SINGAPORE (September 8, 2022) – While Singapore continued to attract wealthy foreigners, global headwinds took a toll on the combined wealth of tycoons on the 2022 Forbes’ list of Singapore’s 50 richest. Their collective wealth fell by more than 20% to US$164 billion from a year ago. The complete list is available here as well as in the September issue of Forbes Asia.
Singapore’s reputation as a safe haven, burnished during the pandemic, has made it a magnet for the wealthy. The continuing influx of rich foreigners boosted the city-state’s property sector, driving up prices and rentals. The easing of border restrictions from April led to an uptick in international visitors, sending hotel rates soaring. Despite these positive trends, rising inflation and the global tech rout knocked down the combined wealth of Singapore’s 50 richest and the pecking order of the top five reflects post-pandemic realities.
Holding on to the No. 1 spot is Li Xiting, founder and chairman of Shenzhen Mindray Bio-Medical Electronics, though his wealth shrank by nearly a third to $15.6 billion. Shares of his medical device maker dropped on slower sales growth. The property recovery and new information on their real estate holdings propelled brothers Robert and Philip Ng to second place with $15.2 billion, up from $14.2 billion last year. The fortune of 95-year-old paints tycoon Goh Cheng Liang who controls Japan’s Nippon Paint Holdings is down 30% to $13 billion, though he remains at No. 3.
The tech sell-off more than halved the net worth of Facebook (since renamed Meta Platforms) cofounder Eduardo Saverin to $9.6 billion and he slipped two places to No. 4. Rounding out the top 5 with $9.3 billion is executive chairman of City Developments Limited, Kwek Leng Beng, up from $8.5 billion last year.
New York-listed gaming firm Sea, last year’s red-hot stock, plunged on increasing losses in its e-commerce arm, eroding the wealth of its three cofounders Forrest Li (No. 11, $4.2 billion), Gang Ye (No. 13, $2.8 billion) and David Chen (No. 48, $745 million) by more than 70% each—the biggest drop in percentage terms.
These steep declines far outweighed the net worth rise recorded by more than half the listees. Notable in this group is Min-Liang Tan (No. 43, $995 million), founder of Razer, who benefited from taking his gaming devices firm private. The hospitality sector recovery brought hotelier Michael Kum (No. 41, $1.02 billion) of M&L Hospitality back in the ranks after a year’s gap.
There are two newcomers this year, both with international roots. The richest entrant is Indonesia-born Leo Koguan (No. 7, $7.6 billion), cofounder and chairman of IT provider SHI International, who revealed last year that he was the third-largest individual shareholder in Tesla and is now an American citizen residing in Singapore. The second newcomer is France-born Laurent Junique (No. 47, $825 million), founder of Singapore-based call center and business process outsourcing firm TDCX, which listed last October on the New York Stock Exchange.
Three from last year dropped off, including Changpeng Zhao, founder of crypto exchange Binance, who was included among Singapore’s richest last year but has since moved to Dubai. Another high-profile absentee is Anthony Tan, cofounder of Grab Holdings, whose shares tumbled amid continuing losses.
The minimum net worth to make the list was $705 million, down from $735 million last year.
The top 10 richest in Singapore are:
The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. Unlike Forbes’ Billionaire rankings, this list includes family fortunes, including those shared among extended families such as that of Kwek Leng Beng and his cousins. Net worths are based on stock prices and exchange rates as of the close of markets on August 19, 2022. Private companies were valued based on similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country.
For more information, visit www.forbes.com/singapore.
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