Who is Li Xiting - Richest Person in Singapore: Biography, Personal Life And Net Worth
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Who is the Richest Person in Singapore Today?
Richest Person:Li Xiting
Age: 73
Net Worth: $15.1 Billion
Rank: 126
Source of Wealth: Medical devices
Residence: Shenzhen, China
Education: Bachelor of Science, University of Science and Technology of China
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| Li Xiting |
The highest-ranked Singaporean on Forbes' 38th annual World's Billionaires List, which was issued on Tuesday, 2 April, is Li Xiting, Chairman of Shenzhen Mindray Bio-Medical Electronics.
Fifteen businessmen from the city-state were included on the list.
As of April 2, 2024, Li, a co-founder of the medical device company, has an estimated net worth of US$15.1 billion (S$20.4 billion). Li is ranked 126th on the list due to his enormous wealth.
Li Xiting Early Life and Education
Li Xiting, a Singaporean billionaire business entrepreneur, was born in China in 1951. At Mindray, the biggest producer of medical equipment in China, he serves as co-founder, president, and co-CEO.
He holds a degree from the Chinese University of Science and Technology. Along with two partners, he established the medical equipment maker Mindray in Shenzhen in 1991, and the business was listed on the New York Stock
Li Xiting: Career
Following graduation, he gained experience in the medical equipment industry at a company in Shenzen, which is close to Hong Kong and where he later founded Mindray in 1991. Mindray was more than just a producer of basic medical equipment; its mission was to provide cutting-edge healthcare technology to people worldwide. The company made its New York Stock Exchange debut seven years after it was founded. In 2016, he took his company private with the support of a new consortium, following nearly two decades as a listed business.
A new class of fluorescent dyes that are useful for improving hematology analysis has drawn attention from the medical community. These dyes, which are now patented, were developed in association with Dalian University of Technology and took home the second place award in the 2020 China National Science and Technology Awards.
A turning point contributing to Li Xiting's success was that in March 2020, the US Food and Drug Administration (FDA) licensed the emergency use of Mindray's ventilator, contributing to the company's rapid recovery. quickly penetrate the US market. By April 2020, when COVID-19 cases increased sharply in Europe, Mindray continued to receive a series of orders from the "old continent", after the first order of nearly 10,000 ventilators and monitoring monitors. from Italy.
As a result, during the pandemic, Mindray's stock rose 50%, and his personal wealth increased month after month to the tune of billions upon billions. A Bloomberg study from 2021 states that in the year after the pandemic started, Xiting's wealth increased by 47% and peaked at $27 billion in May of 2021. It then settled at about $17 billion in 2022, which is still nearly twice as much as Xiting's net worth was in the months preceding the pandemic.
Aside from his achievements in the workplace, Xiting is well-known for his frequent deeds of kindness. A seven on the Richter Scale earthquake that struck the Tibetan town of Yushu in 2010 caused over 2,500 fatalities and numerous injuries. Mindray contributed $660,000 to the relief effort, and Xiting contributed an additional 500,000 yuan ($70,000 at current exchange rates) out of his own wallet.
A few years later, he made the largest single private donation ever made to the University of Science and Technology of China, his alma mater in Hefei. He still supports the university today, regularly contributing to its initiatives and giving the faculty access to medical equipment.
Li Xiting: Personal Life
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| Li Xiting |
The details of Li Xiting's personal life and legacy are not well known. In 2018, he relocated to Singapore and obtained citizenship by naturalization.
Li Xiting's Net Worth and Salary
Li Xiting was thought to be the richest person in Singapore as of March 20, 2024, with a net worth of about $15.1 billion. Li Xiting's main source of income comes from Medical Devices.
Full List of Richest People in Singapore 2024
| RANK | NAME | NET WORTH |
|---|---|---|
| 1 | Li Xiting | $15.1 billion |
| 2 | Goh Cheng Liang | $12.2 billion |
| 3 | Philip Ng | $7.1 billion |
| 4 | Robert Ng | $7.0 billion |
| 5 | Jason Chang | $6.5 billion |
| 6 | Zhang Yong | $5.9 billion |
| 7 | Jason Jiang | $3.8 billion |
| 8 | Forrest Li | $3.6 billion |
| 9 | Kwek Leng Beng | $3.4 billion |
| 10 | Choo Chong Ngen | $2.9 billion |
| 11 | Kuok Khoon Hong | $2.9 billion |
| 12 | Kwek Leng Kee | $2.5 billion |
| 13 | Gang Ye | $2.5 billion |
| 14 | Sam Goi | $2.4 billion |
| 15 | Liang Xinjun | $2.4 billion |
| 16 | Shu Ping | $2.2 billion |
| 17 | Zhao Tao | $2.0 billion |
| 18 | Oei Hong Leong | $1.9 billion |
| 19 | Peter Lim | $1.9 billion |
| 20 | Asok Kumar Hiranandani | $1.7 billion |
| 21 | Kwee Liong Keng | $1.6 billion |
| 22 | Kwee Liong Phing | $1.6 billion |
| 23 | Kwee Liong Seen | $1.6 billion |
| 24 | Kwee Liong Tek | $1.6 billion |
| 25 | Kishin RK | $1.6 billion |
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