[2024 Edition] Top 10 Richest Billionaires In Singapore And How They Earned Their Wealth

In this year’s edition of the Forbes World’s Billionaires List, 39 Singaporeans made it to the list of 2,692, up from 35 last year. Conspicuously absent on this list is the late Dr Wee Cho Yaw, who passed away on 3 February 2024. His son, Wee Ee Chong, succeeded him as CEO of UOB, and currently is in the list of 39 billionaires with a net worth of $1.6 billion.

Other than the absence of Dr Wee, most of the other top 10 billionaires on this list remain the same with a few new additions.

The source of wealth for the top 10 billionaires in Singapore is quite diverse, from medical devices, paints, real estate and hotels to electronics and even palm oil.

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

#10 Kuok Khoon Hong

Mr Kuok Khoon Hong, Source: Wilmar International LinkedIn

Net Worth: $2.9 Billion
Global Ranking: #1143
Industry: Manufacturing – Palm oil
Net Worth in 2022: $3.1 Billion

Kuok Khoon Hong began his career trading soft commodities at Kuok Oils and Grains, eventually becoming managing director. In 1991, he left Kuok Oils and Grains to co-found Wilmar International with billionaire Martua Sitorus, where he serves as Chairman and CEO today.

Today, Wilmar International is one of the largest SGX-listed companies and is a leading agribusiness group in Asia that processes agricultural commodities like palm oil.

Mr Kuok has other property-related investments in Yanlord Land, Perennial Real Estate Holdings and the Aviva Tower in London.

#9 Kwek Leng Beng

Mr Kwek Leng Beng (Centre), Source: City Developments Limited

Net Worth: $3.4 Billion
Global Ranking: #949
Industry: Diversified
Net Worth in 2022: $3.3 Billion

Kwek Leng Beng studied to become a lawyer in London, and subsequently joined Hong Leong Group, which was founded by his father. Kwek became chairman of Hong Leong Group in 1990, which has now grown into a conglomerate with more than 300 companies.

Kwek currently serves as executive chairman of City Developments Limited (CDL), Singapore’s Second-largest property developer. He also serves as Chairman and Managing Director of Hong Leong Finance Ltd.

#8 Forrest Li

Mr Forrest Li, Source: X (Formerly Twitter)

Net Worth: $3.6 Billion
Global Ranking: #896
Industry: Media & Entertainment – Gaming
Net Worth in 2023: $4.6 Billion

Forrest Li is the founder, chairman and CEO of Sea limited, which is listed on the New York Stock Exchange, and owns owns e-commerce platform Shopee and gaming firm Garena.

Mr Li adopted the name ‘Forrest’, after Forrest Gump, when a college tutor couldn’t pronounce his name. Li came from humble beginnings, and was once a Motorola recruiter in Shanghai before he founded Garena in 2009. He became a billionaire with the IPO of Sea on the New York Stock Exchange (NYSE) in October 2017.

#7 Jason Jiang

Mr Jason Jiang, Source: LinkedIn

Net Worth: $3.7 Billion
Global Ranking: #871
Industry: Media & Entertainment – Advertising
Net Worth in 2023: $3.7 Billion

Jason Jiang served as the CEO of Everease Advertising Corporation in 1994, before he became the General Manager of Aiqi Advertising in 2003. Thereafter, he founded Focus Media Advertising, which went public on the Nasdaq stock exchange in 2005.

Following some controversy, Focus Media was delisted from Nasdaq in 2013, and it underwent a reverse takeover to be listed in Shenzhen in 2016.

#6 Zhang Yong

Mr Zhang Yong, Source: Facebook

Net Worth: $4.9 Billion
Global Ranking: #624
Industry: Food & Beverage – Restaurants
Net Worth in 2023: $7.5 Billion

Zhang Yong founded the well-known hotpot chain Haidilao in 1994, which has since grown to over 1,000 restaurants in China, the U.S., Japan, South Korea, Singapore among other countries.

Mr Zhang started Haidilao after he had a bad experience eating hotpot and grew the company with a focus on providing good customer service and discounts.

Mr. Zhang stepped down as the Group’s Chief Executive in 2022 but remains as its chairman.

#5 Jason Chang

Mr Jason Chang, Source: X (Formerly Twitter)

Net Worth: $6.6 Billion
Global Ranking: #417
Industry: Technology – Electronics
Net Worth in 2023: $4.7 Billion

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.

#4 Robert Ng

Mr Robert Ng, Source: Temasek Review 2019

Net Worth: $7.1 Billion
Global Ranking: #385
Industry: Real estate
Net Worth in 2023: $7.4 Billion

Robert Ng is the oldest son of Ng Teng Fong and manages Far East Organization along with his brother, Phillip Ng. Far East Organisation is Singapore’s largest private landlord and property developer, which owns subsidiaries Yeo Hiap Seng Ltd and Far East Orchard.

Robert also runs the group’s Hong Kong operations including Sino Land, Tsim Sha Tsui Properties and Sino Hotel Holdings with his son, Daryl.

#3 Philip Ng

Mr Phillip Ng, Source: Facebook

Net Worth: $7.2 Billion
Global Ranking: #373
Industry: Real Estate
Net Worth in 2023: $7.6 Billion

Philip Ng is the younger of the two Ng brothers who manage Far East Organization (FEO). Far East Organisation was founded in 1960 by their father, Ng Teng Fong, who was regarded as the “King of Orchard Road.”

Far East Organisation 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.

#2 Goh Cheng Liang

Mr Goh Cheng Liang (fourth from left), Source: Nippon Paint

Net Worth: $ 12.7 Billion
Global Ranking: #154
Industry: Manufacturing – Paint
Net Worth in 2023: $14.3 Billion

Goh Cheng Liang grew up in poverty, and he once sold fishnets and rubber tapper as a youth. After World War II, he founded Wuthelham Holdings in 1955 and set up his first paint shop, where he made his own paints in his paint shop, before he partnered with Nippon Paint in 1962, becoming the main distributor for Nippon Paint in Singapore.

Due to a $12 billion stock-and-cash deal in late 2020, Goh’s wealth more than doubled to $21.7 billion in 2021 after completing a stock-and-cash deal, which raised his stake in Nippon Paint to 58.7%.

#1 Li Xiting

Mr Li Xiting, Source: Mindray

Net Worth: $15.1 billion
Global Ranking: #126
Industry: Healthcare – Medical devices
Net Worth in 2023:  $16.3 billion

Taking the number one spot for the fourth year in a row, is China-born Li Xiting, who became a naturalised Singapore citizen in 2018. Li Xiting has a Bachelor’s degree in low temperature physics from the University of Science and Technology of China, and he is the 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.

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