Business

Most of Singapore’s wealthiest get richer

Most of Singapore's 50 wealthiest people enjoyed a big increase in their net worth over the past year, according to a new rich list published by Forbes yesterday.

It showed that around 60 per cent of the top 50 here added to their riches, with the total wealth of the entire group reaching US$104.6 billion (S$ 142.4 billion) - an 11 per cent increase from last year. This growth came despite a sluggish economy, Forbes Asia said .

The top spot went to Robert and Philip Ng for the eighth consecutive year. The brothers, who are behind Singapore's biggest real-estate developer Far East Organization, were said to have a combined net worth of US$9.4 billion, up from US$8.6 billion last year.

Next was Facebook co-founder Eduardo Saverin, who moved up one spot with a net worth of US$9.3 billion.

Mr Saverin, who relocated to Singapore in 2009, holds a minority stake in Facebook, whose shares have jumped by almost 30 per cent in the past year, adding US$2.1 billion to his wealth.

The list features two newcomers. Hedge fund star Danny Yong is ranked No. 42 with US$670 million. He teamed up with a college friend to start Dymon Asia Capital in 2008.

The other debutant is Mr Saurabh Mittal, ranked 44 with US$650 million. He co-founded Indian real estate and financial services group Indiabulls.

In Forbes world rich list, Amazon founder Jeff Bezos topped Bill Gates (US$90.7 billion) as the richest person with a net worth of US $90.9 billion - THE STRAITS TIMES

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