The list of billionaire in Singapore
The list of billionaire in Singapore - (Clockwise from top left) Zhang Yong and Shu Ping, Li Xiting, Goh Cheng Liang, Philip Ng, Robert Ng and Eduardo Saverin.PHOTOS: REUTER, MINDRAY/FACEBOOK, LIANHE ZAOBAO, FORBES, ST FILE

Who are the Richest Billionaires in Singapore

After shrinking 5.8% in 2020, Singapore’s economy has revived and is expected to grow 6% to 7% this year. Amid a rebounding stock market and economy, 36 tycoons on the 2021 Forbes’ Singapore Rich List saw their fortunes rise. This year the list has 42 fortunes worth US$1 billion or more.

The richest man in Singapore this year is Li Xiting, founder of ventilator maker Shenzhen Mindray Bio-Medical Electronics.

Venture capitalist and co-founder of Facebook Eduardo Saverin came second on this year’s list, while paints tycoon Goh Cheng Liang came in third.

The combined net worth of Singapore’s 50 richest people climbed 25 per cent to S$282 billion (US$208 billion) this year, with 42 people’s individual net worth reaching more than S$1.4 billion (US$1 billion).

One-fifth of those listed this year are tech tycoons. Other tech founders on the list include Sea Limited’s Forrest Li, Ye Gang, and David Chen.

The pandemic had impacted certain sectors including the food and beverage industry, and Hotpot chain Haidilao’s Zhang Yong and Shu Pink slipped down the rankings from first last year to fourth place. Their net worth dipped from US$19 billion to US$16 billion.

The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. Unlike the billionaire rankings, this list includes family fortunes, including those shared among extended families such as that of Kwek Leng Beng and his cousins. Net worths are based on stock prices and exchange rates as of the close of markets on July 26, 2021. Private companies were valued based on similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country.

The Latest List of Top 10 Richest People in Singapore - Updated Billionaire for 2021/22

#1 Li Xiting $23 medical devices

#2 Eduardo Saverin $20.5 Facebook

#3 Goh Cheng Liang $18.6 paints

#4 Zhang Yong & Shu Ping $16 - restaurants

#5 Forrest Li $15.9 B 43 gaming (Moved to 3 No in September)

#6 Robert & Philip Ng $14.2 - real estate

#7 Gang Ye $10.3 gaming

#8 Kwek Leng Beng $8.5 real estate

#9 Wee Cho Yaw $6.8 banking

#10 Khoo family $6.5 - Maybank

Who Are The Richest People in Singapore - Billionaire List 2021/2022?

#1 Li Xiting $23 medical devices

Top 10 Richest People in Singapore 2021/22 - Updated
Li Xiting - Richest People in Singapore (last updated September 2021)

Li Xiting made his wealth through selling medical devices. He is the founder and chairman of medical devices supplier Shenzhen Mindray Bio-Medical Electronics, and has a net worth of US$23 billion.

The 70-year-old holds an undergraduate degree from the University of Science and Technology of China.

During the pandemic, Mindray donated US$4.6 million worth of medical devices to hospitals in hard-hit areas like China’s Wuhan and northern Italy.

#2 Eduardo Saverin $20.5 Facebook

Top 10 Richest People in Singapore 2021/22 - Updated
Eduardo Saverin

Eduardo Saverin is best known as the co-founder of Facebook. The 39-year-old is now a venture capitalist, but still derives most of his wealth from his small stake in the tech giant.

In 2016, he launched venture fund B Capital, with BCG and Bain Capital veteran Raj Ganguly. The fund has US$1.4 billion of assets under management.

Eduardo has been a Singapore resident since renouncing his US citizenship in 2012 ahead of Facebook’s public listing.

#3 Goh Cheng Liang $18.6 paints

Top 10 Richest People in Singapore 2021/22 - Updated
Goh Cheng Liang

94-year-old Goh Cheng Liang started off making paints in a small factory in Singapore before he went on to partner with Japan’s Nippon Paint in 1962.

Today, he gets the bulk of his wealth from a stake in the Japanese firm, which is the fourth largest paint manufacturer in the world. In March this year, the company celebrated its 140th anniversary.

Nippon Paint has partnered with the University of Tokyo for research on new products that offer protection against Covid-19.

#4 Zhang Yong & Shu Ping $16 - restaurants

China's richest restaurateur and now a naturalised Singapore citizen, Zhang Yong, is the founder of the famous hot pot chain Haidilao. The restaurant opened its doors in China back in 2018; Today, Zhang has 768 Haidilao outlets in China, Japan, Singapore, South Korea and the United States.

Haidilao gained popularity quickly when it was introduced mostly because of the high-quality dishes they served as well as their highly attentive customer service. In fact, the restaurant offers manicures, hair ties, snacks and more for their guests.

Zhang never finished high school and did not actually know how to prepare a typical Sichuan hotpot when he first started out.

Financially, the billionaire was helped out by three friends, one of whom later became his wife, who provided him with the seed money.

#5 Forrest Li $15.9 gaming

Top 10 Richest People in Singapore 2021/22 - Updated
Forrest Li With a $19 Billion Fortune

Forrest Li, Sea Ltd.’s billionaire co-founder, chairman and chief executive officer, has become Singapore’s richest person as shares of his company surged.

Li, who was born in China and later became a Singapore citizen, is now worth $19.2 billion, according to the Bloomberg Billionaires Index, after Sea’s American depositary receipts rose 61% this year through Friday’s close. The city-state’s second-richest person, paint tycoon Goh Cheng Liang, has a net worth of $17.9 billion.

SeaMoney, the company’s digital-payments and financial-services business, saw total payments using its mobile-wallet services rise to more than $4.1 billion in the second quarter, up almost 150% from a year earlier, Li said on Sea’s earnings call on Aug. 17. Sea’s revenue rose 159% to $2.3 billion in the period.

Sea’s broader success has been founded on its mobile game Free Fire, which has exceeded 1 billion downloads on Google Play. It’s also been driven by its e-commerce platform, Shopee, which has become the second-most downloaded shopping app on Android and iOS globally, Li said on the earnings call, citing App Annie data.

Sea’s three founders, Li, Gang Ye, and David Chen, started the company in 2009. Ye, chief operating officer, is worth $10.4 billion, while Chen, Shopee’s chief product officer, has a net worth of $3.5 billion

Grab's co-founder Anthony Tan and Binance founder Zhao Changpeng are new additions to Singapore 50 richest people

Number 22: Zhao Changpeng (US$1.9 billion)

45-year-old Zhao Changpeng goes by the nickname “CZ”, and is the founder and CEO of Binance, the largest cryptocurrency exchange in the world.

In 2020, Binance reached US$2 trillion in total trading volume, and its Binance Coin (BNB) is now the third-biggest cryptocurrency by market cap.

Zhao is temporarily based in Singapore. Binance has been facing regulatory scrutiny in several countries, and Zhao had said that he is working with the authorities for the betterment of the cryptocurrency industry.

Number 47: Anthony Tan (US$790 million)

Anthony Tan is the chief executive and co-founder of Southeast Asia’s dominant ride-hailing app, Grab. The 39-year-old struck out on his own in 2012 to run Grab – he is the son of Tan Heng Chew, the president of Tan Chong Motor.

Grab now offers services in eight countries and has branched out into motorcycle taxis, delivery services, and software research and development.

The tech giant is working on listing on the public market via a special purpose acquisition company or SPAC deal as soon as the end of this year. The deal is set to value the company at S$54 billion (US$40 billion).

Anthony is listed on Forbes as a Singapore Citizen. The entrepreneur recently made the news with a purchase of a good class bungalow near Holland Village for S$40 million.

#6 Robert & Philip Ng $14.2 - real estate

Robert and Phillip Ng, who are brothers, run Far East Organisation which is Singapore's largest private landlord and property developer. The company was founded by their father Ng Teng Fong.

Currently, the pair divide their duties between their Hong Kong and Singapore branches.

In 1997, the pair were listed by Forbes as the 30th richest people in the world. Since then, they have continued to remain high on the Forbes list.

Most recently, the pair opened the Fullerton Hotel in Sydney in a 146-year old heritage building back in 2019.

#7 Gang Ye $10.3 gaming

Top 10 Richest People in Singapore 2021/22 - Updated
Gang Ye

Gang Ye is one of the three founders of online gaming and e-commerce firm, Sea. He started out as the group chief technology officer but moved on to assume the role of group chief operating officer in January 2017.

Before Sea, Ye worked at the Economic Development Board of Singapore and Wilmar International.

#8 Kwek Leng Beng $8.5 real estate

Kwek Leng Beng is the executive chairman of Hong Leong Group Singapore. His father was one of the four founders of the Hong Leong Group and though Kwek studied to become a lawyer, he decided to join the family business in the early 1960s.

He later became chairman in 1990 and played a major role in expanding the group into over 300 companies, of which five are listed.

#9 Wee Cho Yaw $6.8 banking

Wee Cho Yaw is the chairman of United Overseas Bank (UOB) and United Industrial Corporation (UIC) in Singapore.

He also sits on the board of directors in United Chinese Bank which was founded by his father, Wee Kheng Chiang. Wee took over the role as chairman when his father retired in 1974.

Today, UOB is Singapore's largest bank and has over 500 branches and offices in 18 different countries worldwide.

#10 Khoo family $6.5 - Maybank

The Khoos are the heirs of late banker Khoo Teck Puat, who invested in Standard Chartered Bank in 1986.

The lion's share of their fortune comes from the sale of their stake in Standard Chartered Bank for $4 billion in 2006.

The Khoos also control the Goodwood Group of Hotels, chaired by Mavis Khoo-Oei (pictured), which owns Singapore's historic Goodwood Park Hotel.

The Khoo Foundation, the family's charitable arm, funded the Khoo Teck Puat Hospital in Singapore, which opened in 2010.

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