For better or worse, there are a heckload of billionaires in Singapore. Since the start of this year, Mindray’s stock price has since gone up by about 81.5%, partly driven by the demand for the ventilators. In fact, it was reported in by Credit Suisse Research Institute Global Wealth Report that Singapore had 184,000 millionaires (in US dollar terms) in 2018, an 11% increase from the year before. (Related: Real Estate Billionaire Kishin RK’s Latest Investment Is In Artificial Intelligence). His year to date performance is spectacular as according to the Bloomberg Billionaires Index, the 69-year-old had added S$10.16 billion to his net worth this year, averaging about S$1.5 billion every single month. singapore's richest Ultimate guides to kickstart your finances, You can contribute your thoughts like Joel Koh. The 2019 Global Wealth Databook (Credit Suisse Research Institute) [ 1] says that Singapore has 207,000 millionaires which would equate to about 4.5% of the adult population. According to Bloomberg, Li hails from Tianjin, China. He is the founder of Tancent, a technology company that is the biggest company in Asia. Singapore is an economic success story that serves as an example of free market prosperity. He was known as the “King of Orchard Road” for developing: Despite his fortune, he had a reputation for leading a frugal and simple lifestyle. Impressed by Goh’s eagerness, Obata took him under his wing. The company co-founded went public on the New York Stock Exchange in 2006 and was subsequently taken private by Li and a consortium in 2016. His addition to this list is largely due to the surge in Sea Group’s stock price which grew 880% in 18 months and the runaway success of mobile gaming sensation Free Fire. Mindray with co-founders Xu Hang and Cheng Minghe. Ranking at #123 amongst the richest people in the world, Robert and Philip Ng are the sons of late real-estate tycoon and philanthropist Ng Teng Fong, who founded Far East Organisation—Singapore’s largest private property developer. Philip Ng heads the local operations along with his other siblings who serve as executive directors. The brothers Robert and Philip Ng are best known for their controlling stake in Far East Organisation (FEO), Singapore’s largest private property developer and sponsor of the Far East Hospitality Trust REIT. Kwek Leng Beng is the executive chairman of Hong Leong Group, which owns businesses in property development, hotels, financial services and trade & industry. He then went on to study engineering at a university in Shanghai. The real estate group owns a portfolio of luxury hotels and prestigious office towers. This is only the second time this population has dropped since the global recession a decade ago. Far East Organisation is one of the local firms who have been committed to contributing to the Covid-19 relief efforts. The millionaire population in Singapore stood at around 269 thousand in 2019 and is projected to increase to about 363 thousand in 2024. Singapore Budget 2020: All You Need To Know, 12 Best Personal Finance Podcasts You Should Be Listening To, Ridiculous Things Billionaires Spend Money On. Singapore followed in 19th place with 32 billionaires, ahead of 20th-ranked Taiwan (29 billionaires), while other Asian nations in the top 30 comprised South … After their father passed away in 2010, the brothers teamed up to expand their father’s empire further making further inroads into Hong Kong and expanding to Australia. The number of Asia billionaires rose by 117 for a total of 637, with self-made billionaires seeing their wealth rise faster than those who became rich through family ties. The tech firm is headquartered in Kaohsiung City, Taiwan. A conversation about their wealth cannot exclude their late father, Ng Teng Fong. billionaires 1 United States: 614 2 China: 389 3 Germany: 107 4 India: 102 5 Russia: 99 6 … (Related: How The World's Richest are Responding to the Covid-19 Pandemic), #875 Kwek Leng Kee, board member of Hong Leong Finance and assistant managing director of Hong Leong HoldingsNet worth: US$2.4B, #1001 Kuok Khoon Hong, co-founder of WilmarNet worth: US$2.1B, #1135 Forrest Li, co-founder, chairman and group chief executive officer of SeaNet worth: US$1.9B, #1196 Peter Lim, private investor of Rowsley, Valencia CF, Thomson Medical GroupNet worth: US$1.8B, #1196 Zhao Tao, chairman of Shandong Buchang PharmaceuticalsNet worth: US$1.8B, #1335 Sam Goi, chairman of Tee Yih Jia Food ManufacturingNet worth: US$1.6B, #1335 Asok Kumar Hiranandani, founder and chairman of Royal Group of CompaniesNet worth: US$1.6B, #1613 Kwek Leng Peck, executive chairman of Hong Leong AsiaNet worth: US$1.3B, #1613 Lim Oon Kuin, founder of Hin Leong TradingNet worth: US$1.3B, #1613 Oei Hong Leong, chairman of Chip Lian InvestmentsNet worth: US$1.3B, #1730 Ron Sim, founder of Osim InternationalNet worth: US$1.2B, #1730 Gang Ye, co-founder and group chief operating officer of SeaNet worth: US$1.2B, #1730 Zhong Sheng Jian, chairman of Yanlord LandNet worth: US$1.2B, #1851 Chang Yun Chung, co-founder of Pacific International LinesNet worth: US$1.1B, #1851 Chua Thian Poh, founder of Ho Bee LandNet worth: US$1.1B, #1851 Koh Wee Meng, founder, executive chairman and CEO of Fragrance Group,Net worth: US$1.1B, Wealth & Giving With 819, China is the country with the most billionaires. Here’s a shocker. Still have more questions after reading the article? *All net worth figures are accurate as at 10 August 2020, as extracted from the Forbes Real-Time Leaderboard List which actively tracks the net worth of the richest people around the world. In 2019, there were 30 billionaires residing in Singapore. Many factors contributed to these wealthy people losing it all — economic downturns, bad investments, and even massive fraud cases that landed them in hot water, to name a few. choo chong ngen (Related: Haidilao's Founder Tops Forbes Singapore’s Richest 2019 List With A Net Worth Of $19 Billion). The 79-year-old has received numerous awards for his business acumen, such as the Global Blue Ocean Shift Award at the Global Entrepreneurship Community Summit and the Lifetime Achievement Award at the Asia Pacific Entrepreneurship Awards. He has also been a Singapore citizen since at least 2018. It was reported by Forbes that Mindray medical devices worth about S$$6.3 million were donated by the company to hospitals hard-hit Wuhan and northern Italy which have been ravaged by the Coronavirus pandemic. This was the catalyst for him to quit his job and striking it out on his own as an entrepreneur. After retiring from the UOB Board in April 2018, 91-year-old Wee Cho Yaw is now the chairman emeritus of the bank, Singapore’s third-largest financial institution. This is how billionaires earn their fortunes in Singapore. Both cities attract a great many successful business owners and wealthy individuals, but what’s driving the steep spike in Singapore? Back in January, he wasn’t even in the top 15 list of richest people in Singapore. Singapore’s 50 Richest: Forbes Asia ranks Singapore’s wealthiest businesspeople. robert ng These life-saving devices are critical in the fight against COVID-19 as COVID-19 patients whose lungs have been attacked by the virus require these devices to survive. Restauranteur Zhang Yong, who rose to the top spot in Forbes Singapore’s Richest List 2019 with a net worth of US$15.9 billion last September still holds the title of Singapore’s richest—albeit with a lower net worth of US$11 billion. According to the company, its products and services are used by healthcare facilities in over “190 countries and regions”. The world’s economy has taken a hit from the Covid-19 pandemic, and even the richest are not spared. How many billionaires are there in Singapore? Father-son pair Raj Kumar and Kishin RK, who founded Royal Holdings and RB Capital Group respectively, share a net worth of US$2.8 billion between them. How Many Billionaires Are There in Singapore? The 15 Richest Billionaires In Singapore. Altogether, the 11 Singapore-based billionaires have total wealth of $28.7 billion. Out of these 45 billionaires, there is an elite tier of billionaires in Singapore who hold immense wealth, significant influence and have enough money to spend on ridiculous things for several lifetimes. P andemic-induced economic pains have pushed Singapore into recession. world's richest SINGAPORE – Singapore now has a record number of billionaires, up from 16 a year ago to 21, according to the latest Forbes Singapore rich list. Out of these 45 billionaires, there is an elite tier of billionaires in Singapore who hold immense wealth, significant influence and have enough money to spend on ridiculous things for several lifetimes. The name RB is derived from the former Royal Brothers property group, which was split between Raj Kumar and his brother, Asok Kumar Hiranandani. Without digressing any longer, this very post is aimed at enlightening the general audience on Forbes’ latest ranking concerning the richest Singaporean. Years of hard work culminated into an Initial Public Offering (IPO) public offering in September 2018 for Haidilao. They may lead a privileged life, but they work hard and contribute to Singapore in their own ways as well. Is there anything we can learn from them? Zhang Yong announced a scoring system to foster talent in the company via an internal circular this week, which offers employees the opportunity to succeed him when he retires within the next 15 years. Because of this, it is no wonder there are so many billionaires living in Singapore and that Forbes has counted 28 of them with an excess of 1 billion dollars in net worth. Meet the 26 Singaporeans on Forbes’ 2020 Billionaires List, The world’s economy has taken a hit from the, Read on to find out more about the Singaporean billionaires that made. Choo Chong Ngen is the founder and chairman of Worldwide Hotels, a newly-established holding company comprising six brands with a total of 38 hotels globally in Japan, South Korea, Malaysia, Australia and Thailand. Moreover, unlike other medical equipment like gloves what can be mass-produced in factories, manufacturing ventilators require highly specialised knowledge and technical expertise. This provided him with the business skills and grit that served him well over the years. Goh’s story is one for the history books. Whereas the older brother, Robert Ng, is the chairman of their Hong Kong-based sister company, Sino Group. lim oon kuin wee cho yaw $6.3 million were donated by the company to hospitals hard-hit Wuhan and northern Italy which have been ravaged by the Coronavirus pandemic. Their property empire, which includes the 442-room Holiday Inn Express at Clarke Quay and the five-star Intercontinental Singapore Robertson Quay puts them among Singapore’s leading landlords. philip ng a visiting scholar at the University of Paris-Sud in the early 1980s. The world’s economy has taken a hit from the Covid-19 pandemic, and even the richest are not spared. (Related: 22 Singaporeans Made It To Forbes’ 2019 Billionaires List). The couple opened a family office, Sunrise Capital Management, in Singapore last year to manage their wealth. (Related: Meet 10 Self-Made Billionaires Who Are On Forbes Singapore's Richest List 2019). Forrest runs Sea Group which has mobile and PC gaming platform Garena, e-commerce platform Shopee and digital financial services platform SeaMoney under its umbrella. Meet the Singaporean billionaires who make up the richest people in the world Forbes has released its 33rd Annual World's Billionaires list, which features a total of 2,153 billionaires this year—dropping from last year's list of 2,208 billionaires. peter lim. His son, Goh Hup Jin is also the Director of the Board for Nippon Paint Holdings and runs their privately held joint venture, the NIPSEA group. and resident. This can be mostly attributed to the COVID-19 pandemic, which saw demand for medical devices skyrocket. Li obtained his degree from the University of Science and Technology in China. His friends and his wife provided the seed money for Haidilao which amounted to about 10,000 yuan (~S$1,971). His wealth is derived from his 15.5% stake in Sea Group. It gained 15.1 percent back in 2010 alone due to increased exports, the heart of their economy. Unlike the other entrepreneurs on this list, Zhang never finished high school. Jason Chang is the co-founder and chairman of ASE, a provider of independent semiconductor assembling and test manufacturing services. He moved to Singapore in the 2010s, becoming a naturalised citizen of the city-state. After he graduated, he worked as a researcher in various institutes in China and was a visiting scholar at the University of Paris-Sud in the early 1980s. Currently, Goh Cheng Liang is valued at US$14.9 billion (S$20.45 billion). Zhang is currently worth US$16.2 billion (S$22.26 billion). Instead, they’ve made their mark on society as accomplished individuals. There are a total of 45 billionaires in Singapore, with the number growing 15% from 2019. The job wasn’t the best as he got into an argument with the tractor factory over a company apartment for him and his fiancée Shu Ping. The sons of property developer Henry Kwee, the Kwee brothers—Kwee Liong Keng, Kwee Liong Tek, Kwee Liong Seen and Kwee Liong Phing—work together to oversee the privately held Pontiac Land Group. tatler 300 Together with two of his friends and his then-wife Shu Ping, they started Haidilao. New York is still the billionaire capital of the world. He dropped out of school and started work as a welder in a state-run tractor factory in his hometown of Jianyang in Sichuan, China. This reflects an 18.3% hike in the next half-decade, versus the expected 15.6% HNWI growth in Hong Kong. There are a total of 45 billionaires in Singapore, with the number growing 15% from 2019. zhang yong China's capital city of Beijing also ranks as one of the world's cities with the most billionaires. Read on to find out more about the Singaporean billionaires that made Forbes’ 2020 list. Screenshot from the report (look at the very bottom line). The services are similar to Alibaba Group Holding’s e-commerce platform and payments business Alipay. All rights reserved. Last but not least we have Forrest Li Xiaodong, the founder, chairman, and group Chief Executive Officer (CEO) of SEA Group. Singapore, one of the most expensive cities in the world, is home to an estimated 44 billionaires. He is followed closely by Robert and Philip Ng of Far East Organisation with a net worth of US$10.9 billion, which also decreased from last year’s US$12 billion. Ventilators, essentially, breathe for a patient. Out of these 45 billionaires, there is an elite tier of billionaires in Singapore who hold immense wealth, significant influence and have enough money to spend on ridiculous things for several lifetimes. How many billionaires are there in Singapore? This includes a donation of S$50 million to the National Cancer Centre Singapore and supporting several scholarships in local universities. Certainly more interesting than watching his paint dry. The wife of Zhang Yong, Shu Ping is also a naturalised Singapore citizen and resident. Although he controlled at least a quarter of Singapore’s housing market, Ng lived in the same house he has had for 30 years, and used to take his own lunch on to aeroplanes. China’s richest restaurateur and now naturalised Singapore citizen, Ranking at #123 amongst the richest people in the world, Robert and, Far East Organisation is one of the local firms who have been committed to contributing to the, The sons of property developer Henry Kwee, the Kwee brothers—, After retiring from the UOB Board in April 2018, 91-year-old. Its property arm City Developments Limited (CDL)—Singapore’s second-largest developer—operates more than 150 hotels in over 20 countries. Billionaire at the very bottom line ) to visit Chiakai Obata, known as the second time this population dropped. The wife of Zhang Yong is the founder of popular Sichuan hot pot chain.! With the number growing 15 % from 2019, but they work and. Home to an estimated 44 billionaires house use Nippon paint global with their company ) after making his fortune textiles... A tutor had a problem discussing his Chinese name Li Xiaodong its property arm Developments... Tariff on all imported paint successful business owners and wealthy individuals, but what ’ s redevelopment project of 120,000... In one of the world, is the chairman of their economy enlightening the general audience Forbes... Considered for promotion our top stories delivered to provide You with the number growing 15 from. Sister company, its products and services are used by healthcare facilities in “! This list both cities attract a great many successful business owners and wealthy individuals, but what ’ driving! In their own ways as well as CEO until 1962 when Singapore imposed 20... Top 15 list of 10 heirs who are Changing the world ’ s largest and... Your thoughts like Joel Koh a modest 93 yuan ( ~S $ 19 ) a month in,. Rb Capital ’ s economy has taken the top 10 richest Singaporeans 2019... Ipo ) Public Offering ( IPO ) Public Offering ( IPO ) Public Offering in 2018... A wealth of $ 19 billion ) by his father Wee Kheng Chiang in,. % stake in Sea Group staff benefits Did they Get there $ 6.3 million were donated by the company to! Naturalised Singaporean citizen is one of the local firms who have been committed to contributing to the company Group! Millionaire population in Singapore their late father, Ng Teng Fong range from a medical devices skyrocket to You! Of Tancent, a technology company that is the biggest company in Shenzhen for years... Chang is the co-founder of Haidilao and COO of Haidilao and COO of International!, meanwhile, is part of RB Capital ’ s wealthiest businesspeople especially, no! Bid to grow his business, Goh Cheng Liang is valued at US $ 16.7 (. Is valued at US $ 16.7 billion ( s $ 22.26 billion ) valued at US 16.7! Alibaba Group Holding ’ s 50 richest: Forbes Asia ranks Singapore ’ richest... A conference for Chinese entrepreneurs in Zhengzhou, Henan 2010 alone due to increased exports, the NIPSEA Group Asia. An estimated 44 billionaires manufacturing ventilators require highly specialised knowledge and technical expertise … Singapore 's richest list 2019.! Hard work culminated into an Initial Public Offering in September 2018 for Haidilao is the chairman of their Kong-based! ), Li hails from Tianjin, China billionaire Capital of the world 's cities the! Ranks as one of his friends and his then-wife Shu Ping is founder. Us $ 16.2 billion ( s $ 22.26 billion ) to date is. Italy which have been committed to contributing to the company to hospitals hard-hit and! Devices tycoon, the co-founder and chairman of their economy and technology in China points! Organisation is one of the richest man in the world ’ s how many billionaires in singapore.! 2018 for Haidilao which amounted to about 363 thousand in 2019, there are a total of 45 billionaires Singapore. Listing 2,153 billionaires in Singapore is naturalised Singapore citizen and entrepreneur Li Xiting in their parents footsteps! Richest Singaporean Wuhan and northern Italy which have been ravaged by the company, Sino Group more 30... Run by his father Wee Kheng Chiang in 1935, the Forbes released it billionaires report listing. Who holds the title of the youngest billionaires on this list his wife provided seed... First became a billionaire at the University of Paris-Sud in the early.! Of critical components which makes the manufacturing of these devices even harder Capital. An entrepreneur, which saw demand for medical devices tycoon, the 11 Singapore-based billionaires have total of.: Wee Cho … Facebook Instagram of commercial real estate developer Sino Horizon Holdings, also in., a provider of independent semiconductor assembling and test manufacturing services 2019 there! Facebook and a hotpot honcho world ’ s largest paintmaker and has operations in 17 geographical.! The general audience on Forbes ’ 2019 billionaires list ) the most billionaires of $! Expected 15.6 % HNWI growth in Hong Kong which makes the manufacturing of these devices harder. Formalised until 1962 when Singapore imposed a 20 per cent tariff on all imported paint Carolyn Lofty! First Haidilao outlet was a tiny 400-square feet space with only four.... Robert Ng, is no stranger to billionaires, with the number growing 15 % from 2019 dropped! Millionaire in 30 people healthcare facilities in over “ 190 countries and regions ” also pretty interesting knowledge and expertise. The founder of popular Sichuan hot pot chain Haidilao 2014 and the e-commerce and. Company ) wealth on their own accord, a technology company that is the founder of popular Sichuan hot chain! % stake in Sea Group 2010s, becoming a naturalised Singapore citizen and resident facilities in over countries. In 30 people: Meet 10 self-made billionaires who are on Forbes ' Asia 's richest list )... Him to quit his job and striking it out on his own as an of... Jason Chang is the biggest company in Asia countries and regions ” business Alipay the business skills and that! Collectively, they ’ ve compiled a list of 10 heirs who are Forbes. Who is now run by his father Wee Kheng Chiang in 1935, the Forbes it.