Wealth of Singapore’s 50 richest up 11% to hit US$104.6 billion: Forbes

Philip Ng (L), together with his brother Robert Ng, are first on the 2017 Forbes Singapore Rich List. Facebook co-founder Eduardo Saverin (R) moves up a spot from last year’s list to become Singapore’s second richest resident. Photos: TODAY file photo

SINGAPORE — The total net worth of Singapore's 50 richest rose to US$104.6 billion (S$141.95 billion) on the 2017 Forbes Singapore Rich List, up 11 per cent from 2016, despite the sluggish economy.

Close to two-thirds of the country's 50 richest became wealthier, Forbes said in a statement on Thursday (July 27), while more than a fifth of those returning to the list saw their fortune decline.

The minimum amount to join the list went up to US$540 million, compared to 2016's requirement of US$455 million.

For the eighth consecutive year, property siblings Robert and Philip Ng topped the chart with a combined net worth of US$9.4 billion. The Ng Siblings, who control Singapore's biggest real estate developer, Far East Organisation, saw their fortunes increase from US$8.6 billion a year ago.

Facebook co-founder Eduardo Saverin moves up a spot from last year's list to become Singapore's second richest resident, with a net worth of US$9.3 billion. Mr Saverin, who owns a minority stake in the social media giant, added US$2.1 billion to his wealth as Facebook shares jumped by close to a third in the past year.

Paint tycoon Goh Cheng Liang, who owns shares in Japan's Nippon Paint Holdings, added US$2.1 billion to his fortune. His total wealth of US$7.8 billion puts him as Singapore's third richest.

Other notable tycoons on the list include Ms Chew Gek Khim of Straits Trading Company, who gained the most wealth in percentage terms as new information on her family's assets were revealed. Ranked 23rd, Ms Chew tripled her wealth from more than a year ago to US$ 1.4 billion.

Two newcomers to the list, hedge fund star Danny Yong and Mr Saurabh Mittal of Indian real estate and financial services group Indiabulls are at 42nd and 44th positions respectively.

Mr Yong teamed up with his college buddy to start Dymon Asia Capital in 2008, and was Forbes' 25 Highest-Earning Hedge Fund Managers in 2015 and 2017.

Mr Mittal, who relocated to Singapore three years ago, holds stakes in several ventures, such as mixed martial arts company ONE Championship and California data analytics firm Incedo.

Oxley Holdings executive chairman and chief executive officer Ching Chiat Kwong returned to the 2017 list after missing out a spot last year, thanks to a 43 per cent rise in the shares of his Oxley Holdings on brisk overseas sales, primarily in Ireland, Cambodia and Malaysia.

Forbes, which compiled the list using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources, noted that this list includes family fortunes, including those shared among extended families such as that of Kwek Leng Beng and his cousins.

The top 10 richest in Singapore are:

1) Robert & Philip Ng; US$9.4 billion

2) Eduardo Saverin; US$9.3 billion

3) Goh Cheng Liang; US$7.8 billion

4) Kwek Leng Beng; US$7.1 billion

5) Khoo family; US$6.3 billion

6) Wee Cho Yaw; US$5.8 billion

7) Kwee brothers; US$5.3 billion

8) Kuok Khoon Hong; US$2.7 billion

9) Raj Kumar & Kishin RK; US$2.6 billion

10) Sam Goi; US$2.2 billion