Singapore is now home to 58 billionaires, putting the city at 8th rank globally
Singapore has secured the 8th spot among the top 15 cities worldwide with the highest number of billionaires, according to the Altrata 2024 Billionaire Census report.
The report showcases Singapore’s rising prominence as a hub for ultra-high-net-worth individuals, with 58 billionaires now calling the city-state home—four more than in 2022.
With a combined net worth of US$108 billion (S$145.53 billion), Singapore’s billionaire club continues to grow despite global economic challenges.
This mirrors a broader trend, as the global billionaire population expanded by 4% in the past year, reversing a decline in 2022.
Globally, billionaire wealth surged by 9%, reaching a staggering US$12.1 trillion (S$16.17 trillion), highlighting how the ultra-wealthy have not only weathered economic storms but thrived in them.
Singapore’s global standing
On a global level, Singapore ranks 13th among countries with the highest billionaire populations. This is a testament to its robust infrastructure, business-friendly policies, and appeal to entrepreneurs worldwide.
Globally, the United States leads the pack with 1,050 billionaires, followed by China (304) and Germany (170).
In Asia, Singapore trails behind cities like Hong Kong, Beijing, and Shenzhen, which continue to dominate the billionaire rankings.
Why billionaires are flocking to Singapore
Singapore’s appeal isn’t just about numbers—it’s about the environment it offers. A recent HSBC report highlighted the city-state as a prime destination for wealthy entrepreneurs.
Entrepreneurs from mainland China, India, and Taiwan are particularly drawn to Singapore, with its:
- Strategic location for global trade
- Business-friendly regulations that support growth and innovation
- Stable political and economic climate
- Access to key Asian markets
The report also found that 10% of affluent business owners globally plan to establish operations in Singapore, with 18% of those from mainland China and 17% from India and Taiwan expressing interest in establishing operations in the country.
Global billionaire trends
While Singapore’s billionaire population is rising, other parts of Asia are seeing a decline. The overall billionaire population in Asia fell by 3.5% last year, driven by notable drops in China (-14%) and Hong Kong (for the third consecutive year).
In contrast, India experienced a 16% increase in billionaires, the largest growth in Asia. On the other hand, North America and Europe saw dramatic increases in high-net-worth individuals, with billionaire populations growing by 33.4% and 29.5%, respectively.
Here are some other interesting insights:
- Over half of all billionaires have a net worth between US$1 billion (S$1.35 billion) and US$2 billion (S$2.7 billion).
- Only 18 individuals globally hold fortunes exceeding US$50 billion (S$67.36 billion).
These billionaires account for 16% of global billionaire wealth, a sharp rise from 4% a decade ago. Their total net worth is now US$2 trillion (S$2.7 trillion).
-//-
As Singapore continues to attract billionaires and wealthy entrepreneurs alike, it’s clear that its strategic policies and vibrant economy are paying off. It’s not just growing wealth; it’s shaping the future of business in Asia and beyond.
With billionaires holding a quarter of the global ultra-high-net-worth population’s total wealth, Singapore’s rise is a reflection of how the city remains a magnet for global movers and shakers.
Also Read: 3 benefits your tech startup will gain from joining MRANTI’s Supercharger Series, explained
Featured Image Credit: Freerange Stock
foodpanda S’pore hires ex-Grab exec as its new MD to lead its “next phase of growth”
foodpanda has appointed Aditi Sharma, the former co-founder, Chief Operating Officer, and Chief Financial Officer of Indonesian online marketplace brand aggregator Grow Commerce, as its new Managing Director.
According to foodpanda, Aditi will oversee all aspects of foodpanda Singapore’s operations as it continues to grow its ecosystem and offerings, with a focus on “enhancing customer experiences, empowering merchant and delivery partners, and driving industry innovation.”
foodpanda has transformed how people experience convenience in Singapore. Building upon this foundation, I look forward to leading its next phase of growth—leveraging technology to deepen our connections with our customers, and create growth opportunities for our partners and delivery community.
Aditi Sharma
Aditi brings over 15 years of experience in technology, consulting, and ecommerce, spanning venture building, transformation, and strategic partnerships across Southeast Asia and India.
Prior to joining Grow Commerce in 2022, she worked at Grab Singapore for almost five years, joining the team in 2017 as the senior manager for corporate strategy and special projects. She quickly rose up the ranks and was promoted to director of business operations in 2020.
Also Read: “This is not a PR stunt”: foodpanda S’pore joins forces with Traffic Police to protect riders
Featured Image Credit: foodpanda
These 4 M’sian brands created their own advent calendars to count down the days til Christmas
I don’t know about you, but I’ve been in Christmas spirit since *checks calendar* November 1.
Cue Mariah Carey’s “It’s Time” whistle notes.
But for most people, your festive energy is likely picking up now as we inch closer to the magical month of December.
While Christmas Day itself is typically when the gift exchanges happen, why not partake in tiny little gifts all throughout the lead-up to D-Day.
Yes, I’m talking about advent calendars
If you’ve never heard of advent calendars before, they’re those boxes with little tabs, usually dated “1” to “24”, referring to the first 24 days of December leading up to Christmas.
Each of these tabs can be opened to reveal little (or sometimes normal-sized) gifts.
In case you didn’t know, here’s a little history lesson. The concept comes from the German word Adventskalender, which was used to count the days of Advent in anticipation of Christmas. At least, Wikipedia says so.
And, yeah, maybe the modern-day version of it is a little consumeristic, but, hey, it’s cute.
Here are four Malaysian brands who are tapping into advent calendars this Christmas, and where you can shop for them.
1. CzipLee
Homegrown stationery brand CzipLee is celebrating Christmas with their first-ever CzipMas Advent Calendar.
Called Stationery Wonderland, the advent calendar features whimsical designs created by local artist Nelson Lip.
Behind each of the 24 doors awaits a myriad of stationery and other knick-knacks from notebooks and pens to ornaments and keychains.
According to a press release we received, the CzipMas advent calendar features a mix of CzipLee’s best-selling Japanese and European stationery brands such as Ferris Wheel Press, Hightide, Midori, and Miffy, amongst others.
Excitingly, CzipLee has additionally included limited edition holiday-exclusive items by Lametna and pim.kl.
Apparently, no two calendars are alike. While the items remain consistent, each calendar features unique variations in design and colour.
But here’s the kicker—they only made 100 of these limited-edition boxes. So, if you’re a stationery lover (or have one in your life), be sure to get these while stocks last. The retail value of this box is RM750.
Price: RM600
Where to buy: Online and at Bangsar Village II
2. KENS Apothecary
In case you didn’t know, KENS Apothecary is indeed a local business founded by a Malaysian named Ken Lim back in 1999. It’s considered a pioneering luxury beauty destination with lux skincare and niche fragrances from all around the world.
This year, KENS Apothecary has released its own 12 Days Advent Calendar that comes with a curated selection of luxury beauty products from brands like Diptyque, MALIN + GOETZ, Caudalie, and Augustinus Bader. I won’t give you the full list, just in case you want to be surprised with each tab you open.
All the inclusions in this calendar are valued at a whopping RM1,800, but it’s going for RM559.
Price: RM559
Where to buy: Online
3. TROVE
TROVE is a local beauty, cosmetic, and personal care brand with locations in luxury malls like The Starhill Kuala Lumpur, Pavilion Damansara Heights, The Exchange TRX, and BSC.
For Christmas, they’ve dropped the TROVE Advent Calendar 2024, which offers a chest of 12 curated treasures. This includes perfumes, candles, essences, shampoo, and more.
The value of the box is said to be RM2,268, handpicked to “inspire luxurious joy.”
Every purchase of the TROVE Advent Calendar 2024 comes with complimentary shipping and a limited-edition TROVE Treatsmas Tote.
Price: RM580
Where to buy: Online and in stores
4. Plant Origins
Plant Origins is a sister brand of Signature Market, the Malaysian lifestyle FMCG brand selling food-related items. It focuses on 100% plant-based personal care products
Their 12-day Advent Calendar is currently open for pre-orders, and will be shipped out when it officially launches. A star product hidden away here is the limited-edition Plant Origins Nebulizing Portable Diffuser in Winter Blue.
Other items include an aromatherapy car vent diffuser clip, essential oil blends, body wash, and more. The retail value is RM 1,105.
Price: RM280
Where to buy: Pre-order online
-//-
These advent calendars are actually decent deals, considering how much the retail value actually is for each.
(And you didn’t hear it from me, but you can always regift each individual item…)
Aside from these brands, there are certainly other advent calendars on the market, many of which are global brands.
But why not choose to support local businesses who caringly curated their own calendars during this season of gifting?
- Read other articles we’ve written about Malaysian startups here.
Also Read: Mega sales are coming up in M’sia, here’s how to ensure that your parcels don’t go missing
Featured Image Credit: TROVE / CzipLee / KENS Apothecary
How this M’sian virtual pet game snagged a collab with THE Among Us to launch a crossover
Players of Malaysian virtual pet game Weyrdlets, developed by Weyrdworks, are in for a treat.
Their flagship game, Weyrdlets, blends productivity tools with cosy gaming. Imagine cute desktop pets cheering you on as you conquer your to-do list with a Pomodoro Timer or organise tasks. It’s a virtual buddy-meets-efficiency hybrid designed to add a touch of joy to everyday life.
The homegrown company is now gearing up for an exciting collaboration with none other than Among Us, the indie phenomenon that took the world by storm several years ago.
Starting November 28, at 6PM GMT+8, Weyrdlets players can dive into a treasure trove of Among Us-themed goodies in a free update. Think of it as your crewmate moving into your desktop world—adorable, interactive, and oh-so-suspicious.
How a “thank you” turned into an epic collab
Every big moment has its humble beginnings, and this collaboration is no exception. The idea sprouted when a Weyrdworks team member stumbled upon community management tips from Victoria Tran, the communications director of Among Us’ developers, Innersloth.
“They were helpful so I decided to send her a thank-you message. On a bit of a whim, I also pitched this idea: ‘What if we brought the Among Us crewmates to desktops through our game, Weyrdlets?’” Weyrdworks’ Marketing Communications Strategist, Thong Wing Yee (Wing) told Vulcan Post.
“I thought the worst that could happen was a polite ‘no’,” Wing shared.
Luckily, the Innersloth team loved the idea.
From there, the teams joined forces, united by their shared passion for creating quirky, memorable gaming experiences.
“This wasn’t just about popularity or trends,” she noted. “It was about mutual admiration and bringing smiles to our players’ faces.”
Working with Innersloth came with a few challenges, from navigating time zones to rigorous asset approvals. But it was made smoother thanks to the warmth and support of Innersloth’s team.
What to expect: Crewmates, customisation, and a dash of deception
The highlight of this collaboration is the mini crewmate virtual pet that players can unlock, complete with its own hide-and-seek mini-game, reminiscent of Among Us’ sneaky antics.
Players can also snag exclusive decorations, various stickers, and a cute head accessory for their Weyrdlets. For five days during a two-week event window, logging in daily means a chance to claim these limited-time rewards.
In true Weyrdworks style, the update also introduces interactable furniture, taking your virtual home setup to a whole new level. Whether it’s the joy of decorating your pet’s space or giggling at the mini crewmate’s antics, there’s plenty to explore.
Big dreams from small beginnings
Founded in 2016 by Shawn Beck and JT Yean, Weyrdworks embodies the spirit of indie game development.
What began as a two-person passion project has grown into an 11-member team with an impressive list of achievements, including winning Best Development Studio at the SEA Games Awards 2024.
“Over the years, we’ve experimented with numerous game ideas. Many were born out of game jams that taught us the value of quick iterations.”
“Launching Weyrdlets was a defining moment, as it showcased the culmination of years of growth in both skill and vision,” she said.
This collaboration is more than just a fun update—it’s a testament to the creativity and camaraderie in the indie game scene. “Indies are like a secret multiverse, popping up in each other’s games with Easter eggs and crossovers,” Weyrdworks explained.
For Weyrdworks, it’s also a milestone. This marks their first integration of a third-party IP, proving that their quirky little virtual world has the potential to reach global audiences.
The team at Weyrdworks credits this partnership to a mix of courage and kindness. Taking the leap to pitch an idea to a global indie giant like Innersloth took guts, but the warmth and enthusiasm they received in return made it all worthwhile.
As for what’s next?
“This experience raised the bar for what we want to achieve,” they said. “We’re dreaming bigger and aiming to make Weyrdworks a name that resonates with players around the world.”
Whether you’re an avid Weyrdlets fan or an Among Us aficionado looking for a new twist, this update promises a fun-filled adventure because your virtual pet might just get a whole lot more… sus.
- Learn more about Weyrdworks here and Among Us here.
- Read other articles we’ve written about Malaysian startups here.
Also Read: Mega sales are coming up in M’sia, here’s how to ensure that your parcels don’t go missing
Featured Image Credit: Weyrdworks
This M’sian gave up his motion graphics career to be a barista, now runs 2 coffee shops in PJ
Recently, I’ve been coming across content of a trendy café with a corner where you can listen to vinyl records.
While I’m not audiophile, I always appreciate a new café experience, which led me to look into this particular café. I soon found out that it’s called People’s Park Café, and that the listening corner was actually a collaboration with homegrown brand GUNG Jewelry.
Although People’s Park Cafe like a simple neighbourhood café at first, there’s actually more to the story than meets the eye.
Meet the person behind People’s Park
Thomas Tok is the founder of People’s Park Café.
Hailing from Batu Pahat, Johor, he actually holds a Bachelor’s computer graphic degree from Whanganui School of design in New Zealand, where he spent two years as a motion designer.
Eventually, he returned to Malaysia, diving headfirst into the 3D and motion graphics world. He remained in this industry for around seven years.
“While I loved the creativity of the work, the relentless deadlines—nights without sleep and constant pressure—started taking a toll,” he opened up. “One day, I told myself, enough. It’s time for something new.”
That something new turned out to be coffee and food—two things he discovered his love for.
At that point, he had zero experience in the F&B world, but decided to take a leap of faith by joining The Good Batch in PJ Uptown.
“It was my first step into this entirely new universe,” he explained. “I wanted to learn everything I could, and soon, I moved to The Red Beanbag at Publika, where I trained under the legendary Jason Loo, three-time Malaysian Barista Champion.”
Jason became Thomas’ mentor, teaching him not just the art of coffee, but the craft of creating an unforgettable café experience.
“I was even part of his first venture, Yellow Brick Road Café, which was an incredible learning experience,” he added.
So, then, how did he go from being part of that venture to starting his very own?
Getting a taste of entrepreneurship
“Before the pandemic, I received an exciting opportunity from Forefront International’s CEO, Darien Ma, to spearhead the setup and operations of three F&B outlets under the company.”
“The three outlets are Foremula, Forebidden, Therefore,” he shared. “It was a thrilling challenge that pushed me to grow both as a professional and as a leader.”
However, when the MCO hit, everything changed.
The pandemic disrupted the entire F&B industry, forcing businesses to shut down and adapt to unprecedented uncertainties. Like many others, Thomas faced tough decisions about the future.
“Those challenges became a turning point for me—a chance to step back, reassess my goals, and chart a new path. It was then that I decided to start fresh and pursue something truly my own,” he said.
Once again, Thomas decided to embark on a new chapter. As he was leaving the company, he took the time to say goodbye to his most supportive customers who supported him through thick and thin.
Among them was a long-time patron, Mr. Chiu. To Thomas’ surprise, he expressed a keen interest in investing in his next venture. Around the same time, Thomas’ brother-in-law LK also stepped forward with his support.
“With their encouragement and investment, I found the strength and resources to pursue my vision,” he said. “Their belief in me was a turning point, fuelling my determination to create something extraordinary—a café where people could gather, connect, and enjoy something truly special.”
And that café would aptly be named People’s Park Café.
A change in plans
The initial ideas first took root in March 2022.
Thomas’ concept was simple but moving: Everything originates from people.
“I dreamt of creating a space where people could gather, enjoy amazing food, and share wonderful moments together,” he said. “I envisioned a cosy, welcoming café that fused all-day breakfasts with Malaysian flavours, surrounded by a peaceful park vibe.”
However, the search for the perfect location became an adventure—six months of exploring, but nothing felt right.
Then, an unexpected twist happened.
While having lunch in a food court in Damansara Jaya, Thomas realised something. The government food court he was dining in was clean, vibrant, and had a mix of friendly, local vendors. He thought to himself, “Why not bring specialty coffee here? No one’s doing this!”
That realisation culminated in the establishment of Oddday Coffee Stand, which Thomas touts as the first specialty coffee stall in a hawker centre locally.
“I even had to pitch the concept to government officials, which was both nerve-wracking and exciting,” he said about the experience. “Three months later, Oddday was born, and the response was incredible.”
Finally realising People’s Park
While running Oddday, Thomas finally came across the perfect location to start People’s Park Cafe.
Fortuitously, he was given the opportunity to secure a site beside a park, perfectly aligning with his dream concept for People’s Park Café.
So, after over a year since the ideation, People’s Park Café opened its doors on May 5, 2023.
“The journey wasn’t without its challenges,” the founder. “Due to kitchen delays, we started small, serving just pastries and coffee. But the excitement was palpable as we introduced our menu, blending Malaysian flavours with a modern twist.”
Of course, the café is not just based on the vibes he envisioned. It seeks to offers good grub, too, with highlights from their menu being Hummus and Grilled Chicken, Salmon Chazuke, and their signature Burnt Cheesecake.
The future of people
In this post-pandemic climate, the F&B industry is tougher than ever. Competition is fierce, and new international brands are entering the scene. Finding skillful and willing talent continues to be a challenge for many dining entrepreneurs.
Yet, Thomas believes every obstacle is an opportunity to grow. To him, it’s all about maintaining quality, connecting with customers, and building a strong presence through social media to share their story.
“People’s Park Café is still young, and every day brings new lessons and opportunities,” he said. “With the unwavering support of my wife, my investor, and my amazing team, I’m excited to shape the future of People’s Park Café—one idea, one customer, and one experience at a time.”
- Learn more about People’s Park Café here.
- Read other articles we’ve written about F&B businesses here.
Also Read: This Microsoft Copilot workshop convinced me that AI can help content creators, here’s how
Featured Image Credit: People’s Park Café
