Yahoo Finance [2022 Edition] Top 10 Richest Billionaires In Singapore And How They Earn Their Wealth
After the startling rise of billionaires in Singapore last year during the height of the pandemic, the rise of the richest in Singapore seems to have tapered slightly, with the net worth of many of these billionaires being slightly lesser than last year.
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
Net Worth: $17.6 Billion
Global Ranking: #94
Industry: Healthcare
Net Worth in 2021: $21.5 Billion
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: $13.7 Billion
Global Ranking: #133
Industry: Real Estate
Net Worth in 2021: $13.3 Billion
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 includes 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 for 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 2021: $21.7 Billion
Goh Cheng Liang, 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 Wee Cho Yaw
Net Worth: $7.2 Billion
Global Ranking: #330
Industry: Finance and Investments
Net Worth in 2021: $6.8 Billion
At age 91, Wee Cho Yaw is a venerable name in Singapore’s billionaire list. Currently Chairman Emeritus of United Overseas Bank, he stepped down as director of UOB after sixty years. His oldest son Wee Ee Chong is UOB’s CEO, while his younger son Wee Ee Lim has a board seat.
Over the years, while staying true to their banking roots, the family has also expanded into real estate. In 2017, Wee acquired 45 unsold apartments in the Nassim, a luxury condo, for $411.6 million through his family’s real estate arm, Kheng Leong. The family has a majority stake in UOL, a leading property developer that owns the Pan Pacific hospitality brand.
#5 Kwee Brothers
Net Worth: $5.5 Billion
Global Ranking: #480
Industry: Real Estate
Net Worth in 2021: $5.6 Billion
Founded by their Indonesian father, Pontiac Land is controlled by the four Kwee siblings today. They own luxury hotels in Singapore, Sydney and Maldives, prime commercial buildings across Singapore, as well as having developed premium residential buildings.
In New York, the brothers own majority stake in the luxurious 53W53 building, designed by Jean Nouvel, beside the Museum of Modern Art. In 2017, they acquired the Cappella Hotel group. In 2020, Pontiac Land also launched a luxury resort, Fari Islands, in Maldives with Capella Hotels & Resorts, The Ritz-Carlton Hotel Company, and Patina Hotels & Resorts operating on the island resort.
#6 Forrest Li
Net Worth: $5.3 Billion
Global Ranking: #509
Industry: Media and Entertainment
Net Worth in 2021: $12.4 Billion
Founder of Sea, Forrest Li remains on Singapore’s billionaire list, though his ranking has dropped along the dip in Sea’s stock price. Under its name, Sea runs Garena, an online games developer and publisher, as well as Shopee, an e-commerce platform.
Recent headwinds have challenged Sea, such as their closure of Shopee India. Regardless, the growth for Sea continues as the group is looking to expand into the e-payments and financial services space with their new Digital Banking License from the Monetary Authority of Singapore.
#7 Zhang Yong
Net Worth: $5.3 Billion
Global Ranking: #509
Industry: Food & Beverage
Net Worth in 2021: $23 Billion
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, 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 help the brand maintain a group of avid and loyal customers. The company has also successfully branched out to shelf products, bringing their tomato broth into the homes of many.
However, with the pandemic’s impact on 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.
Read Also: [2020 Edition] The Richest In Singapore And How They Made Their Fortunes
#8 Jason Chang
Net Worth: $4.6 Billion
Global Ranking: #622
Industry: Technology
Net Worth in 2021: $5 Billion
Making a reappearance in the top 10 list is Jason Chang, chairman of Taiwan-based Advanced Semiconductor Engineering. Founded together with his brother in 1984, Advanced Semiconductor Engineering is the world’s largest provider of independent semiconductor assembling and testing manufacturing services.
Together with his brother, Richard Chang, they also control Taiwan-listed real estate developer Sino Horizon Holdings.
Read Also: Top 10 Richest People In Singapore 2019: How Much They’re Worth And How They Built Their Fortunes
#9 Kuok Khoon Hong
Net Worth: $3.5 Billion
Global Ranking: #851
Industry: Manufacturing
Net Worth in 2021: $3.8 Billion
A new entrant to the top 10 billionaires list in recent years is Kuok Khoon Hong, the co-founder of Wilmar. Wilmar is one of the world’s largest palm oil producers and a Singaporean food processing and investment holding company with more than 300 subsidiary companies.
In 2020, Wilmar’s Chinese subsidiary, Yihai Kerry Arawana, was listed in a $2.1 billion IPO on the Shenzhen stock exchange. Kuok’s other notable investments include stakes in billionaire Zhong Sheng Jian’s Yanlord Land as well as Perennial Real Estate Holdings.
He also co-owns the Aviva Tower in London with Indonesian billionaire and Wilmar cofounder Martua Sitorus.
#10 Gang Ye
Net Worth: $3.1 Billion
Global Ranking: #984
Industry: Media and Entertainment
Net Worth in 2021: $7.1 Billion
The co-founder of online gaming and e-commerce giant, Sea, Gang Ye is currently the Chief Operating Officer for the group. The group runs Shopee, the most popular e-commerce app in Southeast Asia as well as Garena, an online gaming platform that distributes popular games such as League of Legends in Southeast Asia.
Recent headwinds to the Sea’s operations including withdrawals of Shopee from France and India have challenged the group. Nonetheless, the fortunes of the founder, Forrest Li and co-founder, Gang Ye, still remain within Singapore’s top 10 billionaires list.
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