Singapore — The economic fallout from the pandemic continues to be felt all over the world, but this is certainly not true for some of the wealthiest citizens, including Singaporeans, who collectively gained a whopping S$43 billion in 2020.
According to Forbes’ latest 50 richest list, the Straits Times Index increased by 26 per cent from when it was last measured in 2020, which means that the wealth of Singapore’s 50 richest people grew from $239 billion to $282 billion.
Among the fifty men and women on Forbes’ list, seven saw their fortunes decline, while the wealth of 36 listees grew.
Who’s who on this year’s list:
Taking pole position this year is Mr Li Xiting, the owner of Mindray Bio-Medical Electronic, which is based in Shenzhen. The net worth of Mr Li, 70, is now at S$31 billion. His company, which manufactures ventilators and other high-tech medical devices, saw a 19 per cent increase because of the pandemic.
Mr Li knocked off the owners of Haidilao, Zhang Yong and Shu Ping, from the top spot they occupied in 2020, with the restaurant chain performing lower than expected and its shares dropping by 17 per cent. The couple’s net worth is now at S$21.7 billion, which means they are now ranked the fourth wealthiest in Singapore.
In the number two position is Facebook cofounder Eduardo Saverin, who gained even more wealth than Mr Li in 2020, having added nearly S$9 billion to his wealth. His net worth is now at S$27.8 billion.
Close on his heels is Mr Goh Cheng Liang, the paint tycoon. His net worth is now at S$25.3 billion, after a deal last year that braised his family’s stakes in Nippon Paint Holdings.
Rounding up the top five owners of gaming and e-commerce company Sea, Forrest Li, whose net worth is now at nearly S$21.6 billion. The Stanford graduate first entered Forbes’ richest list in 2017, after he listed Sea on the New York Stock Exchange.
This year’s wealthiest list sees the notable entry of the co-founder of Grab, Anthony Tan. Mr Tan is ranked 47th on the list, with his net worth at S$1.07 billion. Grab, founded in 2012, now operates in eight countries and is listed in the US.
The Forbes’ list of Singapore’s 50 richest people for 2020 can be found here. /TISG
Ventilator sales are making Singapore’s richest man even wealthier by S$1.4 billion each month