Combined net worth of SG’s 50 richest rises by over 10% to S$254 billion

SINGAPORE: Forbes’ list of the 50 wealthiest people in Singapore, published on Sept 4 (Wednesday), showed that the combined wealth of these high-net individuals went up by 10 per cent and is now at a staggering US$195 billion (S$254 billion).

Moreover, Forbes noted that almost two-thirds of the individuals on the list are even wealthier than they were in 2023.

On the top of the list is Eduardo Saverin, whose net worth is US$29 billion (S$37.75 billion). Forbes said that his net worth has grown by US$13 billion (S$16.9 billion).

Mr Saverin, who co-founded Facebook with Mark Zuckerberg, has been living in Singapore since 2009. He owns 2 per cent of Meta Platforms, which operates such tech giants as Facebook, Instagram, and WhatsApp.

In 2011, he renounced his US citizenship and managed to avoid paying US$700 million in capital gains taxes.

Read also: 39 Singaporeans on Forbes’ World’s Richest list for 2024 but Li Xiting Still Leads the pack

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

Their combined net worth of S$14.4 billion (S$18.74 billion) saw a slight drop this year, according to Forbes.

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

Mr Li’s net worth is S$14.4 billion (S$17.43 billion).

Real estate tycoon Kwek Leng Beng and his family are listed in fourth place with a net worth of S$11.5 billion (S$14.96 billion).

Forbes noted that the timing of Mr Kwek’s purchase of the Hilton Paris Opera Hotel right before the Summer Olympics helped increase the family’s fortunes and push them one rung up on the list.

Goh Cheng Liang rounds out this year’s top five. Mr Goh founded Wuthelam Holdings, which manufactures paint and coatings. His net worth is S$10.4 billion (S$13.53 billion).

Nevertheless, not every ultra-high-net-worth individual in Singapore has seen an increase in wealth. Because of poor consumer spending in China, Zhang Yong and  Shu Ping, the husband and wife who founded the popular hotpot chain Haidilao, took a hit to their fortune as the company’s shares fell 45 per cent.

Their combined net worth is now at S$6.5 billion (S$8.46 billion). /TISG

Read also: 1 in 3 of Singapore’s wealthiest billionaires are not originally from Singapore