(Clockwise from left) Meta Platforms co-founder Eduardo Saverin, brothers Robert and Philip Ng of Far East Organization, and Shenzhen Mindray Bio-Medical Electronics chairman Li Xiting are on Forbes’ 2024 list of Singapore’s 50 Richest. - BLOOMBERG, ST FILE, MINDRAY/FACEBOOK
SINGAPORE: Singapore’s tycoons saw their collective wealth rise by over 10 per cent to US$195 billion (S$253 billion), from US$177 billion in 2023.
But Forbes’ 2024 list of Singapore’s 50 Richest showed that their fortunes have yet to catch up with that of 2021, when their net worth was US$208 billion.
Still, nearly two-thirds of those on the list saw their wealth grow in 2024 from the previous year, supported by Singapore’s expanding economy and stock market.
Forbes attributed the boost to the overall positive sentiment from the swearing-in of Prime Minister Lawrence Wong in May as well as the influx of visitors for sold-out concerts by pop icon Taylor Swift and rock band Coldplay.
Eduardo Saverin, co-founder of Meta Platforms, formerly Facebook, is the biggest dollar gainer in 2024, holding the top spot for the second consecutive year with a net worth of US$29 billion. The Brazilian native’s wealth increased by US$13 billion from 2023, driven by Meta’s rising share prices amid significant investments in artificial intelligence.
Siblings Robert and Philip Ng of property titan Far East Organization retained second place on the 2024 list, despite a slight dip in their combined fortune from US$14.8 billion to US$14.4 billion.
Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics, held the third spot, though his net worth also declined, from $14 billion to $13.4 billion.
Real estate magnate Kwek Leng Beng climbed one spot to No. 4 with a net worth of US$11.5 billion, which he shares with his family. His purchase of the Hilton Paris Opera hotel, ahead of the Olympic Games, made headlines in 2024.
A notable change in the top 10 is the entry of the Wee family at No. 7 with a net worth of US$7.8 billion. The family consists of the heirs of banking titan Wee Cho Yaw, who served as chairman emeritus of UOB until his death in February at the age of 95.
Wee’s eldest son, Wee Ee Cheong, is UOB’s deputy chairman and chief executive. His second son, Wee Ee Chao, is chairman of Tiger Balm maker Haw Par and brokerage firm UOB Kay Hian. The youngest son, Wee Ee Lim, is chairman of listed property developer UOL Group.
The husband-and-wife team of Zhang Yong and Shu Ping fell from No. 6 in 2023 to No. 10 in 2024, with a combined net worth of US$6.5 billion. Their hotpot chain, Haidilao International Holding, saw its shares plummet in 2024 due to weak consumer spending in China.
Three individuals tied to United States-listed Sea saw a significant boost in wealth as the internet company they co-founded became profitable for the first time in 2023, seven years after its initial public offering. Sea’s shares more than doubled over the past year.
Chairman and chief executive Forrest Li jumped six spots to No. 12 with US$5 billion, while chief operating officer Ye Gang rose to No. 16 with US$3.1 billion.
David Chen, chief product officer of Sea’s e-commerce arm Shopee, re-entered the list at No. 50 with US$870 million after a year’s absence.
Another newcomer to make the list is Ji Qi, who co-founded travel booking platform Trip.com and grew hotel management company H World Group into a chain of over 10,000 hotels since its establishment in 2005. He made his debut at the 23rd spot with a net worth of US$2.35 billion.
Rounding off the newcomers is George Raymond Zage III, a former hedge fund manager who joined at No. 48. He amassed his US$900 million fortune from shares in gay dating app Grindr.
Three notable figures are absent from this year’s list: Peter Fu Chong Cheng, head of oil trading company Kuo International; property tycoon Gordon Tang and his wife, Celine Tang; and Dr Loo Choon Yong, executive chairman and co-founder of Raffles Medical Group.
The minimum net worth to make the list was US$870 million in 2024, up from US$750 million in 2023.
The list is a snapshot of wealth using stock prices and exchange rates as at market close on Aug 16, 2024. - The Straits Times/ANN
