumulation is not an entrepreneurial achievement, but the hijacking of democratic sovereignty.

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