Singapore is a country located in East Asia. It is one of the developed economies in the region with an impressive economic growth rate and a top destination for foreign investors and associated activities.
The country’s growth rate dropped to 5.8% due to the devastating impact of the Covid-19 pandemic and the rate is expected to jump to between 6% and 7% this year.
The country is renowned as one of the safe havens for economic development in terms of the health industry and economic development.
The political authorities are likely to gradually open up the country for enhanced economic activities and in-country arrivals as a huge chunk of the country’s population have been fully vaccinated to boost the recovery of the economy.
Despite the ravages of the pandemic, the latest global economic growth platforms have revealed that the collective wealth of the country grew by a further 26% from a year ago when it was last measured.
The combined wealth of the top 50 richest people in the country grew from $167bn to $208bn in the period under review.
Below is the list of the top 20
billionaires in Singapore;
1) Li Xiting ( $23bn)
Li is the Founder and Chairman of Shenzhen Mindray Biomedical Group, a supplier of medical devices.
It was founded in 1991 and has its headquarters in Shenzhen.
Li also holds a bachelor’s degree from the University of Science and Technology of China.
2) Eduardo Saverin ( $20.5bn)
Eduardo Saverin cofounded Facebook with his Harvard University classmate, Mark Zuckerberg in 2004.
He has been a resident of Singapore since renouncing his US Citizenship in 2012.
He is a Brazilian by birth and Singaporean by naturalisation.
In 2016, he launched the Venture Trust, B Capital with an Indian business partner.
3) Goh Cheng Liang ( $18.6bn)
Goh Cheng Liang gets a majority of his wealth from holding a majority stake in a Japanese firm, Nippon Paint Holdings.
The company is the 4th largest paint manufacturer in the world.
In 2021, his son, Hup Jin completed a $12bn dollar stake transaction which made his dad the majority stakeholder.
4) Zhang Yong ( $16bn)
Zhang Yong is the Chairman of the Sichuan hot pot chain, Haidilao which went public in September 2018. His wife, Shu Ping is co-founder and director.
The food chain pulled in $3.8bn from over 1,0000 restaurants mostly based in China and a few others in Japan, the USA and the Asia region.
The firm is noted for its delicious spicy recipes as well as top-notch customer service.
Zhang Yong who did not complete High School did not know how to prepare the Sichuan recipes when he started the business but he learnt quickly from friends and family.
He also raised the initial capital for the business from his wife and friends to set up the firm which he still runs as the Chief Executive Officer.
5) Forrest Li ($15.9bn)
The Stanford graduate runs online gaming and E-commerce firm, Sea which also has commercial interests in online shopping.
Li got onto the list of the richest people in Singapore by listing the company on the New York exchange in 2017.
Popular firm, Tencent holds a 20% equity stake in Sea alongside other shareholders.
6) Robert and Philip Ng ( $14.2bn)
Robert and his brother Philip are Singaporean billionaires who co-chair the real estate firm, Sino Group since 1991.
The Group was found by the billionaire dad, Ng Teng Fong who moved to Singapore in the early 1930s.
Robert ( pictured above) oversees the operations of the Hong Kong arm of the business whilst Philip oversees the branch in Singapore.
The Group opened a luxury 416 room hotel in Australia in 2019 in a colonial building that used to house a post office.
7) Gang Ye ($10.3bn)
Gang Ye co-founded online gaming and e-commerce giant with Forest Li.
He has been the Group’s Chief Operating Officer since 2017 after his previous role as the Chief Technology Officer.
He has previously worked at the Economic Development Bank of Singapore and palm oil giant firm, Wilmar International.
8) Kwek Leng Bong ($8.5bn)
He is the Executive Chairman of Hong Leong Holdings in Singapore founded in 1941 by his dad.
He is also the Executive Chairman of City Developments, which is the 2nd largest estate developer in the country.
His son, Sherman has been running City Developments since 2018.
9) Wee Chow Yaw ($6.8bn)
He is the Chairman Emeritus of United Overseas Bank, the 3rd largest bank in Singapore by assets.
The bank was co-founded by his dad in 1935 as the United Chinese Bank.
Wee resigned as the CEO of the bank in 2013 and retired as the Chairman in 2018.
His eldest son, Wee Ee Chong is now the Chief Executive officer of the bank.
10) Khoo Family ($6.5bn)
The Khoos are heirs of the deceased banker, Khoo Teck Puat.
Khoo Puat invested heavily in Standard Chartered Bank in 1986 and a huge chunk of the family fortune comes from selling their stake in the bank in 2006 for $4.5bn.
The family also owns the Khoo Group of Hotels which is chaired by Miss Khoo Oei (pictured above).
11) Kwee Brothers ($5.4bn)
The four brothers control the privately held Pontiac Land, which owns an array of luxury hotels and iconic office towers on the island.
The Pontiac Land Group was founded by the Indonesian born father who migrated to Singapore in the late 1950s.
In New York, the brothers own a luxury apartment tower designed by renowned French architect, Jean Nouvel located next to the Museum of Art.
12) Kuok Khan Hong ( $3.8bn)
Kuok founded the edible oil conglomerate in 1991 and built it into one of the largest in the world.
Weaker food prices led to the firm taking a 4% hit in profit in 2019 alone to the tune of $4.3bn.
He has other high profile interests in Yandlord Yard and Perennial Real Estate Holdings.
13) David Chan ($3.1bn)
David is co founder of Singapore based online gaming and ecommerce company, Sea.
He is the Chief Product Officer of Shopee , the NYSE listed company which focuses on Ecommerce.
David Chen is a computer engineer by profession.
14) Raj Kumar ($2.65bn)
Raj Kumar and his son, Rishin Kumar are among Singapore’s leading real estate moguls who own RB Property Holdings.
Their valuable holdings comprise the 442 – room Holday Inn at Clarke Quay and the 5-star Intercontinental Hotel Singapore.
15) Peter Lim ($2.6bn)
After divesting off his shares in oil manufacturer, Wilmar International, Peter Lim focused on investing in real estate, pharmaceutical products and services.
He also has business interests in sports and also expanded his health care business empire in Malaysia and Singapore.
Peter Lim has ownership of a luxury hotel property in Manchester.
16) Chong Chang ($2.4bn)
He made his huge fortune in the textile before venturing into the hospitality industry in Geylang.
Since 2009, he has significantly expanded his range of investments in the industry.
His daughter, Carolyn has been helping with the administration of 38 hotel chains on the island.
17) Richard Chandler ($2.3bn)
A native of New Zealand, he has been living in Singapore since 2006, where he runs the Clermont group.
The commercial interests of the group are in healthcare, financial services and aerospace services.
He previously founded an investment firm, Sovereign Global with his younger brother, Christopher.
18) Arvind Tiku ($2.2bn)
Indian born Singapore billionaire holds interests in renewable energy and property management through his AT Holdings.
He left India for Russia at 18, to study Mechanical Engineering Russia and after studies, became a commodities trader in oil and gas in Kazhakstan.
Arvind is currently developing commercial real estate in India and Holland.
19) Lee family ($2.1bn)
The family fortune is derived from its stake in OCBC Bank, Singapore’s 2nd largest bank by assets.
The family fortune was previously listed under Lee Seng Wee, erstwhile Chairman of the bank who passed away in 2015.
20) Robert Friedland ($1.95bn)
Friedland founded and chairs the Toronto listed Ivanhoe Mines, the firm that is a leader in the mining and metals industry.
Based in Singapore, Robert is noted for developing profitable mines in the remotest parts of Mongolia.
He also holds shares in Australia listed firm, CleanTechQ Holdings which deals in cobalt and lithium products.
The above-listed individuals and families are in ownership of some of the country’s biggest firms which generates huge revenues for the state and create employment for a teeming number of citizens in Singapore and across the globe.
Most of these individuals prefer to fly under the radar and shun the public limelight whilst they allow the outstanding contributions to the country in the various fields of endeavour to speak for themselves.