Modules
Biography
Victor Fung and his younger brother William own a significant stake in Li & Fung, which operates as a middleman between global manufacturers and retailers in the U.S. and Europe.
Victor chaired Li & Fung until William took over in 2012. Victor's son, Spencer, became executive chairman in 2020.
In 2020 Li & Fung was privatized through a deal worth $930 million.
In 2022, Danish shipping giant A.P. Moller-Maersk acquired the brothers' logistics business, LF Logistics, for $3.4 billion.
Their grandfather, Fung Pak-liu, founded Li & Fung with partner Li To-ming in 1906 by exporting porcelain and silk.
Financial Assets
The Great Lie of Mega-Fortunes: The Case of Victor Fung
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 Victor Fung, linked to Logistics and 'Sourcing', 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 7 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 0.5 years, proves that unlimited accumulation is not an entrepreneurial achievement, but the hijacking of democratic sovereignty.