Overview of Singapore’s Richest People
According to Forbes, the collective net worth of the country’s 50 richest tycoons rose by over 10% to US$195 billion, bringing Singapore’s elite financial landscape to remarkable new heights. This significant growth underscores Singapore’s thriving economy and its appeal as a hub for innovation and investment.
Co-founder of Meta Platforms, Eduardo Saverin is at the top of the list with a net worth of US$29 billion. Saverin’s fortune surged with Meta’s robust stock performance, highlighting his strategic foresight in the tech industry. The Ng Siblings, Robert and Philip follow him with a combined wealth of US$14.4 billion. As leaders of the Far East Organisation, Singapore’s largest private real estate developer, their fortune reflects the enduring strength of the property market.
Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics comes in third place boasting a net worth of US$13.4 billion. Li’s success stems from his company’s groundbreaking contributions to medical technology, reinforcing Singapore’s prominence in the global healthcare sector.
Singapore’s economic growth in technology, real estate, and healthcare are exemplified by these individuals. Their success stories, including the roles of prominent executives like Mr. Wee Ee Cheong as chief executive of UOB and Mr. Forrest Li as the chief executive of Sea, continue to inspire and underscore the country’s position as a leading global financial hub.
Singapore’s Richest People
Eduardo Saverin – $29 Billion (Technology)
Co-founder of Facebook, Eduardo Saverin is a pivotal figure in the social media giant’s history, playing a crucial role as its first investor during its early days. Saverin reached a settlement that allowed him to retain a significant stake in the company, following a highly publicized legal dispute with Mark Zuckerberg. In 2009, he embraced opportunities in Asia’s burgeoning tech industry by relocating to Singapore. Saverin has since transitioned into a prominent venture capitalist, investing in innovative tech startups through B Capital Group, which he co-founded.
Renouncing his U.S. citizenship in favor of Singaporean residency continues to spark debate, symbolizing his commitment to Asia’s dynamic business landscape. Saverin’s story reflects not just his financial acumen but also his ability to adapt and thrive in the ever-evolving world of technology and investment.
Robert & Philip Ng – $14.4 Billion (Real Estate)
The Ng brothers, Robert and Philip, have successfully inherited and expanded the real estate empire founded by their late father, Ng Teng Fong, under the Far East Organization. Controlling a vast portfolio of iconic properties across Singapore and Hong Kong, their family business is a powerhouse in the property market. Known for their strategic vision and dedication, the brothers have transformed their inheritance into one of Asia’s largest real estate portfolios, solidifying their position among the region’s wealthiest individuals.
The Ng brothers maintain low profiles despite their immense wealth, adhering to traditional business practices that emphasize consistency and long-term growth. Quietly building a legacy that continues to shape Asia’s property landscape with an approach that reflects the values instilled by their father.
Li Xiting – $13.4 Billion (Healthcare)
Co-founder of Mindray, Li Xiting established himself as a leading figure in the global healthcare industry. A prominent Chinese medical device manufacturer, Mindray, gained international recognition during the COVID-19 pandemic when its ventilators and other medical devices were in high demand worldwide. This surge in demand solidified Li’s status as a key player in the healthcare sector.
Li was born in China and later relocated to Singapore, leveraging the city-state’s strategic position to expand Mindray’s international presence. He played a crucial role in revolutionizing global medical technology and strengthening Singapore’s ties to the healthcare industry, highlighting his visionary leadership and commitment to innovation.
Kwek Leng Beng & Family – $11.5 Billion (Real Estate)
With a net worth of $11.5 billion, Kwek Leng Beng and his family are pillars of the real estate industry. Kwek transformed a modest family business in the 1960s into a global powerhouse as the chairman of Hong Leong Group and City Developments Limited. The company expanded aggressively under his leadership, diversifying into the hospitality sector and earning a reputation as an international leader in real estate development and luxury hotels.
Millennium & Copthorne Hotels, which have become synonymous with excellence and luxury is one of the prestigious properties included in Kwek’s portfolio. His forward-thinking approach and relentless drive have positioned the family as key players in shaping the global real estate and hospitality landscape.
Goh Cheng Liang – $10.4 Billion (Manufacturing)
A shining example of perseverance and entrepreneurial vision, Goh Cheng Liang rose from humble beginnings. Goh started selling paints in the aftermath of World War II, driven by the determination to improve his circumstances. Securing the Singapore distribution rights for Nippon Paint was a breakthrough that laid the foundation for his future success.
Goh now holds a controlling stake in Nippon Paint Holdings, which has grown into Asia’s largest paint producer and a global leader in the industry. Goh is celebrated for philanthropic contributions, particularly in medical research and education, leaving a lasting impact on communities and future generations.
Khoo Family – $9.2 Billion (Real Estate)
Once the largest shareholder of Standard Chartered Bank, the late Khoo Teck Puat left behind a legacy of wealth and influence that continues through his family. His heirs strategically diversified the family’s wealth after his passing, focusing on real estate investments and impactful philanthropy. Their contributions have significantly supported Singapore’s healthcare system, enhancing facilities and services for the community.
Maintaining a low-profile yet influential presence, the Khoo Family reflects their commitment to preserving their legacy while making meaningful contributions to society. Their approach embodies a blend of business acumen and altruism ensuring that Khoo Teck Puats’s vision endures across generations.
Wee Family – $7.8 Billion (Finance & Investments)
With a net worth of $7.8 billion, the Wee family is a cornerstone of Singapore’s finance and investment sectors. Dr. Wee Cho Yaw transformed United Overseas Bank (UOB) into one of Asia’s largest banks. Dr. Wee, the chairman emeritus of UOB, elevated UOB to a regional powerhouse through his disciplined growth strategies and sharp financial instincts, cementing its reputation as a leader in the banking industry.
Wee Ee Cheong, UOB’s deputy chairman and chief executive, continues to uphold the family’s financial legacy. His family continues to maintain deep ties to Singapore’s financial and investment landscape, showcasing Dr. Wee’s influence extending beyond banking. Their enduring contributions to the sector underscore the Wee family’s role in shaping Singapore’s economic foundation and securing their legacy as one of the nation’s wealthiest and most influential families.
Wee Ee Chao, the chairman of Haw Par and UOB Kay Hian, also plays a significant role in the family’s business endeavors.
Kwee Brothers – $6.8 Billion (Real Estate)
Renowned for their leadership in luxury real estate through their company, Pontiac Land, the Kwee Family has a net worth of $6.8 billion. Building an impressive portfolio of upscale developments that showcase their passion for architecture and art.
Synonymous with exclusivity and sophistication, Pontiac Land features iconic hotels and luxury residences in Singapore and abroad. Their strategic approach sets new standards for opulence and innovation, with the family’s focus on high-end properties has position them as leaders in the luxury real estate market. Their commitment to crafting exclusive, artistic spaces reflects their vision and dedication to excellence.
Lee KoGuan – $6.7 Billion (Technology)
A prominent figure in the technology sector, Leo KoGuan has a net worth of $6.7 billion, renowned for his early and bold investments in Tesla. Leo is often described as a “silent investor”, whose strategic foresight and belief in Elon Musk’s vision yielded extraordinary returns as Tesla rose to global prominence.
Leo maintains an air of mystery despite his immense wealth, dividing his time between philanthropy, business ventures, and innovation. His journey underscores the power of calculated risks and long-term vision in the fast-evolving technology landscape, making him an inspiring figure for investors and innovators alike.
Zhang Yong & Shu Ping – $6.5 Billion (Food & Beverage)
Having a combined net worth of $6.5 billion, Zhang Yong and Shu Ping revolutionized the food and beverage industry through their globally renowned hotpot chain, Haidilao. Founded in the 1990s by Zhang, a former construction worker, and Shu, the couple turned a modest venture into one of the world’s most successful hotpot brands.
Celebrated for its exceptional customer service, innovative dining concepts, and viral marketing campaigns, Haidilao sets itself apart in the competitive restaurant landscape. Haidilao propelled into a global phenomenon with the couple’s relentless focus on enhancing the dining experience.
Wealth Trends in Singapore
With the 50 wealthiest individuals in Singapore seeing their fortunes grow by 10% over the past year, these wealthiest individuals have experienced a remarkable surge in net worth. This significant increase reflects a year of economic optimism and key events that bolstered financial confidence. A wave of positive sentiment in May brought by the swearing-in of Prime Minister Lawrence Wong reinforced stability and growth within the nation.
Events also contributed to Singapore’s thriving economy which created an influx of visitors for sold-out concerts by global stars Taylor Swift and Coldplay. The collective wealth of these 50 individuals reached an impressive US$177 billion by 2023, marking an 8% increase from the previous year.
This upward trend underscores the resilience of Singapore’s economy and its ability to attract investment and prosperity even amid global uncertainties.
Sources of Wealth, Business Interests, and Collective Net Worth
Co-founder of Meta Platforms, Eduardo Saverin has seen his wealth skyrocket by an incredible US$13 billion, driven by the outstanding performance of Meta shares, which surged 70% since the last assessment of fortunes. Further solidifying Saverin’s position with this remarkable growth as Singapore’s richest individual, showcases the immense impact of strategic investments in the tech industry.
The Wee family, heirs of the late banker Wee Cho Yaw, ranks 7th on Singapore’s rich list with a collective net worth of US$7.8 billion. Their fortune is primarily tied to United Overseas Bank (UOB) and other diversified business ventures, reflecting their enduring influence in Singapore’s financial sector.
Ji Qi, the founder and executive chairman of H World Group with a net worth of US$ 2.35 billion, is 23rd on the list. Ji Qi has transformed H World Group into one of China’s largest multi-brand hotel groups, boasting a chain of over 10,000 hotels since its inception in 2005. His achievements highlight the global success of his hospitality ventures and the growing influence of Singapore-based entrepreneurs in international markets. These figures exemplify the diverse industries driving Singapore’s billionaire rankings, from technology and banking to hospitality.
Demographics and Background
The son of the late Wee Cho Yaw, Wee Ee Cheong, plays a pivotal role in the Wee family’s legacy as UOB’s deputy chairman and CEO. His leadership continues to strengthen the family’s influence in Singapore’s financial sector, contributing significantly to their position among the nation’s richest individuals. Wee Ee Lim, another prominent member of the family, serves as the chairman of UOL Group, a leading property developer. The Wee family’s diversified wealth and legacy in Singapore is further bolstered by Lim’s contribution to real estate.
Founder and CEO of Tiga Investments, George Raymond Zage III is also featured on the list, with a net worth of US$900 million. Ranked 48th among Singapore’s wealthiest, Zage’s accomplishments highlight his expertise in investment and his notable presence in Singapore’s financial landscape. These individuals showcase the diverse industries that define the wealth and influence of Singapore’s elite.
Notable Changes and New Entrants
With several notable figures dropping off the list this year, Singapore’s billionaire rankings have witnessed significant shifts. Head of Kuo International, Peter Fu Chong Cheng, is no longer among Singapore’s wealthiest, marking a change in the key players in the commodities sectors. Similarly, the chairman of Raffles Medical Group, Loo Choon Yong has exited the rankings, reflecting evolving dynamics in the healthcare industry.
Additionally, owners of SingHaiyi, Gordon and Celin Tang, have also not made the list this year. Their absence highlights changes in the property development landscape and shifting fortunes within Singapore’s competitive billionaire circle. These exclusions underscore the dynamic nature of wealth rankings and the influence of market trends on individual fortunes.
