Hong Kong tycoon Li Ka-shing will be the first recipient of Forbes Lifetime Achievement Award in Singapore this September, said Forbes, the world leading business magazine, in its press release Monday.

The award named after the name of the legendary chairman of Forbes is to honor a hero of entrepreneurial capitalism. It's the highest form of recognition of global business success bestowed by Forbes Inc. on a single individual.

The 78-year old Hong Kong billionaire, starting his career as a plastic products salesman, is now the Chairman of Cheung Kong Holdings and Hutchison Whampoa Limited based in Hong Kong.

Li Ka-shing is ranked the 10th richest man in the world with an estimated net worth of 18.8 billion U.S. dollars.

Steve Forbes, the President and CEO of Forbes Inc. said, "Few entrepreneurs in Asia, indeed in the world, have achieved so much from such humble beginnings, building a business empire which spans 54 countries and multiple industries."

Source: Xinhua