Countless businesses have crumbled under the weight of the Covid-19 pandemic, with one of the worst-hit industries being the food and beverage (F&B) sector.
With the coronavirus on the loose, many residents are worried about dining out, and eateries are suffering as a result.
That’s why the Haidilao Founder added US$5.2 billion to his fortune in the past year an- wait, what?
Despite COVID-19, Haidilao Founders Are Still the Richest in S’pore, While Shopee Founder Also Got into the Top-10 List
Yes, despite the economic impact of the Covid-19 pandemic, Zhang Yong’s business is soaring.
According to The Straits Times, the Haidilao founder has kept his place at the top of the Forbes Singapore Rich List in this year’s edition.
His wife, Shu Ping, who is co-founder and director of Haidilao International Holding, is listed together with him this year.
Last year, Zhang topped the list with a net worth of US$13.8 billion (S$19.17 billion). This year, together with his wife, the couple have a combined net worth of US$19 billion.
Zhang reportedly added US$5.2 billion (S$7.1 billion) to his net worth in the past year.
Coming in second place on such a list isn’t really something to be depressed about, as Li Xiting, co-founder and chairman of Shenzhen Mindray Bio-Medical Electronics has a net worth of US$17.8 billion.
Li’s rise makes more sense, considering his company manufactures ventilators, which has been in high demand during the pandemic.
Both Li and Zhang are naturalised Singapore citizens, according to ST.
Local Gaming & E-commerce Company Breaks Into Top 10
One surprise was that the gaming and e-commerce firm Sea managed to break into the top 10 this year.
The company’s group chief executive and chairman Forrest Li came in at No.7 this year, after adding US$5.53 billion to his wealth.
He now has a total combined net worth of US$7.1 billion.
For the unacquainted, Sea is the company under which online shopping platform Shopee is headquartered.
According to ST, Sea was founded by Li as an online gaming company in 2009 and was originally named Garena.
He later renamed the company to reflect its regional ambition and diversification.
Sea is now Singapore’s most valuable home-grown public company.
Several Billionaires Grew Their Fortunes
While some moved up the list, others dropped a few places, despite adding billions to their fortune.
Goh Cheng Liang of Nippon Paint, for instance, managed to move up one spot to No. 3 after increasing his fortune by US$5.3 billion.
The Ng brothers, however, who runs Far East Organization, dropped from No.2 to No.5 even after adding US$1.1 billion to their wealth.
They’ll probably be too busy having a bath in money to care about some list, of course.
Here’s the top 10 list:
- Zhang Yong and Shu Ping – US$19 billion
- Li Xiting – US$17.8 billion
- Goh Cheng Liang – US$14.8 billion
- Eduardo Saverin – US$14 billion
- Robert and Philip Ng – US$13.2 billion
- Kwek Leng Beng – US$8.8 billion
- Forrest Li – US$7.1 billion
-
Khoo family – US$6.3 billion
- Kwee brothers – US$5.5 billion
- Wee Cho Yaw – US$5.3 billion
Here’s a simplified summary of the South Korea martial law that even a 5-year-old would understand:
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