Singapore

Here are the 10 richest people in Singapore

Guess who has amassed almost S$12 billion?

Property siblings Robert and Philip Ng are the richest here, said the latest Forbes' Singapore Rich List 2015.

Their combined net worth? US$8.7 billion (S$11.87 billion).

The top 50 richest tycoons saw their net worth fall, no thanks to the lacklustre economy and softening Singapore dollar.

Their collective wealth is $92.3 billion*, down from $96.9 billion a year ago.

 But Facebook co-founder and Singapore resident Eduardo Saverin bucked the trend, adding more than $1 billion to his wealth.

 The top 10 richest tycoons in Singapore are:

 

1) Mr Robert and Philip Ng

Mr Robert Ng and his brother Philip retain their spot on top of the Forbes' Singapore Rich List for the sixth year. PHOTO: BLOOMBERG  

Worth: $8.7 Billion

Source Of Wealth: Real Estate

Residence: Singapore

Citizenship: Singapore

Mr Robert and Philip Ng retained their top spot for the sixth year — despite seeing their wealth slump amid the property slowdown in Singapore.

The Ng family controls Far East Organization and Hong Kong's Sino Group.

Revenues from their real estate empire are down by a fourth to $4.1 billion since 2012.

For the past two years, the brothers have been expanding in Australia, snatching trophy assets, like the Westin Sydney Hotel.



2) Kwek Leng Beng & family

 

Mr Kwek was trained as a lawyer. PHOTO: BT

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Worth: $7.2 Billion

Age: 74

Source Of Wealth: Real estate

Residence: Singapore

Citizenship: Singapore

Despite a sluggish property market, Mr Kwek Leng Beng's City Developments posted its highest-ever annual revenues of $2.8 billion last year.

Contributions from overseas hotels aided the international property and hotel conglomerate's strong showing.

Mr Kwek was trained as a lawyer.

His father arrived in Singapore as a teenager and founded Hong Leong Group Singapore.

Mr Kwek joined the family business in the 1960s and is the executive chairman of Hong Leong Group.



3) Mr Goh Cheng Liang

Mr Goh made Nippon Paint a household name in Asia. PHOTO: BT

$6.9 Billion

Age: 88

Source Of Wealth: Paints, self made

Residence: Singapore

Citizenship: Singapore

The media-shy paint tycoon is this year's biggest gainer, moving up four spots on the list.

Mr Goh's net worth last year was $3.7 billion.

His value zoomed after he boosted his stake in Japan's Nippon Paint Holdings.

His son Hup Jin is Nippon's executive director and also runs privately held JV Nipsea, a paints and coatings manufacturer.

The outfit has more than 50 factories and a 16,000-strong work force in 15 countries.



4) Khoo family

(L to R): Ms Elizabeth Khoo and Mrs Mavis Khoo-Oei in 2005. PHOTO: ST

Worth: $6.4 Billion

Source Of Wealth: Banking

Residence: Singapore

Citizenship: Singapore

The Khoo clan comprise 14 heirs of late banker Khoo Teck Puat, the founder of Maybank.

They were once the biggest shareholder in Standard Chartered Bank. 

After selling their stake in StanChart for $4 billion to Temasek Holdings close to a decade ago, they have been focusing on philanthropy and the Goodwood Group of Hotels.

The flagship Goodwood Park Hotel, built in 1900, is looked after by daughter Mavis Khoo-Oei.

Mr Khoo died in 2004.



5) Mr Wee Cho Yaw

Mr Wee led UOB as chairman and chief executive for 38 years. PHOTO: ERNST & YOUNG

Worth: $5.5 Billion

Age: 86

Source Of Wealth: Banking

Residence: Singapore

Citizenship: Singapore

Chairman Emeritus of United Overseas Bank, Mr Wee Cho Yaw's ranking slipped as the bank's shares fell 5 per cent in the past year.

He and his family hold an 11 per cent stake in Singapore's third largest bank.

A weak property market and slower growth in China are expected to pose challenges ahead.

Mr Wee led the bank for 38 years as chairman and chief executive before stepping down in 2013.



6) Mr Eduardo Saverin

Mr Eduardo Saverin, co-founder of Facebook, at a dinner event organised by the National University of Singapore (NUS) in 2013. PHOTO: NUS

Worth: $5.4 Billion

Age: 33

Source Of Wealth: Facebook, Self Made

Residence: Singapore

Citizenship: Brazil

Brazil-born Facebook co-founder Eduardo Saverin became a Singapore resident after renouncing his US citizenship in 2012.

His wealth grew by more than $1 billion this year (from $4.2 billion last year)  on rising shares of the social media giant. 

The investor in tech startups married Singapore-based Indonesian-Chinese Elaine Andriejanss.

His investments include online news site Tech in Asia, airport car rental service Silvercar, online property search portal 99.co and local e-grocer RedMart.



7) Kwee brothers

 Mr Kwee Liong Tek and his brothers head property and hospitality group, Pontiac Land. PHOTO: BT

Worth: $5.2 Billion

Age: 70

Source Of Wealth: Real estate

Residence: Singapore

Citizenship: Singapore

The four Kwee brothers (Kwee Liong Keng, Kwee Liong Tek, Kwee Liong Seen and Kwee Liong Phing) are the sons of Indonesian textile trader and real estate developer Henry Kwee.

Their father emigrated to Singapore in the 1950s.

The brothers control privately-held property and hospitality group, Pontiac Land — which own luxe hotels like the Ritz-Carlton, the Regent, Conrad Centennial and the Capella in Singapore.

They are avid art collectors.​



8) Mr Richard Chandler

Mr Chandler is based in Singapore. PHOTO: YOUTUBE SCREENGRAB/ ABC NEWS

Worth: $2.6 Billion

Age: 56

Source Of Wealth: Investments

Residence: Singapore

Citizenship: New Zealand

New Zealand citizen Richard Chandler relocated to Singapore in 2006.

He runs Chandler Corp, a personal investment fund that focuses on energy, financial services and healthcare.

He reportedly got into business in 1986 when he and his brother Christopher sold their parents’ retailing business in Hong Kong to set up Sovereign Global, which invested in emerging markets, The Business Times said.

Mr Chandler started out here on his own when the brothers split in 2006.

He recently co-founded oil and gas exploration outfit Orion Energy, which plans to focus on Latin America.



9) Mr Kuok Khoon Hong

Mr Kuok oversees the "world's largest palm oil firm" Wilmar International. PHOTO: ST

Worth: $2.6 Billion

Age: 65

Source Of Wealth: Palm oil

Residence: Singapore

Citizenship: Singapore

He's the boss of agribusiness giant Wilmar International, cited as the "world's largest palm oil firm".

He is also the nephew of Malaysian businessman Robert Kuok, one of Asia's best-known billionaires.

Mr Kuok created a stir in a rocky year for commodities with his firm's bulk purchases of raw sugar valued at $670 million.

The company has taken the joint venture route to expand into new markets such as Myanmar, Ethiopia and Zimbabwe.



10) Mr Raj Kumar and Kishin RK

Mr Kishin RK and his father Raj Kumar have a number of real estate projects in Singapore. PHOTO: RK, Kishin

Worth: $2.4 Billion

Source Of Wealth: Real estate

Residence: Singapore

Citizenship: Singapore

The father-son pair is merging their respective property firms Royal Holdings and RB Capital to meet their target of amassing gross assets of $8 billion by 2020.

Their latest project is a new 60-story office tower that will be among the tallest in Singapore.

It will be built on the site of Royal's old corporate headquarters in the Raffles Place business district. 

New projects due to open next year include a 300-room Park Hotel and the Farrer Square Medical Suites, both in Little India.

There's also the five-star Intercontinental Hotel in Robertson Quay with a 100,000 square-foot retail space coming soon.

Sources: Forbes Asia, The Straits Times, The Business Times

* Figures are in US$ unless otherwise stated.

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