Joseph Lau Net Worth & Biography

Hong Kong billionaire businessman Joseph Lau has a fortune of over $7 billion as estimated by Forbes magazine in a recent publication. The real estate investor is an avid art and wine collector whose wealth has come from his 61 per cent stake in Chinese Estates Holdings, a real estate development company that he has headed via several positions of leadership. In 2014, he became a convicted felon and fugitive in Macau.

Early Life: Childhood, Education

He was born Joseph Lau Luen Hung on 21 July 1951 in Hong Kong. He has two younger sisters, and a younger brother named Thomas.

Lau is a properly educated businessman. He attended the University of Windsor in Canada.

Professional Life: Entrepreneurial Career

After graduating from college in a foreign country, Lau returned to Hong Kong in 1974 to join his family’s business of making electric fans. For years later, he renamed the company Evergo Industrial Enterprise. The company held an initial public offering in Hong Kong in 1982. In 1985, he switched the business focus of the company to investment and property management services.

In 1986, Lau acquired a 43 percent stake in Chinese Estates Holdings through Evergo, thus becoming the majority shareholder of the company. Since then, he has expanded his real estate investments through countless acquisitions. He made another beneficial move in 2000 by acquiring 67 percent of Chi Cheung Investment.

In March 2014, Lau resigned from his roles as chairman and chief executive officer of Chinese Estates Holdings after a Macau court convicted him of bribery. His son Lau Ming-wai took over as the company’s chairman. Lau’s wife elder sister, Sue Chan, became the chief executive officer of the company he established.

Personal Life: Marriage, Children, Private Interests

Joseph Lau was married to Bo Wing-kam from 1977 until 1992 when they divorced. They had two children: a daughter Jade Lau Sau-yung and a son, Lau Ming-wai. Lau Ming-wai is a British citizen.

Lau later married former assistant Kimbie Chan and had a daughter, Josephine, and a son with her

In May 2007, it was reported that Lau was one of the first seven people to purchase a Boeing 787 Dreamliner jet for personal use. In 2009, Lau paid over $9 million for a blue diamond that he bought for his daughter Josephine, and named it the “Star of Josephine”. Five years after, he paid $32.6 million for another blue diamond for his 13-year-old daughter Zoe. He also got her a Cartier brooch for $8.4 million. In November 2015, he bought two costly diamonds for his 7-year-old daughter Josephine worth a combined $76.9 million.

In 2017, citing health issues, the business magnate transferred his 75 percent shares in Chinese Estate Holdings to his wife and eldest son.

Joseph Lau Net Worth: Salary, Income Sources, Assets

According to the most recent evaluation of his wealth, Joseph Lau’s net worth at this time is $7.2 billion. He is a Hong Kong real estate investor whose wealth has been made from numerous investments and acquisitions. He is the former chairman of Chinese Estates Holdings, a top Chinese investment holding company located in Hong Kong, China. Its subsidiaries mainly engage in property investment and development, money lending, brokerage, and securities investment.

A graduate from the University of Windsor and Santa Clara University, Joseph, an avid art lover, is known for his expensive collection of some of the most unique art pieces in the world and is still eager for amassing many more in the future. The billionaire real estate mogul has apartments worth more than $500 million available for sale and holds plans to further develop real estate properties worth $245 million. He is listed as the fifth-richest person in Hong Kong and he owns a bunch of lavish assets and properties, including his numerous diamonds, a Boeing 787 Dreamliner jet, a majestic Sunseeker yacht, his £33 million Eaton Square home, and a number of unique collectibles. A significant possession, Lau’s unique art collection comprises Cloissonné cranes, famous paintings including Paul Gauguin’s “Te Poipoi” worth $39.2 million, and his red wine collection of 10,000 bottles.

Also an active philanthropist, Joseph Lau established the Joseph Lau Luen-hung Charitable Trust to support education, sports, and arts. His accomplishments in the world of business particularly in the real estate industry is something that is inspirational to all classes of people and his success over the years of his career is a piece of evidence that hard work and dedication truly pays in multiple folds. He is one of the richest men in the continent of Asia and currently resides in Hong Kong with his wife and his youngest children.