Hong Kong's 40 richest people saw their combined wealths rise from $135 billion in 2010 to as much as $163 billion in 2011, with China's growth spurt driving the increase, the latest research by Forbes Magazine reveals.

Hong Kong, with roughly seven million residents, bested China, whose 40 richest recorded a total of $137 billion. The wealthiest man in the city, Li Ka-shing, remains at the top spot with a $24 billion net worth, or thrice as much as the Mainland's most affluent individual, Zong Qinghou.

Second on the list is the family of Thomas Kwok and Raymond Kwok of Sun Hung Kai Properties, with HK$20 billion; third is Henderson Land Development chairman Lee Shau-kee with $19.5 billion; while fourth with $9 billion is Cheng Yu-tung, the head of New World Development.

Although Hong Kong is geographically smaller than its mainland counterparts like Guangzhou, its role as an international hub for business and tourism allows it to maintain high real estate rates, adopt more advanced technologies, encourage luxurious lifestyles, and meet all sorts of consumer demands. Cases in point are top 40 newcomers Simeon and Eleoner Kwok, founders of the Sa Sa International cosmetics chain, Emperor Watch & Jewelry owner Albert Yeung, and Choy Kam Lok, head of the major generic antibiotics maker United Laboratories Holdings.

On the other hand, absent from this year's list from 2010 are Jonathan Coi of Sunwah Group, Gordon Wu of infrastructure firm Hopewell, and Tsang Hsiang Chien, founder of Meadville. Casino magnate Stanley Ho, who was hospitalised for about eight months last year, saw his position slip after he began moving shares to his relatives and his wife Angela, while Chen Din Hwa, recently diagnosed with Alzheimer's, transferred control of the family business to his daughter.

The Forbes 2011 40 richest list looks at individuals with a net worth of at least $1 billion and combines fortunes shared among extended families. The information was collected based on shareholding and financial information from the companies and individuals involved, analyst figures, and stock exchanges.