He was the Chief Manager of the Bank of East Asia, his family business, and also unofficial member of the Executive and Legislative Councils of Hong Kong.
His younger brother Li Fook-kow was a government official and also member of the Executive and Legislative Councils.
[1] After studying aboard in the United States, Li joined his family business at the Bank of East Asia as a junior member of staff in 1940, and rose to Chief Manager in 1972.
Before the British prime minister Margaret Thatcher's visit to Beijing to discuss the sovereignty of Hong Kong after 1997, Li Fook-wo with Chung Sze-yuen, Chan Kam-chuen and Lydia Dunn, were the delegates of the unofficial members of the Executive and Legislative Council who flew to London and reflect the views of Hong Kong people.
[2] Li was a horse racing lover, and was a steward and deputy chairman of the Hong Kong Jockey Club.