Singapore’s richest grow wealthier amid pandemic

The Covid-19 pandemic has not blunted the wealth of Singapore's richest, even as it propelled some ahead of others.

Hotpot chain Haidilao founder Zhang Yong topped the list again this year, adding US$5.2 billion (S$7.1 billion) to his net worth.

His wife Shu Ping, who is co-founder and director of Haidilao International Holding, is listed with him this year. The couple led the pack with a combined net worth of US$19 billion.

Mr Li Xiting, co-founder and chairman of Shenzhen Mindray Bio-Medical Electronics, came in second with US$17.8 billion.

He is a new entrant to the list, propelled by his company's soaring share prices, which were due to a surge in demand for its ventilators amid the pandemic.

Mr Li and Mr Zhang are naturalised Singapore citizens.

Music

J.Lo and A-Rod split, saying 'we are better as friends'

Apr 16, 2021

Related Stories

Local fans first in world to pre-order BTS photobook

J-Lo, Foo Fighters in streamed concert to fund Covid-19 vaccines

2019 Mrs Sri Lanka arrested after ugly fracas with her successor

Tycoon Goh Cheng Liang of Nippon Paint, tech mogul Eduardo Saverin and real estate siblings Robert and Philip Ng of Far East Organization took the third, fourth and fifth spots respectively in this year's edition of the Forbes Singapore Rich List.

The list, which ranks Singapore's 50 richest people, saw their collective wealth rise by 28 per cent to US$167 billion, from last year's US$130 billion.

Mr Goh moved up one spot to No. 3 as his net worth increased to US$14.8 billion from US$9.5 billion last year.

Facebook shares, which hit record highs during the pandemic, boosted co-founder Saverin's wealth to US$14 billion.

The Ng brothers also saw their combined net worth rise by US$1.1 billion to US$13.2 billion. But the increase was not enough to arrest their drop from last year's No. 2 to No. 5 this year.

Mr Forrest Li, group chief executive and chairman of gaming and e-commerce company Sea, broke into the top 10 on Forbes' list this year. He added US$5.53 billion to his wealth to be at No. 7 with US$7.1 billion. Sea is Singapore's most valuable home-grown public company.

FALL

The fortunes of some tycoons took a hit because of the pandemic. Hoteliers saw their wealth fall as tourism stalled. For instance, Fragrance Group CEO Koh Wee Meng saw his net worth fall from US$1.2 billion last year to US$870 million.

Four tycoons exited the list this year, including Mr Lim Oon Kuin, the man behind one of Singapore's largest oil traders, Hin Leong Trading, which filed for bankruptcy in April.