SINGAPORE: The latest list of Singapore’s wealthiest individuals, published by business publication CEOWORLD, shows that Mindray Medical co-founder and CEO has once again clinched the top spot, with a net worth of over S$22 billion.
Born in China in 1950, Mr Li has been based in Singapore for many years and has become a prominent figure in the city-state’s business community. In recognition of his contributions to Singapore’s economy, Li Xiting was awarded the Public Service Star (BBM) by the President of Singapore in 2018. He also gained Singapore citizenship that year.
The COVID-19 pandemic played a significant role in increasing Mr Li’s wealth, given that Mindray Medical is China’s largest medical device manufacturer. In April 2020, Mr Li’s net worth was US$12.5 billion. It almost doubled in 2021, growing to US$23 billion.
Although Mr Li’s net worth dropped to US$17 billion in 2022 and US$16.7 billion according to CEOWORLD’s latest estimations as Friday (24 Mar), he remains the wealthiest man in Singapore today.
The second richest man on CEOWORLD’s latest list is Goh Cheng Liang, a major stakeholder in Japan’s Nippon Paint Holdings, the fourth-biggest paint manufacturer in the world today. His net worth is listed as US$14.9 billion.
Mr Wee Cho Yaw, chairman of the United Overseas Bank (UOB) and United Industrial Corporation (UIC), and Haidilao chairman Mr Zhang Yong were ranked next, with a net worth of US$7.4 billion each.
Mr Zhang’s wife Shu Ping, the company director of Haidilao International Holding, was also ranked in the list and came in at the 16th spot, with a net worth of US$2 billion.
Shopee’s parent company Sea Limited’s chairman Forrest Li, whom Bloomberg had declared Singapore’s richest man in September of 2021 with a net worth of $26.6 billion, closed out the top five with a net worth of US$5.3 billion.