Over the past two decades, Singapore has attracted top talent in technology, finance, and other sectors. Here are the 10 richest people in the Asian city-state.
Singapore ’s economy is showing faint signs of a slowdown. In 2023, the rich city-state nestled in the heart of Asia, the financial and technological hub of the fastest growing continent in the world, recorded growth of 1.1%, just under the estimated value of 1.2%. “All sectors, except manufacturing, recorded expansions for the full year,” the Ministry of Trade and Industry reported.
In particular, Singapore’s economy grew 2.2% year-on-year in the fourth quarter of last year, falling short of the government’s advance estimate of 2.8% growth. This is due to the contraction of manufacturing activity, as shown by the official data released by the local authorities. The Singaporean GDP growth forecast for 2024 has instead been maintained between 1% and 3%.
“Singapore’s manufacturing and trade-related sectors are expected to see a gradual recovery in growth as global demand for electronic products turns around,” the ministry said in a statement. "The city-state has been successful in attracting the best talents in various fields such as technology, finance, and other sectors. This has been possible due to its unique characteristics, which have caught the attention of the very wealthy locals. As a result, they have invested heavily in the city-state, making it a profitable venture for them.". But who are the 10 richest people in Singapore?
Top 10 richest people in Singapore
Starting from the bottom, in the tenth position we find the Kwee brothers, skilled in making their fortunes navigating the real estate sector. The four brothers, namely Kwee Liong Keng, Kwee Liong Tek, Kwee Liong Seen, and Kwee Liong Phing, own Pontiac Land, which in turn controls and operates several luxury hotels, including the Cappella Hotel chain from acquired in 2017. The most important aspect to take into consideration: according to the latest available data they would have a net worth of $6.3 billion.
In ninth place, we find Leo Kougan, a technology giant with a net worth estimated at $6.5 billion. Together with his ex-wife, Thai Lee, he runs Shi International, an IT supplier worth around $14 billion. It seems that Mister Kougan admires Elon Musk so much that he is the largest Tesla stock investor in the world.
Wee Cho Yaw, in eighth place, has a bank account of $7.1 billion. We’re talking about the former CEO, now chairman emeritus, of United Overseas Bank, Singapore’s third-largest bank. Seventh position for another family, the Khoo family, who built their fortune on the foundations laid by Khoo Teck Puat, an investment banker of the Standard Chartered Bank. The family matriarch, Mavis Khoo-Oei, chairs the Goodwood Group of Hotels hotel group.
In sixth place, with a shared net worth of $9.7 billion, are Zhang Yong and Shu Ping, husband and wife at the helm of the Sichuan Haidilao restaurant chain. Fifth position for the Kwek family, which controls the Hong Leong group. Kwek Leng Beng is the executive chairman of global real estate conglomerate City Developments, while the family’s net worth stands at 11 billion.
In fourth position, Goh Cheng Liang has navigated the business world, going from running a small paint factory to partnering with Nippon Paints Holdings, the world’s fourth-largest paint manufacturer. His majority stake in the Japanese company has boosted his net worth to $12.3 billion.
The lowest step of the podium is occupied by Li Xiting with a net worth of $14 billion. His wealth comes from Mindray Bio-Medical Electronics, based in Shenzhen. The company’s products range from ultrasound equipment and defibrillators to animal medical systems.
In second place are the brothers who control Singapore’s largest private property developer: Robert and Philip Ng. Together they lead the Far East Organization founded by their father. They have a total of $14.8 billion.
Finally, the richest person in Singapore is Eduardo Saverin. Does the name mean anything to you? It is very likely, given that Saverin, with a net worth of $16 billion, founded Facebook together with Mark Zuckerberg. He became the richest person in the Asian city-state after moving there in 2009 and renouncing his American citizenship.
Original article published on Money.it Italy 2024-03-18 07:15:00. Original title: I paperoni di Singapore: la top 10 dei più ricchi della città-stato asiatica
