Earnings of Singapore’s 50 richest up 11% to S$142 billion: Forbes

Facebook co-founder Eduardo Saverin was No. 2 on the list with a net worth of S$12.6 billion. (Photo: Reuters)

The net worth of Singapore’s wealthiest residents has increased this year, hitting a total of S$142 billion, according to Forbes Asia’s latest Singapore Rich List.

The rise, an uptick of 11 per cent from the previous year, comes in spite of the sluggish economy. Almost two thirds of the top 50 saw gains in their net worth Forbes Asia said, while one fifth experienced a decline.

Brothers Robert and Philip Ng topped the list for the eighth year running with a combined net worth of S$12.7 billion, up from S$11.7 billion last year. The Ng siblings control Far East Organization, Singapore’s largest real estate developers.

With S$12.6 billion, Facebook co-founder Eduardo Saverin moved up one spot to second place this year, bolstered by his minority stake in the social media giant which added S$2.8 billion to his wealth.

Paint tycoon Goh Cheng Liang is Singapore’s third-richest, with a fortune totalling S$10.6 billion. His shares in Japan’s Nippon Paint Holdings (which had strong sales in Asia and expanded into the US by acquiring Dunn-Edwards Paints) helped boost his net worth by S$2.8 billion.

Compiled by Forbes using shareholding and financial information from the families and individuals, stock exchanges, analysts and other sources, the list includes extended family fortunes such as those of Hong Leong Group’s Kwek Leng Beng and his cousins. The Kwek family is in fourth place with a combined worth of S$9.6 billion.

Read the full report on Forbes.com