A gambling tycoon has been named as Asia's richest man, highlighting the prowess of that sector in a region famously fond of gambling.

The richest man in Asia makes his fortunes through gambling, according to the latest update in the Bloomberg Billionaires Index.

Asia’s wealthiest individual is Lui Che-Woo, founder of casino operator Galaxy Entertainment Group; his wealth has overtaken that of Hong Kong real estate investor Li Ka-Shing. The gambling tycoon’s net worth has risen by $3.5 billion this month to $29.6 billion, about $100 million ahead of Li, who had held the title since April 2012, when he passed Indian billionaire Mukesh Ambani.

Bloomberg, the news service producing the index, said Lui’s wealth is driven in part by his 51 per cent direct stake in Galaxy, Asia’s third-largest casino operator by revenue, in addition to holdings by other close family members.

Lui was the third-biggest gainer on the index ranking last year, adding $14.2 billion to his net worth. Bill Gates, the world’s richest man, rose $15.5 billion. Las Vegas Sands Corp. (LVS) Chairman Sheldon Adelson, Lui’s rival, was up $14.4 billion.

The index is a daily ranking that measures the world’s wealthy based on changes in markets, the economy and reporting by the news service.

Family members often hold a portion of the billionaire’s assets. Such transfers don’t change the nature of who ultimately controls the fortune. As a result, the news service says it adopts the rule that all billionaire fortunes are inherently family fortunes.