SINGAPORE, Sept 6 — The combined fortune of Singapore’s 50 wealthiest individuals has surged by over 10 per cent to US$195 billion (RM844 billion) in 2024, up from US$177 billion the previous year.
Despite this significant rise, their collective wealth still falls short of the US$208 billion recorded in 2021, Forbes Asia said in a statement yesterday.
The latest Forbes list reveals that nearly two-thirds of the individuals featured saw their fortunes increase, buoyed by Singapore’s robust economic growth and a buoyant stock market.
This positive shift is attributed to a series of factors according to Forbes, including the swearing-in of Prime Minister Lawrence Wong in May and a boost from the influx of visitors for sold-out concerts by pop star Taylor Swift and rock band Coldplay.
Eduardo Saverin, co-founder of Meta Platforms (formerly Facebook), retains his position as Singapore’s richest individual for the second consecutive year.
His net worth has soared to US$29 billion, marking a remarkable US$13 billion increase from 2023, thanks to Meta’s rising stock prices driven by substantial investments in artificial intelligence.
Holding on to second place are the Ng siblings, Robert and Philip, of Far East Organization, with a combined wealth of US$14.4 billion, despite a slight decrease from US$14.8 billion last year.
Similarly, Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics, remains in third place but sees his net worth fall to US$13.4 billion from US$14 billion.
Real estate magnate Kwek Leng Beng has climbed to fourth place with a net worth of US$11.5 billion. His notable acquisition of the Hilton Paris Opera hotel in advance of the 2024 Olympic Games has been a significant factor in his rise.
A significant change in the rankings this year is the entry of the Wee family at seventh place with US$7.8 billion.
The Wee family, heirs of banking mogul Wee Cho Yaw, who died in February, now features prominently on the list. The family includes Wee Ee Cheong, deputy chairman and CEO of UOB, and his brothers Wee Ee Chao and Wee Ee Lim, who lead Haw Par, UOB Kay Hian, and UOL Group, respectively.
The list also sees three individuals associated with Sea, a company listed in New York, making notable gains. Sea’s co-founder and CEO, Forrest Li, has jumped six places to No. 12 with US$5 billion. Chief Operating Officer Gang Ye is now at No. 16 with US$3.1 billion, while David Chen, the Chief Product Officer of Shopee, has re-entered the list at No. 50 with US$870 million.
New entrants include Ji Qi, a China-born hotelier and Singapore citizen, who is ranked No. 23 with US$2.35 billion. Ji co-founded Trip.com and expanded his hotel chain, H World Group, to over 10,000 properties.
Another newcomer, George Raymond Zage III, a former hedge fund manager, is listed at No. 48 with US$900 million, largely from shares in the LGBTQ dating app Grindr.
The list also reflects a decline in the fortunes of some individuals. Husband-and wife team of Zhang Yong and Shu Ping, previously at No. 6, dropped to No. 10 with a combined net worth of US$6.5 billion, following a 45 per cent fall in Haidilao International Holding’s shares due to weaker consumer spending in China.
The minimum net worth required to make the list has increased to US$870 million from US$750 million last year. This year’s list is compiled using stock prices and exchange rates as of August 16, 2024, and includes family fortunes and individuals with significant ties to Singapore.
