Singapore’s 40 richest collectively worth US$59.4b
SINGAPORE, July 26 — Singapore’s 40 richest are collectively worth US$59.4 billion (RM178.2 billion), up 9 per cent from $54.4 billion last year, according to the latest Singapore Rich List published by Forbes Asia.
Robert and Philip Ng, sons of the late Far East Organization’s founder Ng Teng Fong, top the list with an estimated net worth of S$9.2 billion (RM22.08 billion), up S$300 (RM720 million) million from last year’s S$8.9 billion (RM21.36 billion).
Far East Organization, together with its Hong Kong-based sister company Sino Group, is one of Asia’s largest real estate groups with a combined annual turnover of US$5.5 billion (RM13.2 billion).
The family of the late banker Khoo Teck Puat who left his fortune to his 14 children in 2004, a family that still controls the Goodwood Group of Hotels in Singapore but sold their stake in Standard Chartered Bank in 2006 for an estimated S$4 billion (RM9.6 billion), remains at the number two spot with S$6.7 billion (RM16.08 billion).
Chairman of United Overseas Bank (UOB), Wee Cho Yaw, came in third with a fortune of S$4.7 billion (RM11.28 billion), up 12 per cent from 2011 and boosted his stake in property developer UOL.
There are eight newcomers to the list this year, among them – Eduardo Saverin, the 30-year old Facebook co-founder at No. 8 with a net worth of S$2.2 billion (RM5.28 billion).
Other new members include property magnates, Raj Kumar & his son, Kishin RK, at No. 11 with S$1.5 billion (RM3.6 billion), and Asok Kumar Hiranandani, Raj Kumar’s brother, at No. 19 with S$910 million (RM2.18 billion).
India-born Bhupendra Kumar Modi, now a Singapore citizen who controls Spice Group which has revenue of S$2 billion (RM4.8 billion) with interests in mobile devices, entertainment and financial services, debuts at No. 23 with S$755 million (RM1.81 billion).
Another newcomer, Lim Hock Chee, ranked No.35 with S$345 million (RM828 million), is the son of a pig farmer who started out in 1985 with a stall selling pork but today, his publicly-listed Sheng Siong is a 26-store supermarket chain and Singapore’s third-largest food retailer.
Others who made their debut on this year’s list include Hotel 81’s boss Choo Chong Ngen (S$690 million, ranked No. 25), hotelier Michael Kum (S$670 million, ranked No. 26) and Satinder Garcha ($315 million, ranked No. 37).
A common theme among Singapore’s richest is their support of education.
Philip Ng, who is also chairman of the newly-opened Singapore University of Technology & Design, raised S$10 million (RM24 million) for scholarships in less than two hours at an opening of the university. — Bernama