SINGAPORE: Singapore’s wealthiest people made much bigger gains last year than the Singapore economy. The combined wealth of tycoons on the 2023 Forbes list of Singapore’s 50 Richest rose by 8 per cent to US$177 billion from $164 billion last year; in comparison, the Singapore economy grew 3.6 per cent in 2022 and is expected to grow by 0.5 to 1.5 per cent in 2023.
To put things in perspective, Singapore’s 50 Richest people’s combined wealth of US$177 billion is More than Singapore’s S$104.2 billion (US$76.2 billion) Budget for 2023 unveiled on February 14 and is equivalent to more than 40 per cent of Singapore’s GDP.
According to the Singapore Department of Statistics website, Singapore’s GDP at current market prices in 2022 was S$569,364.2 million (US$417,367.36 million). Forbes’ Singapore’s 50 Richest list includes individuals as well as families.
Brazilian billionaire Eduardo Saverin, co-founder of Meta Platforms (formerly Facebook) and a resident of the city-state, tops the list with a net worth of US$16 billion. (Seen in the Facebook picture with his wife, Elaine Andriejanssen).
Brothers Robert and Philip Ng of the Far East Organization remain second with US$14.8 billion.
Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics, dropped to the third spot after two years at the top as healthcare stocks took a hit on China’s anti-corruption drive against the pharma sector. His net worth fell to US$14 billion from US$15.6 billion last year.
Goh Cheng Liang, who controls Japan’s Nippon Paint Holdings, is fourth with a net worth of U$12.3 billion.
Kwek Leng Beng, executive chairman of Hong Leong Group and City Developments, retains the fifth spot with a net worth of US$11 billion.
Zhang Yong, chairman of Sichuan hot pot chain Haidilao, and his Shu Ping are sixth with US$9.7 billion.
The Khoo family, which controls the Goodwood Group of Hotels, is seventh with a net worth of US$8.5 billion. The family sold its stake in Standard Chartered Bank for US$4 billion in 2006.
Wee Cho Yaw, chairman emeritus of United Overseas Bank, is eighth with US$7.1 billion.
Leo Koguan, founder and chairman of $14 billion (sales) IT provider SHI International, is ninth with US$6.5 billion.
The Kwee brothers, who control privately held Pontiac Land, which owns an array of luxury hotels and office towers, are 10th with US$6.3 billion.
Visit Forbes for Singapore’s 50 Richest full list.
The world’s richest people are very rich indeed.
The wealth of India’s 157 dollar billionaires – headed by the richest Asian, Mukesh Ambani and Gautam Adani – is 25.4 per cent of India’s 2023 GDP, according to Fortune India.
“Although India is relatively poor, billionaire wealth had soared to the equivalent of more than 17 per cent of gross domestic product, one of the highest shares in the world,” wrote Ruchir Sharma in the Financial Times on May 14, 2021.
The Gini index measures the distribution of income across a population. A higher Gini index indicates greater inequality, with high-income individuals receiving a much larger percentage of the population’s total income.
“After adjusting for Government transfers and taxes, the Gini coefficient in 2022 fell from 0.437 to 0.378. This reflected the redistributive effect of Government transfers and taxes,” the Singapore Department of Statistics said in a press release in February 2023.
In the United States, on the other hand, “Using pretax money income, the Gini index increased by 1.2% between 2020 and 2021 (from 0.488 to 0.494). This annual change was the first time the Gini index had increased since 2011,” reported the US Census Bureau.