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Record number of billionaires in Singapore

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Singapore now has a record number of 21 billionaires, up from 16 a year ago.

According to the most recent Forbes Singapore Rich List, the wealthiest people in the country are still Robert and Philip Ng, sons of the late Far East Organisation founder, Ng Teng Fong, with an estimated wealth of US$10.6 billion (S$13.5b) – up from US$9.2b (S$11.7b) last year.

Kwek Leng Beng, chairman of City Developments, saw the biggest rise in net wealth on this year’s list, as he jumped to the second spot from sixth place last year. He has an estimated net worth of US$7.1b (S$9b), up from US$2.4b (S$3b).

The Khoo family retained its spot in third place, with a net worth of US$6.7 billion (S$8.5b).

So who are the newcomers this year? Here are the local entrepreneurs who debuted on the Forbes list:

• Goh Cheng Liang, Nippon Paint’s partner, who came in at number nine with a net worth of US$2.1 billion (S$2.6b)

• Ching Chiat Kwong of Oxley Holdings, who sits at 36th place with a net worth of US$510 million (S$650m)

• David Teo of Super Group in the 37th spot with a net worth of US$505 million (S$643m)

• Serge Pun, a Singapore permanent resident who is linked to listed Yoma Strategic Holdings, is one of 10 newcomers to the list this year. He is in the 38th spot, with a net worth of US$500 million (S$637m)

The combined net wealth of Singapore’s 50 richest is US$80 billion (S$102b)

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