It is no secret that Hong Kong's elite, some of whom just elected Leung Chun-ying to chief executive by a wide margin, control a vast portion of the SAR's economy. Under Leung, they will continue to.

Mykolos Rambus is the CEO of Wealth-X, the global information solutions business headquartered in Singapore. Here he explains why Leung Chun-ying's recent election, announced on Sunday, will mean business as usual for the Hong Kong's wealthiest.

It is
no secret that Hong Kong's elite, some of whom just elected Leung Chun-ying to chief executive by
a wide margin, control a vast portion of the Special Administrative Region's
economy.

Property, shipping, trade and
the host of industries that drive the boom are all directly or indirectly
connected to Hong Kong's tycoons. The scandal-ridden presumptive candidate, Henry Tang, a member of this exclusive circle, knows the influence these barons wield even as he
nurses the loss to Leung.

Leung's victory was the result of 689 Hong Kong
election committee votes and the controversy that has surrounded the recent
elections.

The
fact that Leung defeated the initial favourite to win comes as no surprise.
After all, his win represents a preservation of the status quo for the island's
business elite.While there is much talk
of the chief executive-elect being heavily influenced by Beijing, the party's
interests and the tycoons' interest are aligned.

Neither wants to see social
unrest stirred by even the speculation of misdeeds, a major factor behind Tang's electoral downfall. Hong Kong is China's economic conduit to the rest of
the world, and will continue to be an important part of the country's financial
outreach plan.

The
tycoons know this, Beijing knows this and any unplanned change would be
negative for both groups.

Furthermore, Hong Kong's
tycoons are aging fast, with the average age being 62. Many of the elites
are in their 70's and 80's, well past
their-prime wealth creation years. Most are focused on legacy issues,
succession planning and risk, not their next great economic triumph as was once
the case.

Their heirs-apparent are keen to maintain wealth and keeping Hong Kong moving forward steadily, with
minimal disruptive risk. The predictable, manageable growth these tycoons want
happens to be, at least for the foreseeable future, Bejing's goal.