The wealth of Singapore tycoons rises by 10%, Eduardo Saverin is once again at the top of the Forbes list

SINGAPORE – The combined wealth of Singapore tycoons rose by over 10 percent to US$195 billion (S$253 billion) from US$177 billion in 2023.

But Forbes' 2024 list of the 50 richest Singaporeans shows that their wealth is nowhere near that of 2021, when their net worth was $208 billion.

Still, nearly two-thirds of those on the list saw their wealth increase year-on-year in 2024, helped by Singapore's growing economy and stock market. Forbes attributed the upturn to overall positive sentiment following the swearing-in of Prime Minister Lawrence Wong in May, as well as the influx of attendees at sold-out concerts by pop icon Taylor Swift and rock band Coldplay.

Eduardo Saverin, co-founder of Meta Platforms, formerly of Facebook, is the biggest dollar gainer this year, taking the top spot for the second year in a row with a net worth of $29 billion. The Brazilian native's wealth is up $13 billion from last year, fueled by Meta's rising share price amid significant investments in artificial intelligence.

Siblings Robert and Philip Ng of real estate giant Far East Organization defended their second place on this year's list, although their combined wealth declined slightly from $14.8 billion to $14.4 billion.

Third place went to Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics, but his net worth also fell from $14 billion to $13.4 billion.

Real estate magnate Kwek Leng Beng climbed one spot to No. 4 with a net worth of $11.5 billion, which he shares with his family. His purchase of the Hilton Paris Opera hotel ahead of the 2024 Olympic Games made headlines this year.

A notable change in the top 10 is the entry of the Wee family at number 7 with a net worth of US$7.8 billion. The family comprises the heirs of banking giant Wee Cho Yaw, who was chairman emeritus of UOB until his death in February at the age of 95.

Wee's eldest son, Wee Ee Cheong, is vice chairman and managing director of UOB. His second son, Wee Ee Chao, is chairman of Tiger Balm maker Haw Par and brokerage firm UOB Kay Hian. The youngest son, Wee Ee Lim, is chairman of listed property developer UOL Group.

Husband and wife team Zhang Yong and Shu Ping fell from No. 6 in 2023 to No. 10 in 2024, with a combined net worth of $6.5 billion. Shares of their hotpot chain Haidilao International Holding have plunged this year due to weak consumer spending in China.

Three people with ties to U.S.-listed Sea saw their wealth increase significantly when the internet company they co-founded made its first profit in 2023, seven years after its IPO. The value of Sea shares has more than doubled in the past year.

Chairman and CEO Forrest Li jumped six places to 12th with $5 billion, while Chief Operating Officer Ye Gang moved up to 16th with $3.1 billion.