Covid-19 hasn’t exactly been kind to businesses and workers.
Since the highly contagious nature of coronavirus forces people to stay in their homes, revenues have plummeted for many businesses, leaving some with no choice but to let their workers go.
Others who’ve been lucky to keep their jobs have been forced to take pay cuts or no-pay leave so their company doesn’t go under.
But while some of us have been getting poorer, others have been adding to their fortune.
Despite COVID-19, S’pore Now Has 3 More Billionaires, Which Means We Have 25 Billionaires
Singapore added three more billionaires to its already long list during the Covid-19 pandemic, according to a report by UBS and PricewaterhouseCoopers (PwC).
The country now has a total of 25 billionaires; four were recently added to the list but one took a dive in the rankings earlier this year.
Even from April to July, when the country’s Covid-19 situation was at its worst, the total billionaire wealth grew by 30% to S$139.63 billion.
Speaking to ST, one expert speculated that this growth could be attributed to the fact that some billionaires here had their wealth tied to businesses listed on the stock markets.
Who are These People?
While it’s unknown who these new billionaires are, we all know who’s topping the rich list in the country.
Based on Forbes’ Singapore Rich List, Haidliao founder Zhang Yong has kept his place at the top, listed together with his wife, Shu Ping, who is co-founder and director of Haidilao International Holding.
The couple has a combined net worth of US$19 billion.
Coming in second place (which isn’t something to be sad about) is Li Xiting, co-founder and chairman of Shenzhen Mindray Bio-Medical Electronics, who has a net worth of US$17.8 billion.
Many other local billionaires managed to grow their wealth, including Goh Cheng Liang of Nippon Paint and Sea Group founder Forrest Li.
These crazy rich Asians are getting richer by the day.
Asia Has the Highest Number of Billionaires
The UBS/PwC report also showed that Asia stayed as the region with the highest number of billionaires in the world.
According to ST, the Asia-Pacific region has a record 831 billionaires, which accounts for 38% of the total number worldwide.
It’s been noted that an increasing number of Asian billionaire families have been giving back to society, through philanthropy and sustainable investments.
So, they’re not just getting richer, but more charitable too.
Well, I’d be incredibly generous too if I had billions of dollars.
Here’s a simplified summary of the South Korea martial law that even a 5-year-old would understand:
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