Stephen Hung Net Worth 2023: How Did He Earn His Money?
Millionaire businessman Stephen Hung, who was born in China, is the founder and chairman of SH Capital Group. He is the vice chairman of the Rio Hotel & Casino as well.
He previously held the position of Merrill Lynch’s Asia Head of Investment Banking. He was known for appearing in the Netflix series Bling Empire: New York, Hung. In this article, you can find details about Stephen Hung’s net worth, early life, personal life, career, and more.
Stephen Hung’s Net Worth
As of 2023, Stephen Hung’s projected net worth was $400 million. The Washington Post referred to him as the largest spender in the world in 2014. Hung received the title because of his flashy automobile collection and pricey luxury attire from Versace and Dolce & Gabbana.
Stephen gained notoriety for spending a staggering $20 million on 30 crimson Rolls Royce Phantoms with unique paint jobs.
Stephen Hung Early Life
On August 24, 1959, Stephen was born in Hong Kong, China. He was raised in a prosperous family whose father was a very successful real estate investor.
After attending Columbia University for his undergraduate studies, Stephen transferred to the University of Southern California to complete his MBA. Hung relocated to New York in 1977.
Stephen Hung Career
At Citi, Stephen Hung started his career as the Vice President of Real Estate. He started working there in 1983 and stayed for three years, finishing in 1985. In 1985, Hung was named Merrill Lynch’s head of investment banking for Asia. Up until 1991, he worked at Merrill for six years.
After that, he established The 13 Holdings Limited, an investment holdings firm, and served as its chairman. In 1992, Stephen started the private investing company SH Capital Group. The real estate, hospitality, and luxury sectors are the key areas of focus for the investment company.
In addition, he holds the position of Vice-President for the Rio Entertainment Group, which manages a casino in Macau. In 2013, Stephen began working on the construction of a resort in Macau under the auspices of Louis XII Holdings Limited.
Princess Tania de Bourbon Parme accompanied Hung for the project in Macau. The undertaking was eventually finished in 2017 and given the new name The 13. However, the company was forced to deal with financial issues because it was denied a casino license.
The 13 Holdings Limited primarily targeted China’s super-rich and incredibly successful businesspeople. However, the endeavor didn’t turn out well. The 13 Holdings’ engineering company, Paul Y Engineering, eventually saw the sale of 52% of its shares after some time.
According to reports, Hung and the South Shore Holdings Limited company lost over $.16 billion on The 13 Macau, an opulent casino hotel that was a financial disaster. The 13 Macau was a hotel and casino constructed with VIP patrons in mind. In 2018, the VIP-focused hotel and casino debuted.
Only 16 rooms were reserved in the first year of business. After South Shore was shut down in 2020, Stephen was ultimately fired. As one of the eight cast members of the upcoming Netflix series Bling Empire: New York, Stephen has recently gained notoriety. The first episode of the Netflix series aired on January 20, 2023.
The reality show covers the affluent Asian Americans’ chic New York City lifestyles. Along with their intriguing outfits, the exhibition also showcases their prosperous and wealthy lives. The show has Dorothy Wang, Tina Leung, Lynn Ban, Blake Abbie, Richard Chang, and Vika as guest stars.
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Stephen Hung’s Personal Life
Stephen Hung is wed to Deborah Valdez, a model. Deborah was on vacation in Hong Kong after completing her legal education in Mexico when they first met. Stephen and Deborah tied the knot in 2012 in the Diamond Ballroom at the Hong Kong Ritz-Carlton.
After their wedding, the couple attended numerous high society functions in Hong Kong together. Ivan and Sean are the couple’s two kids.
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