[2023 Edition] Top 10 Richest Billionaires In Singapore And How They Earn Their Wealth

Singapore’s Top Richest in the past were predominately in the finance and real estate industries. But over the years, they have been replaced with new ultra high net worth individuals (UHNWIs) in various other industries such as medical, media and entertainment, food and beverage, and electronics.

While change may be the only constant in life, it will take a mammoth task to shift out these individuals, who are the leaders of their respective industries.

In this year’s edition of the Forbes World’s Billionaires List, 35 Singaporeans made it to the list of 2,640, up from 26 last year. We count down the top 10, which includes some familiar names and a new entry.

Read Also: [2022 Edition] Top 10 Richest Billionaires In Singapore And How They Earn Their Wealth

#10 Kuok Khoon Hong

Source: Wilmar International

Net Worth: $3.1 Billion
Global Ranking: #949
Industry: Manufacturing – Palm oil
Net Worth in 2022: $3.5 Billion

Kuok Khoon Hong, age 73, serves as the Chairman and Chief Executive Officer of Wilmar International, which he cofounded in 1991 with Indonesian billionaire Martua Sitorus. Today, the SGX-listed company, is a leading agribusiness group in Asia that processes agricultural commodities like palm oil.

Mr Kuok, who is married with four children, was born in the seaside village of Mersing in Johor, Malaysia and holds a Business Administration degree from the then University of Singapore. He has other property-related investments in Yanlord Land, Perennial Real Estate Holdings and the Aviva Tower in London.

#9 Kwek Leng Beng

Source: Hong Leong Finance

Net Worth: $3.3 Billion
Global Ranking: #878
Industry: Diversified
Net Worth in 2022: $2.8 Billion

Kwek Leng Beng might be a new entrant to the top 10 richest billionaires list this year, but neither he nor his business, Hong Leong Finance (HLF), founded by his father in 1961, are strangers to Singapore. At age 82, he remains the Executive Chairman of the SGX-listed finance group, which provides customised financial solutions and services to local business enterprises.

Trained as a lawyer in London, Mr Kwek also holds a similar appointment as Executive Chairman of City Development, Singapore’s second largest property developer and Millennium & Copthorne Hotels Limited, a global hospitality management and real estate group.

#8 Forrest Li

Source: Sea

Net Worth: $ 4.6 Billion
Global Ranking: #591
Industry: Media & Entertainment – Gaming
Net Worth in 2022: $5.3 Billion

The youngest on the list at age 45, Forrest Li runs tech conglomerate, Sea Limited, which owns well-known e-commerce platform Shopee and gaming firm Garena. Born in China, Mr Li once lived in a single bedroom within a 3-room HDB flat at Braddell before making the billionaire list with the IPO of Sea on the New York Stock Exchange (NYSE) in October 2017.

From a net worth high of $12.1 billion in 2021, Mr Li’s fortunes tumbled as the group struggled to reach profitability amid rising inflation and recessionary fears. Mr Li, who holds an M.B.A. degree from Stanford University’s Graduate School of Business, is an avid football fan and serves as the chairman of the local Singapore Premier League football club, Lion City Sailors.

#7 Jason Chang

Source: ASE Group (On the right – Jason Chang)

Net Worth: $ 4.7 Billion
Global Ranking: #580
Industry: Technology – Electronics
Net Worth in 2022: $4.6 Billion

Making his successive appearance, Jason Chang is the co-founder and chairman of dual-listed Taiwan’s Advanced Semiconductor Engineering, ASE Group. Established in 1984, the group is a provider of independent semiconductor assembling and test manufacturing services.

Mr Chang, together with his brother, Richard, is one of the main shareholders of commercial real estate developer Sino Horizon Holdings that focuses on the Greater China market specifically in Shanghai, Beijing and Chongqing municipalities.

#6 Dr Wee Cho Yaw

Source: UOB

Net Worth: $ 7.1 Billion
Global Ranking: #325
Industry: Finance & Investments – Banking
Net Worth in 2022: $7.2 Billion

At age 94, Dr Wee Cho Yaw is not only one of the oldest billionaires on the list but also a regular feature. Synonymous with United Overseas Bank (UOB), Singapore’s third-largest bank by assets, Dr Wee retired from the board in 2018 after 60 years as its Director. He remains Chairman Emeritus and Honorary Adviser of the bank, which was initially cofounded as the United Chinese Bank in 1935 by his father.

Dr Wee also has controlling stakes in property companies such as UOL and Singapore Land that have a diverse portfolio of real estate, from commercial spaces to residential, retail, and hotel properties, with a greater focus in Singapore.

#5 Robert Ng

Net Worth: $ 7.4 Billion
Global Ranking: #305
Industry: Real estate

 Robert at 71, is the eldest son of Ng Teng Fong and the older of the two brothers that control the Far East Organsiation, Singapore’s largest private landlord and property developer. He also runs the group’s Hong Kong operations including Sino Land, Tsim Sha Tsui Properties and Sino Hotel Holdings with his son, Daryl.

Married with six children, Mr Ng has a law degree from Middle Temple, London and is a staunch Christian.

#4 Zhang Yong

Source: Facebook

Net Worth: $ 7.5 Billion
Global Ranking: #299
Industry: Food & Beverage – Restaurants
Net Worth in 2022: $5.3 Billion

Born in China, Zhang Yong founded the well-known and Hong Kong-listed Sichuan hotpot chain Haidilao due to a bad experience he had in a hotpot restaurant and his belief he could do better. Started in 1994 with a focus on providing excellent customer service and discounts, the chain has grown to over 1,000 restaurants in China, the U.S., Japan, South Korea, Singapore, and many more.

At age 52, Mr. Zhang Yong decided to step down as the Group’s Chief Executive in 2022 but remains as its chairman to focus on long-term strategy planning.

#3 Philip Ng

Source: Facebook

Net Worth: $ 7.6 Billion
Global Ranking: #290
Industry: Real Estate

Philip Ng is the younger of the two Ng brothers who control the private real estate firm, Far East Organisation (FEO). The group founded in 1960 by their father, Ng Teng Fong, who was regarded as the “King of Orchard Road,” has built over 780 developments in the residential, hospitality, retail, commercial, and industrial sectors, including 55,000 private homes in Singapore. It has also received 13 FIABCI World Prix d’Excellence awards, the highest honour in international real estate.

Mr Ng, who oversees the Singapore interests of the group, holds a Bachelor of Science degree in Civil Engineering from King’s College, London University, UK and two Master’s degrees from the Massachusetts Institute of Technology, USA. As a staunch Christian like his brother, he publicly declared FEO a Christian Enterprise.

#2 Goh Cheng Liang

Net Worth: $ 14.3 Billion
Global Ranking: #123
Industry: Manufacturing – Paint
Net Worth in 2022: $12.1 Billion

At 95, Goh Cheng Liang founder of Wuthelam Holdings is the oldest on the list and has also seen the biggest increase in his net worth over 2022. The one-time fishnet seller and rubber tapper formed a partnership in 1962 with coatings specialist Nippon Paint Holdings, the world’s fourth-largest paint manufacturer by sales, as their main Singapore distributor.

Due to a $12 billion stock-and-cash deal in late 2020, Goh was able to raise his stake in the Tokyo-listed Nippon Paint, chaired by his son, Hup Jin, to 58.7%, forming the bulk of his wealth.

#1 Li Xiting

Source: Mindray

Net Worth: $16.3 billion
Global Ranking: #103
Industry: Healthcare – Medical devices
Net Worth in 2022:  $17.6 billion

Taking the number one spot for the third year in a row, is China-born Li Xiting, founder and chairman of Shenzhen Mindray Bio-Medical Electronics. The company, founded in 1991, is headquartered in Shenzhen and supplies medical equipment like ventilators, defibrillators and anaesthesia machines.

Li Xiting, who is 72 and has a Bachelor’s degree in low temperature physics from the University of Science and Technology of China, became a naturalised Singapore citizen in 2018.

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