In this article, we will introduce the 25 richest billionaires in the real estate industry. If you want to skip the detailed analysis of the real estate market, you can go directly to the 5 richest billionaires in the real estate industry.
Global Real Estate Industry
According to a Savills report, global real estate, including residential, commercial properties, and farmland, was worth $379.7 trillion in 2022. The market experienced a decline in value from 2021 to 2022 due to rising interest rates and inflation. However, the market value in 2022 increased by 18.7% compared to the pre-pandemic period. The residential sector accounted for the largest share of the global real estate market, reaching $287.6 trillion in 2022. Meanwhile, commercial real estate accounted for 13% of the total market value.
Globally, the real estate market is facing a slowdown in investments. However, a recent report by PwC suggests that both sellers and buyers are now adapting to the high interest rate environment. Market experts expect increased investments due to clarity on monetary policies in the US, Europe and Asia. Prioritizing sustainability while choosing office space is one of the growing market trends in the real estate industry.
Reuters reported on March 13 that Goldman Sachs Asset Management (GSAM) will begin to actively invest in the U.S. commercial real estate market this year. Since the pandemic, rising interest rates and record high vacancy rates have caused U.S. office and commercial real estate prices to fall. This remains a major concern among investors, leading to reduced investment in the market. Nevertheless, GSAM expects the market to recover due to a potential surge in the U.S. economy.
Housing affordability remains a major concern in the United States, Europe and Asia-Pacific, impeding market growth. On March 25, Reuters reported that U.S. single-family home sales fell 0.3% in February, according to the Commerce Department Census Bureau. The decline could be attributed to rising mortgage interest rates. According to Freddie Mac, the average interest rate for a 30-year fixed-rate mortgage rose to 6.94% in February. However, on April 23, Reuters reported that sales have recovered, reaching 693,000 units in March. This is the largest increase since September 2023.
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Key Market Players
Some of the major players in the global real estate market include Simon Property Group, Inc. (NYSE:SPG), Sun Hung Kai Properties Limited (OTC:SUHJY), and Welltower Inc. (NYSE:WELL).
The story continues
Simon Property Group (NYSE:SPG) is one of the world's largest real estate companies. It specializes in the acquisition and development of shopping malls, restaurants and entertainment venues. On April 24, the company announced plans to add new stores to Woodbury Common Premium Outlets, North America's leading outlet center. The company also plans to enhance the customer experience, including adding new VIP suites with numerous private spaces. These spaces will be furnished and have private kitchens, lounge areas and dressing rooms. The VIP suites are expected to open by the end of the year. Additionally, Simon Property Group's (NYSE:SPG) Woodbury Common Premium Outlets is expected to open more than 20 new stores in 2024.
Sun Hung Kai Properties Limited (OTC:SUHJY) is a Hong Kong-based real estate company engaged in property development, construction, and management. In line with current market trends, the company announced on February 24th that it has purchased nine electric construction machines to reduce its carbon footprint. The new electric machines will help avoid 240 tons of carbon dioxide emissions per year. This marks a major milestone for Sun Hung Kai Properties Limited (OTC:SUHJY), which values sustainability by adopting eco-friendly alternatives.
Welltower Inc. (NYSE:WELL) is a REIT that invests in healthcare and wellness infrastructure in the U.S., Canada and the U.K. On February 13, the company announced that it has partnered with Affinity Living Communities, a developer and operator of wellness housing. Welltower Inc. (NYSE:WELL) will acquire a portfolio of 25 adult-only communities consisting of approximately 3,900 units. The transaction was processed for $966 million and is expected to close in installments over the next few months.
With this background, let's take a look at the 25 richest billionaires in real estate.
The 25 richest real estate billionaires
The expansive outdoor views of the skyline with housing developments as a backdrop are emblematic of the company's real estate solutions.
methodology
To compile our list of the 25 richest billionaires in real estate, we used Forbes' Real Time Billionaire Rankings. Our list ranks the 25 richest billionaires in real estate in ascending order of net worth as of April 27th.
The 25 richest real estate billionaires
25. Wang Jianlin
Net worth (2024): $6.4 billion
Wang Jianlin is considered one of the richest billionaires in the real estate industry. He is the chairman of Dalian Wanda Group, a major company with investments in real estate, finance, and movie theaters. He is one of the world's largest commercial property developers, owning more than 500 plazas across China. As of April 27, his net worth was $6.4 billion.
24. Wu Yajun
Net worth (2024): $6.4 billion
Wu Yajun is the co-founder of Longfour Group Holdings Limited (OTC:LGFRY), a leading real estate company based in Hong Kong. As of April 27, her net worth is $6.4 billion. He ranks 24th on our list.
23. Radovan Vitek
Net worth (2024): $6.5 billion
Radovan Vitec is a real estate tycoon who owns the large real estate company CPI Property Group, which owns 1 million square meters of profitable real estate in Berlin. With a net worth of $6.5 billion, Vitec is considered one of the richest billionaires in the real estate industry.
22. Edward Roski Jr.
Net worth (2024): $6.7 billion
Edward Roski Jr. is the owner of Majestic Realty, a Los Angeles real estate development company. The company owns more than 90 million square feet of industrial real estate across the United States. As of April 27, his net worth is $6.7 billion.
21. Robert Ng
Net worth (2024): $7 billion
Robert Ng is the owner of Far East Organization, Singapore's leading private landlord and property developer. As of April 27, Robert Ng's net worth was $7 billion, making him one of the richest billionaires in the real estate industry.
20. Philip Ng
Net worth (2024): $7.1 billion
Next up is Robert Ng's brother, Philip Ng. Both brothers run major property development companies in Singapore. As of April 27, Philip Ng's net worth is $7.1 billion.
19. Fredrik Lundberg
Net worth (2024): $7.4 billion
Fredrik Lundberg is the CEO and chairman of the real estate company LE Lundbergforetagen AB, which was founded by his father as a construction company in 1944. With a net worth of $7.4 billion, he ranks 19th on the list of the richest billionaires in real estate.
18. Jeff Green
Net worth (2024): $7.5 billion
Jeff Green made his fortune by buying credit default swaps on mortgage-backed bonds. Most of his wealth comes from real estate, stocks and other investments in the U.S. His net worth is $7.5 billion.
17. Low Car Po
Net worth (2024): $7.7 billion
Low Kar-Po is the Chairman of Park Hotel Group, which develops and manages over a dozen hotels across Asia. His net worth of $7.7 billion puts him at 17th on our list.
16. Igor Oleinikov
Net worth (2024): $7.7 billion
Igor Olenikov runs a real estate empire in the U.S. called Oren Properties. His company owns 17,000 homes and 8 million square feet of office space in eight U.S. states. His net worth was valued at $7.7 billion as of April 27.
15. Ivar Torvesen
Net worth (2024): $7.8 billion
Ivar Tollefsen owns Fredensborg AS, a real estate company that owns 100,000 apartments across Europe. He is one of the richest billionaires in real estate, with a net worth of $7.8 billion.
14. Leonard Stern
Net worth (2024): $8.1 billion
Leonard Stern entered the real estate business by purchasing a warehouse in New Jersey. His company, Hart's Mountain, owns over 260 properties, mostly in New Jersey. As of April 27, his net worth is $8.1 billion.
13. Francis Choi
Net worth (2024): $8.2 billion
Francis Choi is ranked 13th on our list of the richest billionaires in real estate. He made his fortune in real estate investments and has a net worth of $8.2 billion as of April 27.
12. Alexander Otto
Net worth (2024): $8.6 billion
Alexander Otto owns a majority stake in ECE Group, a large commercial real estate company focused on developing shopping centers. He also serves as the company's CEO and has a net worth of $8.6 billion.
11. David Ruben
Net worth (2024): $9.3 billion
David Reuben made his fortune in real estate and technology. He is one of the richest billionaires in real estate, with a net worth of $9.3 billion.
10. Stephen Ross
Net worth (2024): $10.1 billion
Stephen Ross founded the residential development company Related Companies in 1972. His companies have developed and acquired over $60 billion in real estate around the world. As of April 27, his net worth is $10.1 billion.
9. Mangal Prabhat Lodha
Net worth (2024): $10.6 billion
Coming in at number 9 on this list, Mangal Prabhat Lodha is the founder of the leading real estate development company, the Lodha Group. Founded in 1980, the company is now known as Macrotech Developers. As of April 27, his net worth is $10.6 billion.
8. Kwon Siu-Hin
Net worth (2024): $11.4 billion
Kwong Siu-Hin served as chairman of Sun Hung Kai Properties Limited (OTC:SUHJY) from 2008 to 2011. She is also one of the company's largest shareholders. As of April 27, her net worth was $11.4 billion.
7. Manuel Villar
Net worth (2024): $11.4 billion
Manuel Villar is the chairman of Vista Land & Lifescapes, a leading real estate development company. With a net worth of $11.4 billion, he ranks 7th on the list of the richest billionaires in real estate.
6. Joseph Lau
Net worth (2024): $13.1 billion
Joseph Lau is ranked 6th on the list of the richest billionaires in real estate. He is the former chairman of Chinese Estate, a major real estate development company. As of April 27, his net worth is $13.1 billion.
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Disclosures: None. The 25 Richest Billionaires in Real Estate originally appeared on Insider Monkey.