In 2022, the prestigious title of the wealthiest individual in Singapore was bestowed upon Li Xiting, a name that might not have resonated in many households until recently. Li Xiting, who became a naturalized citizen of Singapore after originally hailing from China, climbed to this eminent position primarily due to the soaring demand for medical devices such as ventilators during the COVID-19 pandemic, accumulating a staggering fortune of US$15.6 billion.
However, as the pandemic began to subside, a new figure has gracefully emerged at the forefront of Singapore’s financial landscape.
This year, the mantle of wealth has transitioned to Eduardo Saverin, a co-founder of Meta Platforms, formerly known as Facebook.
Mr Saverin, who embarked on this venture alongside his Harvard classmate Mark Zuckerberg in 2004, has experienced a substantial augmentation in his net worth.
It now towers at an impressive US$16 billion, marking a significant progression from his fourth-place standing on the list in 2022.
Stability Amidst Economic Slowdown: The Resilience of Singapore’s Billionaires
Despite facing an economic slowdown, Singapore’s billionaires’ collective wealth has surged by 8%, reaching a total of US$177 billion, a notable increase from US$164 billion in 2022.
However, it’s crucial to acknowledge that their current fortunes haven’t yet surpassed the peak witnessed in 2021, when the cumulative net worth soared to US$208 billion.
In this year’s list, unveiled on Thursday, a significant shift has occurred with the emergence of a new leader, Mr Eduardo Saverin.
He has added a substantial US$6.4 billion to his wealth, propelled by a nearly 70% surge in Meta shares since the last evaluation.
Concurrently, the Ng brothers, Robert and Philip of the Far East Organization, have retained their position at the second spot, albeit experiencing a slight dip in their net worth, which presently stands at US$14.8 billion, a decrease from US$15.2 billion in 2022.
Li Xiting, the chairman of Shenzhen Mindray Bio-Medical Electronics, has relinquished the top spot, settling at the third position after a two-year reign.
His net worth has dwindled to US$14 billion, a decline spurred by the recent anti-corruption campaign in China targeting the pharmaceutical sector.
Notable Entries and Exits: A Dynamic Billionaire Spectrum
The 2023 list also illuminates several significant entries and exits, portraying the dynamic and ever-changing landscape of the billionaire spectrum in Singapore.
Three individuals from the 2022 roster have exited, including David Chen, a co-founder of the e-commerce and gaming behemoth Sea (which owns Shopee), and Cheng Wai Keung, the deputy chairman of Temasek, and chairman and managing director of the property firm Wing Tai Holdings.
Conversely, the list has welcomed fresh faces, such as Lim Kaling, a founding investor and non-executive director at the gaming hardware manufacturer Razer, who made a debut at the 48th position boasting a net worth of US$875 million.
Moreover, Liang Xinjun, the co-founder of the Chinese conglomerate Fosun International, has marked a notable entry at the 22nd position, with a net worth of US$2.15 billion.
Interestingly, the well-known Ong Beng Seng, along with his wife, has secured the 26th rank.
You can watch this video to know why everyone knows Ong Beng Seng now:
It is imperative to note that this list represents a snapshot of wealth based on stock prices and currency exchange rates as of 18 August 2023.
This suggests that individuals like George Goh, who helm numerous private companies, might potentially rank among the wealthiest, although their absence from the list is due to the private nature of their enterprises.
Here is the updated list of the 10 richest individuals in Singapore:
- Eduardo Saverin; US$16 billion (Meta)
- Robert & Philip Ng; US$14.8 billion (Far East Organization)
- Li Xiting; US$14 billion (Shenzhen Mindray Bio-Medical Electronics)
- Goh Cheng Liang; US$12.3 billion (Nippon Paint)
- Kwek Leng Beng; US$11 billion (Hong Leong Group)
- Zhang Yong & Shu Ping; US$9.7 billion (Haidilao)
- Khoo family; US$8.5 billion (Various businesses)
- Wee Cho Yaw; US$7.1 billion (UOB)
- Leo Koguan; US$6.5 billion (SHI International)
- Kwee brothers; US$6.3 billion (Pontiac Land)
Over in TikTok, there’s a drama involving property agents that’s caused by us. Here’s what happened:
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