Who are the richest people in Singapore? Haidilao's founder is worth S$19 billion
The hot-pot billionaire and naturalised Singapore citizen has replaced Far East Organization’s Robert and Philip Ng at the top of the Forbes Singapore Rich List.
Despite global uncertainties and a lower growth forecast for Singapore, the collective wealth of Singapore’s 50 richest was up more than 12 per cent to US$130 billion (S$180.5 billion), mostly due to the inclusion of hotpot billionaire Zhang Yong this year.
The founder of Haidilao International was featured previously among China’s richest and is now a naturalised Singapore citizen and resident. According to the 2019 Forbes Singapore Rich List, he is Singapore's richest with a net worth of US$13.8 billion.
Zhang replaces real estate siblings Robert and Philip Ng of Far East Organization at the top of the list. The brothers are now at No 2 with a combined wealth of US$12.1 billion.
The Ng family’s fortune continues to benefit from premium prices for its high-end properties, which remain unaffected by the recent political ructions in Hong Kong or by Singapore’s slowing economy. The brothers had previously occupied the top spot on the Singapore Rich List every year this decade.
At No 3 on the list is Facebook billionaire Eduardo Saverin, who saw his fortune fall by US$1.2 billion to US$10.6 billion. Saverin retains a minority stake in the social media giant, which has been battling investor concerns about user privacy issues.
Paint tycoon Goh Cheng Liang (US$9.5 billion) and Hong Leong Group chairman Kwek Leng Beng (US$8.8 billion) wrap up the Top 5.
Kwek is the biggest dollar gainer this year, adding US$1.2 billion to his wealth partly on the back of an overseas expansion of his flagship City Developments, which acquired two London office properties for US$690 million in 2018.
The Top 10 richest in Singapore are:
- Zhang Yong; US$13.8 billion
- Robert and Philip Ng; US$12.1 billion
- Eduardo Saverin; US$10.6 billion
- Goh Cheng Liang; US$9.5 billion
- Kwek Leng Beng; US$8.8 billion
- Wee Cho Yaw; US$6.6 billion
- Khoo family; US$6.5 billion
- Kwee brothers; US$5.7 billion
- Kuok Khoon Hong; US$3 billion
- Choo Chong Ngen; US$2.95 billion
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The two newcomers to the list, other than Haidilao’s Zhang, are the Wong brothers of Singapore-based footwear brand Charles & Keith (No 34, US$970 million) and Gang Ye (No 37, US$900 million), who co-founded US-listed Sea and holds just under nine per cent of the company’s shares.
At the age of 101, shipping tycoon Chang Yun Chung (No 22, US$1.5 billion), is the world’s oldest billionaire. Chang suffered a 27 per cent erosion in his wealth amid a sluggish shipping sector.
The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources.
Unlike the billionaire rankings, this list includes family fortunes, including those shared among extended families such as that of Kwek Leng Beng and his cousins. Net worth is based on stock prices and exchange rates as of the close of markets on Aug 13. Private companies were valued based on similar companies that are publicly traded.