Home News Forbes' list: Singapore’s wealthiest added S$43 billion in collective wealth in 2020...

Forbes’ list: Singapore’s wealthiest added S$43 billion in collective wealth in 2020 amid Covid pandemic

Taking pole position this year is Mr Li Xiting. His net worth is now at S$31 billion. His company manufactures ventilators and other high-tech medical devices, saw a 19 per cent increase because of the pandemic.

- Advertisement -

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.

- Advertisement 1-

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

Read also: Ventilator sales are making Singapore’s richest man even wealthier by S$1.4 billion each month

Ventilator sales are making Singapore’s richest man even wealthier by S$1.4 billion each month

- Advertisement 2-

Follow us on Social Media

Send in your scoops to news@theindependent.sg 

- Advertisement -

Read More

Father of dead twins taken back to canal where boys’ bodies were found

Singapore  – Xavier Yap Jung Houn, 48,  father of the twin boys found dead near a playground in the Upper Bukit Timah area, was taken by police to the canal where the bodies were found. On Thursday at about 3.10pm,...

Dee Kosh: I’m no paedophile but I’ll plead guilty to making sex-for-cash offers to boys

Singapore – Most people facing the kind of legal charges that YouTuber Dee Kosh does would keep mum and let their lawyers sort  out...

Study: Singapore workers want to work less, have more family and personal time

Singapore — A new study from a global jobs portal finds  that more than half of the respondents in Singapore say they’ve been overworked...

“I was… in control of the game.” Lakshya Sen on how he defeated Loh Kean Yew at the India Open

In a new interview, Lakshya Sen, who beat World Champion Loh Kean Yew at the India Open earlier this month, admitted that he felt...

It’s not just OCBC and Singapore, scammers are ripping off people across Asia

Singapore —  The phishing scams that burst into media headlines in Singapore last month  have also swept through other countries in Asia.  People in Hong...

Father of dead twins taken back to canal where boys’ bodies were found

Singapore  – Xavier Yap Jung Houn, 48,  father of the twin boys found dead near a playground in the...

Dee Kosh: I’m no paedophile but I’ll plead guilty to making sex-for-cash offers to boys

Singapore – Most people facing the kind of legal charges that YouTuber Dee Kosh does would keep mum and...

Study: Singapore workers want to work less, have more family and personal time

Singapore — A new study from a global jobs portal finds  that more than half of the respondents in...

“I was… in control of the game.” Lakshya Sen on how he defeated Loh Kean Yew at the India Open

In a new interview, Lakshya Sen, who beat World Champion Loh Kean Yew at the India Open earlier this...
Follow us on Social Media

Send in your scoops to news@theindependent.sg