Singapore

Ng brothers of Far East Organisation are Singapore's richest

Property barons Robert and Philip Ng have retained their No. 1 spot as Singapore's richest people, with a combined net worth of US$10.8 billion (S$14.2 billion).

The Ngs, who control developer Far East Organization, had an estimated net worth of US$9.4 billion last year, according to the annual billionaire league table compiled by financial magazine Forbes.

Paint tycoon Goh Cheng Liang was second with US$8.1 billion - the same place as last year when he recorded a net worth of US$7.8 billion.

Mr Goh gets the bulk of his wealth from a 39 per cent stake in Japan's Nippon Paint Holdings, the fourth largest paint manufacturer in the world.

United Overseas Bank chairman emeritus Wee Cho Yaw was third with US$6.6 billion, up from US$5.8 billion last year.

The bank announced in November last year that Mr Wee will step down from the UOB board in April after six decades of dedicated service.

The Kwee family and Mr Jason Chang, chairman of Taiwan-based Advanced Semiconductor Engineering, rounded out the top five billionaires here.

A new entrant to the list is Razer chief executive Tan Min Liang. The firm, which is in the gaming sector and backed by Temasek Holdings and tycoon Li Ka Shing, raised HK$4.1 billion (S$688 million) in an initial public offering last year that valued the company at around HK$34.4 billion.

The Asia-Pacific region recorded the highest number of billionaires with 827, Forbes said, with the US on 585 and Europe with 559.

Amazon chief executive Jeff Bezos was crowned the world's richest man for the first time, with a US$112 billion net worth. - THE STRAITS TIMES

BUSINESS & FINANCE