Singapore’s richest are richer than ever, according to Forbes’ annual Singapore’s 50 Richest list.
Forbes reported that the collective net worth of the country’s 50 richest tycoons has risen by over 10% to US$195 billion from last year to this year.
Familiar names reign at the top of the list, with Eduardo Saverin at the top. Saverin co-founded Meta Platforms, formerly Facebook, with Mark Zuckerberg in 2004. His net worth grew from US$10.2 billion to a whopping US$28 billion over the past year.
But usual names aside, here are some changes to the list compared to last year’s.
Some newcomers & one returnee
A new entry on the list is the Wee family. Number 7 on the list of 50, the Wee family has a net worth of US$7.8 billion. They are the heirs of late banker Wee Cho Yaw, who was the chairman emeritus of United Overseas Bank when he passed away earlier this year in February at the age of 95.
Wee’s oldest son, Wee Ee Cheong, is currently UOB’s deputy chairman and CEO, while his younger son Wee Ee Lim has a board seat.
The family draws its wealth from stakes in UOB, property developers UOL Group, and Kheng Leong, as well as Haw Par, maker of the iconic Tiger Balm ointment.
Another newcomer is Ji Qi, founder and executive chairman of H World Group, one of China’s biggest multi-brand hotel groups. Ji also cofounded Trip.com, China’s largest travel booking site by revenue.
Formerly an expat, Ji Qi is now a citizen of Singapore, debuting on the list at number 23 with a net worth of US$2.35 billion.
The next new name would be George Raymond Zage III, who was number 48. His US$900 million net worth comes largely from the LGBTQ dating app Grindr shares. Grindr went public on the New York Stock Exchange through a SPAC merger in 2022.
He’s also the founder and CEO of Singapore-based investment firm Tiga Investments.
Not a newcomer but a returnee is Sea’s David Chen. In 2022, he had been number 48 but was missing on the list last year. This year, with a net worth of US$870 million, he’s last on the list at number 50.
He co-founded Sea in 2009 with Forrest Li and Gang Ye, both of whom are also on the list.
The absentees
So, who are those new names replacing?
As mentioned, the late billionaire Wee Cho Yaw has been succeeded by his family.
Previously number 38 on the list, Peter Fu Chong Cheng didn’t make the list this year.
He is the head of Kuo International, which was founded by his late father Peter Fu Yun Siak as a timber and wax trader.
Loo Choon Yong, the chairman of the board of directors of Raffles Medical Group, also dropped off the list.
Lastly, there’s Gordon and Celine Tang, who were previously number 49. The couple owns a controlling stake in property developer SingHaiyi, and their largest asset is a stake in Singapore-listed Suntec REIT.
- Learn more about Forbes Singapore’s 50 Richest list here.
- Read other articles we’ve written about billionaires here.
Featured Image Credit: Imagine China/Newscom, Lippo Cikarang TBK, Sea