Li Ka-shing will bequeathe at least a third of his fortune - which is estimated at $18.8bn and rising fast - to his eponymous charitable foundation, as Asia’s richest man follows in the footsteps of his American peers Bill Gates and Warren Buffett.
”The [Li Ka-Shing] Foundation is my third son. Its size will not be less than one-third of my fortune,” Mr Li, a widower with two sons, said on Thursday at a results briefing for his two corporate flagships, Cheung Kong Holdings and Hutchison Whampoa.
The two Hong Kong-based companies reported a combined first-half net profit of $4bn on Thursday. Under the territory’s low tax regime, the dividends Mr Li and other Hong Kong tycoons receive from their companies are not taxed.
In June, Mr Buffett, chairman of Berkshire Hathaway, announced that he would donate 85 per cent of his $44bn fortune to the Bill and Melinda Gates Foundation, which already manages $35bn. Mr Gates, Microsoft founder, is also committed to giving the bulk of his remaining $50bn fortune to the foundation.
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