Victor Fung’s profile picture

Victor Fung

Victor Fung’s profile picture
Net worth 2018: $1.46 Billion
Industry: Logistics
Residence: Hong Kong, Hong Kong
Country: United States
BirthDay: 1945
Children: 3
Education: Bachelor of Arts / Science, Massachusetts Institute of Technology; Doctorate, Harvard University
BIOGRAPHY

Victor Fung was bornon 1945 in Hong Kong, Hong Kong, United States. Victor Fung is #1633 in List Billionaires People In The World. Victor and William Fung's Li & Fung is a middleman between Chinese manufacturers and retailers in the U.S. and Europe. Still the world's largest supplier of clothes and toys, the Hong Kong-based company is seen as a bellwether of the global retail sector. But the brothers' fortune has fallen dramatically since 2011 as more brands take greater control of their supply chain by dealing with factories themselves. Fung Pak-liu cofounded the company in 1906 with Li To-ming, who sold his stakes to the Fungs four decades later. Pak-liu's grandson Victor, who lives in Hong Kong, chaired Li & Fung until younger brother William took over in 2012. Victor's son Spencer has been serving as Li & Fung's chief executive since 2014; in 2016 daughter Sabrina succeeded uncle William as deputy chairman of the family's menswear retailer Trinity. The other two members of the fourth generation, Victor's younger son Stephen and William's son Terence, have also been rising in the family business.

NET WORTH STATISTIC
2009

$2.6 Billion

2010

$3.55 Billion

2011

$2.8 Billion

2012

$2.9 Billion

2013

$2.7 Billion

2014

$2.5 Billion

2015

$1.75 Billion

2016

$1.6 Billion

2017

$1.4 Billion

2018

$1.46 Billion

TIMELINE
Victor Fung Kwok-king, GBS (Chinese: 馮國經; sometimes Victor K. Fung; born 1945, Hong Kong) is the Group Chairman of Li & Fung group of companies. Together with his brother William, he owns a controlling stake of 32% in the business, which was founded by his grandfather.He has held a number of public and other offices, including Chairman of the Airport Authority Hong Kong, Hong Kong University Council and the Greater Pearl River Delta Business Council.Fung has Bachelor of Science and Master of Science degrees in Electrical Engineering from MIT. After earning a PhD in Business Economics from Harvard Business School, he stayed there as a Professor of Finance. For his early education, he enrolled in King George V School in Hong Kong.At present, Victor Fung is the Group Chairman of Li & Fung Group, and his brother William is the Group managing director. The business was founded by their grandfather, Fung Pak-liu, in 1906 and subsequently led by their father, Fung Hon-chu.Fung is chairman of the Hong Kong-Japan Business Co-operation Committee and co-chair of France-based The Evian Group at IMD forum and think tank. He has been chairman since 2008 of the International Chamber of Commerce. He was formerly chairman of the Hong Kong Trade Development Council (1991–2000) and chairman of Airport Authority.In 2008, Fung was appointed by Donald Tsang, the Chief Executive of Hong Kong, to be the member of "Task Force on Economic Challenges" to evaluate the situation and identify new opportunities during the financial tsunami. The company laid off employees to cut costs, for which he was publicly criticised.Other positions in civil and public service:Fung is married with three children and like his brother William holds American citizenship.
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