Yahoo Finance [2022 Edition] Top 10 Richest Billionaires In Singapore And How Their Wealth Has Changed Since The Reopening Of Global Markets
Wealth is changing hands again (for some) and the list of Singapore’s top 10 richest billionaires has once again been reshuffled. With the current fearful sentiments in the stock markets being stoked by inflation, the war in Ukraine, and rising geopolitical tension, the markets have tanked and billionaires affected have seen their wealth decline. For the others, their net valuation has risen.
This year’s billionaire list according to Forbes, includes some notable mainstays and new entrants.
Read Also: [2021 Edition] The Richest In Singapore And How They Made Their Fortunes
#1 Li Xiting
Current Net Worth: $15.6 Billion
Global Ranking: #94
Industry: Healthcare
Net Worth in 2021: $ 21.5 Billion (Down by 21.4%)
Retaining the top spot is Li Xiting, founder and chairman of Shenzhen Mindray Bio-Medical Electronic. Born in China, Li is a naturalised Singapore citizen.
A supplier of medical devices and headquartered in Shenzhen, his wealth was propelled by the demand for medical devices such as ventilators during the pandemic. Mindray donated $4.6 million worth of medical devices to hospitals during the COVID-19 pandemic, including in hard-hit Wuhan and northern Italy.
#2 Robert & Philip Ng
Net Worth: $15.2 Billion
Global Ranking: #133
Industry: Real Estate
Net Worth in 2022: $13.3 Billion (Up by 14.2%)
Brothers Robert and Philip Ng control Far East Organization, Singapore’s largest private landlord and property developer. The group was founded by their father Ng Teng Fong, who moved from China to Singapore in 1934, later known as “The King of Orchard Road.”
Their Hong Kong arm, Sino Group, is overseen by older sibling Robert and his son Daryl, while Philip oversees the Singapore interests which include Yeo Hiap Seng.
Far East Organization is the only developer in the world to win ten FIABCI Prix d’Excellence Awards, the highest honour in international real estate
Aside from real estate and hospitality, the family has also donated generously to the building of Jurong’s public hospital. The hospital – Ng Teng Fong General Hospital, was subsequently named after the late tycoon.
#3 Goh Cheng Liang
Net Worth: $12.1 Billion
Global Ranking: #154
Industry: Manufacturing
Net Worth in 2022: $21.7 Billion (Down by 44.2%)
Goh Cheng Liang, the founder of Wuthelam, started making paints in a small factory in Singapore before he went on to partner with Japan’s Nippon Paint in 1962, becoming the main distributor in Singapore, a collaboration that is ongoing today. His son, Goh Hup Jin, was appointed chairman of Nippon Paint in 2018 and also runs their privately held joint venture, Nipsea.
In 2020, Nippon Paint stuck a S$16.69 billion deal with Goh to merge and create a consolidated paints and coatings company in Asia, combining two of Asia’s biggest paints and coatings groups. This added $3.8 billion to the family’s net worth.
#4 Eduardo Saverin
Net Worth: $8.1 B
Global Ranking: #185
Industry: Media & Entertainment
Net Worth in 2021: $14.6 Billion (Down by 44.5%)
Born in Brazil, Eduardo Saverin made most of his fortune by co-founding Meta (Facebook) back in 2004 and is now residing in Singapore running B Capital Group.
B Capital is a venture fund that has $6.5 Billion in assets, 125+ companies in its portfolio and 7 global offices. B Capital specialises in the fields of Enterprise solutions businesses, FinTech, and Healthcare & BioIT.
Eduardo emigrated to Singapore in 2011, after renouncing his American citizenship.,
#5 Kwek Leng Beng & Family
Net Worth: $9.3 Billion
Global Ranking: N.A.
Industry: Real Estate
Net Worth in 2021: $5.6 Billion (Up by 76.7%)
81-year-old Mr Kwek Leng Beng is the chairman of Hong Leong Group, which has over 300 companies under its wing. He is also chairman of City Development Limited (CDL)
Kwek became chairman of the Hong Leong group in 1990 and steered the company into a conglomerate with 300 companies in its portfolio. Kwek is also the chairman of Millennium & Copthorne Hotels, which has over 120 hotels under its wing in 19 countries.
#6 Zhang Yong & Shu Ping
Net Worth: $7.7 Billion
Global Ranking: N.A.
Industry: Restaurants, Self-Made
Net Worth in 2021: $14 Billion (Down by 45%)
Owner of the famous HaiDiLao Hotpot, Zhang Yong is a naturalised Singapore citizen.
Originally from China, HaiDiLao Hotpot has over 935 outlets worldwide, including Singapore, Malaysia, Vietnam, Indonesia, the US, South Korea, Japan, Canada, the United Kingdom, and Australia. Their unique ethos in providing quality customer service such as providing free manicures and snacks coupled with their famous tomato broth has helped the brand maintain a group of avid and loyal customers. The company has also successfully branched out to shelf products, bringing its tomato broth into the homes of many.
However, with the pandemic’s impact on the restaurant business, Zhang Yong’s net worth has dropped significantly from last year. In March 2022, Zhang Yong stepped down as HaiDiLao’s CEO but remains chairman and executive director.
#7 Lee Koguan
Net Worth: $7.3 Billion
Global Ranking: #424
Industry: IT
Net Worth in 2021: $6 Billion (Up by 21.6%)
Lee Koguan is an American citizen residing in Singapore. He is the co-founder of SHI international corporation, which is a technology provider of technology products & services.
He currently resides in the largest penthouse in Singapore, at Guoco tower – of which James Dyson was the previous owner. Lee Koguan is a fond admirer of Elon Musk and owns the 3rd largest share in Tesla as a single shareholder.
Read Also: [2020 Edition] The Richest In Singapore And How They Made Their Fortunes
#8 Khoo Family
Net Worth: $6.9 Billion
Global Ranking: N.A.
Industry: Banking
Net Worth in 2021: $6.5 Billion (Up by 6.1%)
The family’s fortune begain with Mr Khoo Teck Puat, who was one of the founders of Malaysian Banking (Maybank). He was a hotelier, financier and at one point a senator of the Malaysian parliament. Mr Khoo Teck Puat held many acquisitions, most notably Goodwood park & central properties.
Back in 1986, he bought a 5% stake in Standard Chartered bank. His stake steadily rose to 13.5%, becoming the largest single shareholder in the company. Most of the family’s fortune is made by selling those shares back in 2006 and thus accumulating an additional $4 Billion in that sale.
The family have a charitable arm – The Khoo foundation, which made donations to educational institutions in Singapore, and much more to the healthcare industry in Singapore.
Read Also: Top 10 Richest People In Singapore 2019: How Much They’re Worth And How They Built Their Fortunes
#9 Wee Cho Yaw
Net Worth: $6.4 Billion
Global Ranking: #330
Industry: Finance and Investments
Net Worth in 2021: $6.8 Billion (Down by 4.4%)
Mr Wee Cho Yaw is the former chairman and chief executive officer of the United Overseas Bank (UOB).
Wee Cho Yaw and his family also hold interests in companies such as United Overseas Land (UOL), United Industrial Corporation (UIC), Pan Pacific Hotels Group and Haw Par Corporation.
#10 Kwee Brothers
Net Worth: $5.7 Billion
Global Ranking: #480
Industry: Real Estate
Net Worth in 2021: $5.6 Billion (Up by 1.7%)
The Kwee family ( Kwee Liong Keng, Kwee Liong Tek, Kwee Liong Seen and Kwee Liong Phing) collectively run the Pontiac Land group. Pontiac Land owns commercial, residential, and hospitality assets. They also own the Capella Hotel Group and have properties overseas.
Under Pontiac Land’s assets are the renowned Ritz-Carlton Millennia, Millenia Tower, Centennial Tower and Camden Medical Centre.
Notable Mentions
There were a few billionaires that were dropped off the list from last year. Due to inflation, real estate prices and fixed deposit rates have skyrocketed. Those whose most of their wealth is in stocks have seen a sharp decline due to the sell-off in the stock market, which is due to rising inflationary costs, and geopolitical factors.
The following billionaires have dropped off the list from earlier this year due to sell-off in stock market, especially in technology.
Forrest Li (CEO, Sea)
Net Worth: $5.3 Billion (-57%)
Global Ranking: #509
Industry: Media and Entertainment
Net Worth in 2021: $12.4 Billion
Jason Chang (CEO, Advanced Semiconductor Engineering)
Net Worth: $4.6 Billion (-8%)
Global Ranking: #622
Industry: Technology
Net Worth in 2021: $5 Billion
Gang Ye (COO, Sea)
Net Worth: $3.1 Billion (-56%)
Global Ranking: #984
Industry: Media and Entertainment
Net Worth in 2021: $7.1 Billion
Read Also: [2022 Edition] Top 10 Richest Billionaires In Singapore And How They Earn Their Wealth
These individuals did not lose money per se but rather, a loss in net worth. That includes assets such as stocks and various other financial assets. Those financial vehicles fluctuate with the economy and therefore their total net worth changes over time.
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