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Li Xiting, founder of ventilator maker Mindray, is richest Singaporean on Forbes list

Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics at the 2017 Business Fair for Hong Kong-Guangdong Economic, Technology and Trade Cooperation. (PHOTO: Mindray)
Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics at the 2017 Business Fair for Hong Kong-Guangdong Economic, Technology and Trade Cooperation. (PHOTO: Mindray)

SINGAPORE – Li Xiting, 71, the founder of medical equipment firm Mindray, has held onto his position as the richest Singaporean on the annual Forbes' 2022 World's Billionaires List.

Released on Tuesday (5 April), Li was placed at No. 94 on the annual list, which collated the details of 2,668 billionaires worldwide. He was No. 82 on the list last year.

Li's net worth is estimated to be US$17.6 billion (S$24 billion), down from last year's US$21.5 billion.

Founded in 1991, his company, Shenzhen Mindray Bio-Medical Electronics, makes health equipment and monitoring systems such as ventilators, defibrillators and anaesthesia machines.

The COVID-19 pandemic was an unexpected boon for Mindray's business. Ventilators in particular were a key machinery in treating patients in critical conditions.

Li migrated to Singapore in 2012 and is now a naturalised citizen.

Other notable Singaporeans

Other Singaporeans on the list include brothers Robert and Philip Ng (No. 133), who together control Far East Organization, Singapore's largest private landlord and property developer; banker Wee Cho Yaw (No. 330), 93, the Chairman Emeritus of United Overseas Bank; and Forrest Li (No. 509), 44, the founder of online gaming and e-commerce firm Sea.

In total, 26 Singaporeans were listed – all billionaires, of course.

This year’s list had 2,668 billionaires in all, including 236 newcomers. They are worth a collective US$12.7 trillion— US$400 billion less than in 2021.

Tesla's executive officer Elon Musk topped the list for the first time, with an estimated net worth of US$219 billion, unseating Amazon founder Jeff Bezos, who dropped to No. 2 after spending the last four years as the richest person in the world. Bernard Arnault of LVMH remained at No. 3, with Bill Gates at No. 4. Warren Buffett, who rejoined the top five — he was No. 6 in 2021.

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