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Real estate moguls dominate list of Singapore's wealthiest
The Ng brothers topped the list.
Real estate tycoons dominated Forbes' list of Singapore's 50 richest residents. Real estate was the main source of wealth for 12 moguls on the list, which included founders and major shareholders of several listed developers.
Brothers Robert and Philip Ng topped the list with a net worth of $8.7b. Forbes noted that revenues at their main businesses, namely Far East Organization and Sino Group, have dropped by a fourth since 2012.
City Developments boss Leng Beng Kwek and his family clinched the second spot, with a total net worth of $7.3b.
The four Kwee brothers clinched the seventh spot with a net worth of $5.2b. Their wealth comes from Pontiac Land, a privately-held property and hospitality group.
Raj Kumar and his son Kishin RK were the tenth-richest Singaporeans with a net worth of $2.5b, dervied from their property firms Royal Holdings and RB Capital.
Asok Kumar Hiranandani, brother of Raj Kumar, clinched the 17th spot with a net worth of $1.47b.
Fragrance Group's majority shareholder Koh Wee Meng bagged the 23rd spot with a net worth of $1.16b.
In the twenty-fourth spot is Zhong Sheng Jian, a Chinese-born Singaporean citizen who derives his wealth from SGX-listed Yanlord Land.
Ho Bee Land's Chua Thian Poh bagged the 26th spot with a net worth of $1.08b, while Wing Tai's Cheng Wai Keung came in 35th with a net worth of $675m.
John Lim bagged the 44th spot thanks to his sizeable stakes in ARA Asset Management and in privately owned Straits Real Estate.
Indian-born Satinder Garcha clinched the 48th place thanks to the rising values of his luxury developments, the Garcha Hotels.
Ching Chiat Kwong of Oxley Holdings bagged the 50th spot with a net worth of $420m.
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