The combined wealth of Singapore’s 50 richest tycoons has swelled 11 per cent to nearly US$116 billion (S$157 billion), up from US$104.6 billion last year, according to the Forbes Singapore Rich List 2018.
Seeing the biggest dollar gains were real estate barons Robert and Philip Ng, as well as Facebook co-founder and Singapore permanent resident Eduardo Saverin. The Ng brothers, who are behind developer Far East Organization, retained their top spot on the list for the ninth straight year with a net worth of US$11.9 billion, up US$2.5 billion from last year. Mr Saverin remains a close second with a net worth of US$11.8 billion, also up US$2.5 billion this year.
Retaining the third spot is paint tycoon Goh Cheng Liang, whose net worth rose US$700 million to US$8.5 billion. Mr Goh has a 39 per cent stake in Japan’s Nippon Paint Holdings, and his son Goh Hup Jin was named chairman of Nippon Paint in March.
Regaining a place in the top 10 is New Zealander and Singapore permanent resident Richard Chandler, who jumped four places to number eight with a net worth of US$3.15 billion. His Singapore-headquartered Clermont Group’s net assets surged 50 per cent on undisclosed investment gains, according to official filings.
This article was originally published in The Business Times.