A widening wealth gap and waning trust in the system are keeping Asia’s richest man up at night.
Li Ka-shing, 85, chairman of Cheung Kong Holdings, said Hong Kong needs “dynamic and flexible redistribution policies” to address the problem, according to Bloomberg.
If left to fester, a widening gap between rich and poor, a growing scarcity of resources and eroding trust could become the new normal, the report said, citing a speech by Li to students at China’s Shantou University. The speech appeared on the website of the Li Ka-shing Foundation on June 27.
“Trust enables us to live in harmony, without which more and more people will lose faith in this system, breeding skepticism towards what is fair and just, doubting everything and believing all has turned sour and rancid,” Li was quoted as saying.
Technology and innovation can increase options as resources are becoming scarce, Li said. The government needs to lead change and inject a “strong dose of liberating elixir” into the education system.
Bloomberg ranks Li 17th among the world’s richest individuals, with a net worth of US$32.5 billion.
His typical day starts at around 5 a.m. when he makes time to listen to the news on the radio. He spends 90 minutes every day playing golf and swimming.
Li founded Shantou University 1981 and his foundation has donated HK$6 billion (US$774 million) to the university, according to his website.
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