A Look at the Lives and Businesses of Singapore’s Top 50 Richest People

Discover Singapore’s 50 richest people with a combined net worth of billions of dollars. Learn about their industries, philanthropy, and how they compare to billionaires worldwide.

KEY TAKEAWAYS

• Singapore is home to 50 of the world’s wealthiest individuals.
• The top five richest Singaporeans are Facebook co-founder Eduardo Saverin, real estate mogul Kwee brothers, palm oil tycoon Kuok Khoon Hong, and brothers Robert and Philip Ng.
• The combined wealth of the 50 individuals are estimated to be over $50 billion.
• Most of these individuals have made their wealth through investments in real estate, technology, finance, and manufacturing.
• Many of the individuals on the list have also made their fortunes in industries such as banking, retail, shipping, and hospitality.

Singapore is a city-state that has quickly risen to become one of the wealthiest nations in the world. At the heart of its success are the billionaires who call this island home. With a net worth ranging from hundreds of millions to billions of dollars, Singapore’s richest people have made an indelible impact on the city-state’s economy and society. This article will take a closer look at Singapore’s top 50 richest people and explore how their wealth has been amassed, as well as the industries and investments that have propelled them to the top. From self-made entrepreneurs to those born into family businesses, these individuals have left their mark on Singapore and the world. Read more to find out the key factors that have contributed to their success.

Who are Singapore’s Richest People?

Singapore is a prosperous country, and its success has helped to create a number of wealthy individuals. According to Forbes’ 2023 list of Singapore’s 50 richest people, these individuals have a combined net worth of $184.5 billion. Here are the profiles of the top ten richest people in Singapore.

Li Xiting

Photo: Tatler Asia

Li Xiting, the chairman of the medical device company, Shenzhen Mindray Bio-Medical Electronics, is Singapore’s richest man with a net worth of $28.6 billion. He was born in China and became a Singaporean citizen in 2010. Li founded Mindray in 1991 and took it public on the NYSE in 2006.

Robert and Philip Ng

Photo: Asiaone

The Ng brothers, Robert and Philip, jointly control Far East Organization, one of Singapore’s largest private property developers. Their net worth is estimated at $14.5 billion.

Goh Cheng Liang

Photo: Tatler Asia

Goh Cheng Liang is the founder of Nippon Paint Singapore, one of Asia’s largest paint manufacturers. He also owns 39% of Wuthelam Holdings, a packaging and logistics company. His net worth is estimated at $11.8 billion.

Eduardo Saverin

Photo: Vanity Fair

Eduardo Saverin co-founded Facebook with Mark Zuckerberg while they were both students at Harvard University. Although he renounced his US citizenship and is now based in Singapore, he still holds a 2% stake in Facebook. His net worth is estimated at $10.3 billion.

Kwek Leng Beng and family

Photo: AsiaOne

Kwek Leng Beng is the executive chairman of Hong Leong Group, a conglomerate with interests in real estate, finance, and hospitality. His net worth is estimated at $8.8 billion.

Zhang Yong and Shu Ping

Photo: Reuters

Zhang Yong and Shu Ping are the founders of Haidilao International Holding, a popular hotpot chain in China and around the world. Their net worth is estimated at $8.3 billion.

Leo Koguan

Photo: Yahoo Finance

Leo Koguan is the founder and CEO of Qingdao Haier, a major home appliance manufacturer in China. He also owns a stake in the Chinese conglomerate, Fosun International. His net worth is estimated at $7.4 billion.

Khoo family

Photo: Samantha Yong Photography

The Khoo family owns Goodwood Group of Hotels, a luxury hotel group in Singapore. The family’s net worth is estimated at $7 billion.

Wee Cho Yaw

Photo: Tatler Asia

Wee Cho Yaw is the chairman emeritus of United Overseas Bank, one of Singapore’s largest banks. His net worth is estimated at $6.3 billion.

Kwee brothers

Photo: Tatler Asia

The Kwee brothers, Kwee Liong Keng, Kwee Liong Tek, and Kwee Liong Seen, control Pontiac Land, a real estate development company. Their net worth is estimated at $6.2 billion.

Singapore’s richest people are a diverse group with interests in various sectors, including finance, real estate, and manufacturing. Their wealth is a testament to the economic success of Singapore and its position as a hub for business and investment in Asia.

How Do Singapore’s Richest People Compare to Others?

Singapore may be a small city-state, but it is home to some of the wealthiest individuals in the world. This section will take a closer look at how Singapore’s richest people compare to billionaires in other countries and regions.

Singapore’s Richest People vs. Asia’s Richest People

When it comes to Asia’s richest people, Singapore holds its own. As of 2022, Forbes reported that there were 39 billionaires in Singapore, with a combined net worth of US$159.5 billion. This places Singapore in third place in Asia, behind China and India.

However, when it comes to the distribution of wealth, Singapore’s richest people are less diversified than their counterparts in other Asian countries. Most of Singapore’s billionaires have made their wealth in real estate, finance, or manufacturing, whereas billionaires in other Asian countries have a wider range of industries, including technology and retail.

In terms of philanthropy, Singapore’s richest people have also been criticized for not giving enough back to society. While some have made significant donations, such as the $300 million gift from the late Lien Ying Chow to the National University of Singapore, many others have been criticized for not being as generous as their counterparts in other countries.

Singapore’s Richest People vs. the World’s Richest People

When it comes to the world’s richest people, Singapore’s billionaires may not be as well-known as their American or European counterparts. However, they still hold their own in terms of wealth. As of 2022, Singapore has 10 billionaires on Forbes’ Billionaires List, with a combined net worth of US$46.5 billion.

Like their Asian counterparts, Singapore’s billionaires are also heavily invested in real estate and finance. However, they have also made significant investments in other industries such as shipping and commodities.

When it comes to philanthropy, Singapore’s richest people have also faced criticism for not giving enough back to society. However, some have made significant donations, such as the $500 million gift from the late Ng Teng Fong to the National University of Singapore, which is the largest single donation to a Singaporean university.

Overall, while Singapore’s richest people may not have the same level of diversification in their wealth or philanthropy as their counterparts in other countries, they still hold their own in terms of overall net worth.

Real World Scenarios: How the wealth of Singapore’s richest people have impacted the city-state

Singapore is one of the wealthiest nations in the world, and its 50 richest people have played a role in making it so. These individuals, who control a combined wealth of over USD 40 billion, have been instrumental in driving the economy, influencing real estate and property ownership, and shaping the overall development of the city-state.

The Role of the Richest People in Driving Singapore’s Economy

The wealth of Singapore’s richest people has been a major driver of the nation’s economic growth. Their investments in business, technology, and finance have helped shape the city-state’s modern economy. According to the Forbes Rich List, the 50 wealthiest individuals in Singapore control assets worth over USD 40 billion, and their influence is felt in virtually every sector of the economy.

In addition to their investments, the richest people in Singapore have also played an important role in philanthropy. Many of these individuals have donated generously to charities and organizations that promote social welfare and economic development.

Critiques of the Concentration of Wealth Among the Richest People

Critics of Singapore’s richest people have pointed to the concentration of wealth in a select few individuals as a major source of inequality in the city-state. While these individuals have been instrumental in driving economic growth, some argue that their wealth has come at the expense of the poorer segments of the population.

Moreover, the concentration of wealth among the richest people has been blamed for an increase in the cost of living, as well as an increase in income inequality. Critics have called for a more equitable distribution of wealth and greater government intervention to reduce inequality in Singapore.

Real Estate and Property Ownership

The wealth of Singapore’s richest people has also had an impact on the real estate market in the city-state. Many of these individuals own property in Singapore, and their investments have had a significant influence on the market.

The Impact of the Richest People on Singapore’s Real Estate Market

The investments of Singapore’s wealthiest individuals have helped to shape the city-state’s real estate market. Their investments have helped to create a competitive and vibrant market, with high prices in desirable neighborhoods.

The presence of the richest people in Singapore has also helped to attract foreign investors, who have driven up prices in certain areas. These investors have been attracted to the city-state due to the attractive tax laws and the presence of wealthy individuals.

The Controversy Surrounding Foreign Ownership of Singapore’s Property

The presence of wealthy individuals in Singapore has also caused controversy due to the presence of foreign investors. Critics have argued that foreign investors have taken advantage of the city-state’s favorable tax laws and are driving up prices, making it harder for locals to buy property.

Others have argued that foreign investments have been beneficial to the city-state, helping to drive economic growth and attract talent. While the debate continues, it is clear that the wealth of Singapore’s richest people has had a significant impact on the city-state’s real estate market.

Final Thoughts

Singapore is home to some of the wealthiest individuals in the world, with its 50 richest people boasting a combined net worth of billions of dollars. These billionaires come from a variety of industries, with real estate, finance, and manufacturing being the most prominent. Their vast wealth also enables them to contribute significantly to philanthropic causes, both locally and globally. While Singapore’s richest people may not be as well-known as some of their counterparts in other countries, their influence and impact on the economy and society cannot be ignored. As Singapore continues to thrive as a global business hub, you will likely see even more billionaires emerge from the city-state in the future.