39 Singaporeans on Forbes’ World’s Richest list for 2024 but Li Xiting still leads the pack

SINGAPORE: The Forbes 2024 list of the world’s wealthiest individuals has logged a significant increase in the representation of Singaporeans. This year, a total of 39 individuals from the island nation have secured their spots on the prestigious list, with four new faces adding to the 35 Singaporeans in last year’s ranking.

According to Forbes, the 2024 edition boasts an unprecedented number of billionaires, with  2,781 individuals achieving this status worldwide – a notable increase of 141 billionaires compared to the previous year.

The combined wealth of the individuals featured on the list amounts to a staggering US$14.2 trillion (S$19.2 trillion).

Leading the pack of Singaporean billionaires is Li Xiting of Mindray Bio-Medical Electronics.

Li, a naturalised Singapore citizen who hails from China and founded Mindray in 1991, landed in the 126th spot in Forbes’ global rich list.

Despite clinching the top spot among Singaporean businessmen, Li’s net worth has experienced a steady decline since its peak in 2021.

According to Forbes, his net worth of $20.385 billion is down from $22.01b reported in 2023.

Following closely behind Li is Goh Cheng Liang, who holds a significant stake in Japan’s Nippon Paint Holdings.

Rounding up the top 10 billionaires from Singapore are Far East Organization’s Philip Ng, his brother Robert Ng, Advanced Semiconductor Engineering’s Jason Chang, Restaurateur Zhang Yong, Focus Media Information Technology’s Jason Jiang, Sea Limited’s Forrest Li, Hong Leong Group’s Kwek Leng Beng, and hotel tycoon Choo Chong Ngen.

The collective net worth of Singaporean billionaires on the Forbes 2024 list amounts to a substantial US$115.5 billion (S$155.3 billion), albeit slightly lower than the previous year’s figure of US$118.9 billion (S$160.6 billion).

Among Singapore’s billionaires, 40-year-old Kishin RK emerges as the youngest, making his mark as a property developer who co-owns and manages RB Capital/Royal Holdings alongside his father, Raj Kumar. With a net worth of US$1.6 billion (S$2.1 billion), Kishin RK claimed the 1,945th spot on the billionaire ranking.

Deputy Chairperson and CEO of United Overseas Bank (UOB), Wee Ee Chong, made a notable debut on the Forbes list, securing the 1,945th spot with a net worth of US$1.6 billion (S$2.1 billion).

Joining him is Wee Ee Chao, chairperson of Haw Par Corporation and brokerage firm UOB Kay Hian, tying with Wee Ee Lim, chairperson of property development company UOL Group, with a net worth of US$1.3 billion (S$1.7 billion).

Rounding out the newcomers, 67-year-old John Lim, co-founder of ARA Asset Management in 2001, entered the billionaire ranks with a net worth of US$1 billion (S$1.3 billion).