[2021 Edition] The Richest In Singapore And How They Made Their Fortunes

As Singapore’s economic system continues to get well from the pandemic, the uncertainty from COVID-19 does little to decelerate the wealth accumulation of the richest. Based on Credit score Suisse international wealth report 2021, Singapore’s variety of millionaires is anticipated to extend by 62% from 270,000 to 437,000 in 2025.

With newly minted billionaires from the know-how and cryptocurrency scene, this yr’s Forbes checklist of prime 50 richest Singaporeans noticed their wealth grew from $167 billion to $208 billion. Out of the 50 individuals, the highest 10 occupy greater than half of the wealth on the checklist. Listed here are the ten juggernauts of wealth in Singapore.

Learn Additionally: Prime 10 Richest Individuals In Singapore 2019: How A lot They’re Value And How They Constructed Their Fortunes

#10 Khoo Household

Web Value: $6.5B

Sector: Banking

The heirs of late banker Khoo Teck Puat, a banker and lodge tycoon who was once the wealthiest in Singapore at one time limit. The family-owned and was concerned in a number of banks together with OCBC, Maybank and most prominently, Customary Chartered Financial institution.

Presently, the household owns the Goodwood Group of Accommodations, together with Singapore’s historic Goodwood Park Lodge. Considered one of their members of the family can also be a outstanding native director – Eric Khoo, the proprietor of Zhao Wei Movies.

Other than banks and hospitality, the Khoo household additionally share their identify with the general public hospital Khoo Teck Puat. Opened in 2010, the hospital was funded by the household’s charity arm, The Khoo Basis.

#9 Wee Cho Yaw

Web Value: $6.8B

Sector: Banking

The proprietor of Southeast Asia’s third-largest financial institution, Wee Chow Yaw is at the moment Chairman Emeritus of United Abroad Financial institution. His oldest son Wee Ee Chong succeeded him as UOB’s CEO, whereas his youthful son Wee Ee Lim has a board seat.

A juggernaut in Singapore’s monetary and funding scene, the household has additionally branched into actual property and hospitality lately. The household has a majority stake in UOL, a number one property developer that owns the Pan Pacific hospitality model.

#8 Kwek Leng Beng & Household

Web Value: $8.5B

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Sector: Actual Property

The Kwek household based most of their wealth in banking and actual property. Within the discipline of finance, Kwek Leng Beng is the chief chairman of Singapore’s Hong Leong Group which is Singapore’s largest finance firm, with a community of 28 branches and 12 SME Centres.

He’s additionally the chief chairman of Metropolis Developments (CDL), the second-largest property developer in Singapore. Most notably, Kwek purchased Plaza Lodge in New York Metropolis from Donald Trump again in 1995, along with Saudi billionaire Prince Alwaleed Bin Talal Alsaud.

#7 Gang Ye

Web Value: $10.3B

Sector: Gaming

The co-founder of on-line gaming and e-commerce large, Sea, Gang Ye is at the moment the Chief Working Officer for the group. The group runs Shopee, the most well-liked e-commerce app in Southeast Asia in addition to Garena, an internet gaming platform that distributes fashionable video games similar to League of Legends in Southeast Asia.

The pandemic has given Sea the increase in income in each gaming and e-commerce areas. This has helped double the inventory value of Sea in a yr which has propelled its founders into larger wealth.

#6 Robert & Philip Ng

Web Value: $14.2B

Trending: How Singapore&x27s elite, jet-setting crowd has been spending its money in a year without travel and while confined to an island smaller than New York City

Sector: Actual Property

The Ng brothers, Robert and Philip Ng owns the most important non-public actual property group in each Hong Kong and Singapore. In Singapore, Philip Ng runs a lot of the native enterprise, together with Far East Group, the most important non-public landlord and property developer. Whereas in Hong Kong, the Ng household personal Sino Group which is a significant participant within the Hong Kong property market which is overseen by older sibling Robert and his son Daryl.

Apart from actual property and hospitality, the household has additionally donated generously for the constructing of Jurong’s public hospital. The hospital – Ng Teng Fong Common Hospital, was subsequently named after the late tycoon.

#5 Forrest Li

Web Value: $15.9B

Sector: Expertise/ Gaming

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Founding father of Singapore’s most respected firm, Sea, Forrest Li has grow to be a mainstay in Singapore’s wealthiest checklist. The group was propelled by the pandemic demand for web companies, doubling its income and inventory value in 2020.

The expansion for Sea continues because the group is trying to increase into the e-payments and monetary companies house with their new Digital Banking License from the Financial Authority of Singapore.

Learn Additionally: Singapore Is One Of The Richest International locations In The World: Are Singaporeans Actually That Wealthy?

#4 Zhang Yong & Shu Ping

Web Value: $16B

Sector: Restaurant

Homeowners of the well-known HaiDiLao Hotpot, Zhang Yong, and his spouse, Shu Ping, are each naturalised Singapore residents.

Initially from China, HaiDiLao Hotpot has over 935 retailers worldwide, together with Singapore, Malaysia, Vietnam, Indonesia, the US, South Korea, Japan, Canada, United Kingdom, and Australia. Their distinctive ethos in offering high quality customer support similar to offering free manicures and snacks coupled with their well-known tomato broth has assist the model keep a gaggle of avid and dependable prospects. The corporate has additionally efficiently branched out to shelf merchandise, bringing their tomato broth into the houses of many.

With the affect of COVID-19, HaiDiLao has seen its market capitalisation dropped considerably. Regardless, the household continues to be effectively on prime of Singapore’s wealthiest checklist.

#3 Goh Cheng Liang

Web Value: $18.6B

Sector: Paints

From humble beginnings in making his personal paint, Goh Cheng Liang, founding father of Wuthelam Holdings, has since taken over management of Nippon Paint in August 2020. His son, Goh Hup Jin, chairman of Nippon Paint and managing director of Wuthelam Holdings assist cemented the Nippon deal which added $3.8 billion to the household’s internet value.

#2 Eduardo Saverin

Web Value: $20.5B

Sector: Expertise

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The prolific co-founder of the world’s largest social media firm – Fb, Saverin derives most of his wealth from his small however invaluable stake in Fb.

Presently, Saverin is the Co-founder and Managing Companion of B Capital, which specialises in growth-stage startups funding. Their notable funding contains latest unicorns similar to Carro and Ninja Van.

A Brazilian native, Saverin has been a Singapore resident since renouncing his U.S. citizenship in 2012 forward of Fb’s IPO.

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#1 Li Xiting

Web Value: $23B

Sector: Medical Gadgets

Rising the ranks and popping out prime, Li Xiting is at the moment the richest in Singapore. Born in China, Li is now a naturalised Singapore citizen.

The founder and chairman of Shenzhen Mindray Bio-Medical Electronics, his wealth was propelled by the demand for medical gadgets similar to ventilators throughout this pandemic. Along with his wealth rising from US$3.5 billion to US$12.5 billion, the meteoric development made him the highest 5 international gainers from this pandemic increase.

The Richest In Singapore

In comparison with earlier years, the variety of property tycoons is slowly getting changed by technological entrepreneurs. Out of the highest 10, half of the billionaires are naturalised Singapore residents.

Because the pandemic continues, it’s no shock that Li Xiting rose to the highest for being a supplier of the important ventilator alongside the opposite Sea founders which have benefitted from the rise of web service demand.

Regardless, banking, property and hospitality stay a mainstay amongst Singapore’s richest as Sea be part of the banking discipline with their Digital Banking License. The digital monetary panorama has additionally welcomed crypto billionaires onto Singapore Forbes’s checklist with Changpeng Zhao (generally often known as CZ), founding father of Binance – the world’s largest crypto change platform.

This phenomenon of recent wealth from the digital is just not restricted to finance, as we see technological founders similar to Seize and Razer making it into the checklist. With the rise of extra tech unicorns similar to Carro, Nium and PatSnap, we might even see extra modifications on the checklist of Singapore wealthiest over time.

Learn Additionally: What To Do After You Win The TOTO Lottery Or Obtain A Large Inheritance In Singapore

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