Total net worth of Singapore's 50 richest people rises by over 10% to S$254 billion

SINGAPORE: The Forbes list of the 50 richest people in Singapore, released on September 4 (Wednesday), showed that the total wealth of these high net worth individuals increased by 10 percent to a staggering US$195 billion (S$254 billion).

In addition, Forbes found that nearly two-thirds of the people on the list are even wealthier than they will be in 2023.

Topping the list is Eduardo Saverin, whose net worth is US$29 billion (S$37.75 billion). According to Forbes, his net worth has grown by US$13 billion (S$16.9 billion).

Mr Saverin, who co-founded Facebook with Mark Zuckerberg, has lived in Singapore since 2009. He owns two percent of Meta Platforms, which operates technology giants such as Facebook, Instagram and WhatsApp.

In 2011, he renounced his U.S. citizenship, thereby avoiding paying $700 million in capital gains taxes.

Also read: 39 Singaporeans are on Forbes' list of the world's richest people for 2024, but Li Xiting is still the top performer

In second place on the Forbes list are brothers Robert and Philip Ng. They are the sons of Ng Teng Fong, the founder of the Far East Organization, Singapore's largest private landlord and property developer.

According to Forbes, their combined net worth of SGD 14.4 billion (SGD 18.74 billion) has fallen slightly this year.

In third place is Chinese-born business tycoon Li Xiting. The CEO and co-founder of Shenzhen Mindray Bio-Medical Electronics Co saw his wealth rise sharply during the Covid-19 pandemic as demand for ventilators increased in early 2020.

Mr. Li's net worth is SGD 14.4 billion (SGD 17.43 billion).

Property magnate Kwek Leng Beng and his family are in fourth place with a net worth of SGD 11.5 billion (SGD 14.96 billion).

Forbes noted that the timing of Mr Kwek's purchase of the Hilton Paris Opera hotel just before the Summer Olympics helped boost the family's wealth and move them up a notch on the list.

Goh Cheng Liang completes this year's top five. Mr Goh founded Wuthelam Holdings, a paint and coatings manufacturer. His net worth is SGD10.4 billion (SGD13.53 billion).

However, not every high net worth person in Singapore has seen their wealth increase. Due to low consumer spending in China, Zhang Yong and The Shu Ping couple, who founded the popular hotpot chain Haidilao, suffered a loss of wealth when the company's share price fell by 45 percent.

Their combined net worth is now SGD 6.5 billion (SGD 8.46 billion). /TISG

Read also: One in three of Singapore’s richest billionaires is not from Singapore