The 10 richest people in Singapore (And how much they are worth today)
Forbes’ annually published rich lists are now a staple in identifying the richest individuals around the world. Its ranking criteria is based on publicly available information on the holdings of stocks, cash, liquid and fixed assets of these individuals, and excludes other sets of individuals such as monarchs.
What’s interesting though, is that net worth of the rich is constantly changing based on stock prices and exchange rates. The annual list for Singapore was made based on the figures at the close of markets on July 14, 2017. Here, we included the latest figures as of Oct 11, 2017 wherever available.
So, here are the ten individuals who are Singapore’s 10 richest persons, according to Forbes.
Forbes’ list of Singapore’s ten richest persons
10. Sam Goi (US$2.2 billion)
Sam Goi’s rise to fame is primarily thanks to Tee Yih Jia Food Manufacturing, known for being the largest maker of spring roll skins in the world. Goi purchased the company in 1977.
Sam Goi’s current net worth is US$2.1 billion.
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9. Raj Kumar & Kishin RK (US$2.6 billion)
The father and son duo own Royal Holdings and RB Capital, with holdings that include the 442-room Holiday Inn Express at Clarke Quay and the five-star Hotel Intercontinental at Robertson Quay.
They are currently worth US$2.9 billion.
8. Kuok Khoon Hong (US$2.7 billion)
Kuok Khoon Hong cofounded Wilmar International in 1991, and turned it into one of the world’s largest palm oil producing and agribusiness giants with revenues of over US$ 40 billion per year.
7. Kwee Family (US$5.3 billion)
The four brothers from the Kwee family control Pontiac Land. The company was founded by Henry Kwee, an Indonesian businessman dealing with textiles in 1958. Amongst the leading hotels owned by the Kwee brothers are the Ritz-Carlton Millenia, the Conrad Centennial Singapore and the Capella Singapore.
They also own commercial properties like the Millennia Tower and the Centennial Tower.
The family’s current net worth stands at US$5.9 billion.
6. Wee Cho Yaw (US$5.8 billion)
Wee stepped down from his position as the chairman of United Overseas Bank in 2013, a position he held for 40 years. UOB was co-founded by Wee’s father, Wee Khiang Cheng in 1935, and was then known as the United Chinese Bank.
5. Khoo Family (US$6.3 billion)
The Khoos are the heirs of Khoo Teck Puat, and their fortunes came from the sale of the late banker’s stake in Standard Chartered Bank in 2005. They also control the Goodwood Group of Hotel.
4. Kwek Leng Beng (US$7.1billion)
Kwek heads Hong Leong Group Singapore, and City Developments Limited (CDL). The latter is one of the largest property firms in Singapore, with operations in nearly 100 locations in over 30 countries.
3. Goh Cheng Liang (US$7.9 billion)
Goh’s wealth revolves around his 39% stake in Japan’s Nippon Paint Holdings.
Born in Singapore in 1928, Goh had to struggle with financial difficulties in the earlier part of his life. Things turned around when he happened to purchase some barrels of rotting paint from the supplies of the British Army, and created his own brand of paints quite by chance.
He went on to become a distributor for Nippon Paint, and became the largest producer of paints in Asia when he founded Nippon Paint Southeast Asia Group (Nipsea) in 1962. The rest as they say is history.
To be sure, the rather media-shy billionaire is a generous philanthropist and donated greatly to the National Cancer Centre Singapore.
His current net worth stands at US$7.2 billion.
2. Eduardo Saverin (US$9.3 billion)
Saverin is best known for being the co-founder of Facebook, the largest social media network in the world, alongside Mark Zuckerberg. Now, the venture capitalist is making waves with his $144 million venture fund that invests in companies in Singapore, Southeast Asia, India and US.
His current net worth stands at US$9.9 billion
1. Robert and Philip Ng (US$9.4 billion)
Brothers Robert Ng and Philip Ng have topped Forbes’ Singapore’s richest list for the last 8 years. Together, their net worth was estimated at US$9.4 billion in July.
Their current net worth is closer to US$10.2 billion.
Most of their wealth was derived from the real estate business they inherited from their father, late Ng Teng Fong, who left behind the Far East Organization – Singapore’s largest property development group. Together with Sino Group, a leading property developer in Hong Kong, the organization holds more than US $40 billion in assets.