Regarded as one of the safest havens amid a global pandemic, the country is looking to ease border restrictions as vaccinations rise but remains on alert for any new upticks in Covid-19 infections. Despite uncertainties, the benchmark Straits Times Index rose 26% since fortunes were last measured a year ago, helping to fuel the combined wealth of the country’s 50 richest to $208 billion from $167 billion.
This story is part of Forbes’ coverage of Singapore’s Richest 2021. See the full list here.
After shrinking 5.8% in 2020, Singapore’s economy has revived and is expected to grow 6% to 7% this year. Regarded as one of the safest havens amid a global pandemic, the country is looking to ease border restrictions as vaccinations rise but remains on alert for any new upticks in Covid-19 infections. Despite uncertainties, the benchmark Straits Times Index rose 26% since fortunes were last measured a year ago, helping to fuel the combined wealth of the country’s 50 richest to $208 billion from $167 billion.
With the coronavirus still at large, shares of Li Xiting’s Shenzhen Mindray Bio-Medical Electronics, a maker of high-tech medical devices, rose 19% since last year, adding $5.2 billion to Li’s net worth and propelling him to No. 1 with $23 billion.
The ‘Destiny’ Universe S Hotpot couple Zhang Yong and Shu Ping slipped from the top spot they had occupied last year to No. 4 with $16 billion. Shares of their restaurant chain, Haidilao International Holding, dropped nearly 17% the day net worths were locked in on news that the company’s performance was below expectations. They were among the seven listees whose fortunes declined.
The majority—36—were up from a year ago. Facebook cofounder Eduardo Saverin, added $6.5 billion to reclaim the No. 2 position after a two-year gap, with a record $20.5 billion fortune. Paints tycoon Goh Cheng Liang, whose oldest son Goh Hup Jin orchestrated a $12 billion deal that increased the family’s holding to a majority stake in Japan’s Nippon Paint Holdings, is the third richest with $18.6 billion.
Singapore’s efforts to foster a culture conducive to startups are paying off; one-fifth of the list members are now self-made tech tycoons. Three among them, namely Forrest Li, Gang Ye and David Chen, the cofounders of gaming and e-commerce firm Sea, are this year’s biggest gainers in percentage terms and have more than doubled their individual wealth.
There are 42 fortunes worth $1 billion or more—up from 35 a year ago—including two that belong to newcomers, both with roots in China: crypto billionaire Changpeng Zhao, who has been living in Singapore since 2019. His firm Binance, which has set up outposts in the city-state, is facing regulatory scrutiny in several countries around the world.
Former college professor Shi Xu makes his debut after the October IPO of his Nano Film Technologies International made him a billionaire. The third new entrant to this list is the Malaysian-born cofounder of Grab, Anthony Tan, who has previously featured among Malaysia’s richest. Tan, a Singapore citizen, is aiming to conclude one of the biggest SPAC deals later this year that values the Singapore-headquartered ride-hailing and delivery giant at $40 billion.
Three dropped off including pioneering shipping tycoon Chang Yun Chung, who died last September at age 102. His privately held Pacific International Lines, which was impacted by Covid-19 headwinds, concluded a debt restructuring plan in March that diluted the family’s holding to a minority stake.
| Rank | Name | Net Worth | Age | Source | |
|---|---|---|---|---|---|
| #1 | Li Xiting | $23 B | 70 | medical devices | |
| #2 | Eduardo Saverin | $20.5 B | 39 | ||
| #3 | Goh Cheng Liang | $18.6 B | 94 | paints | |
| #4 | Zhang Yong & Shu Ping | $16 B | – | restaurants | |
| #5 | Forrest Li | $15.9 B | 43 | gaming | |
| #6 | Robert & Philip Ng | $14.2 B | – | real estate | |
| #7 | Gang Ye | $10.3 B | 41 | gaming | |
| #8 | Kwek Leng Beng | $8.5 B | 80 | real estate | |
| #9 | Wee Cho Yaw | $6.8 B | 92 | banking | |
| #10 | Khoo family | $6.5 B | – | Maybank | |
| #11 | Kwee brothers | $5.4 B | – | Real Estate | |
| #12 | Kuok Khoon Hong | $3.8 B | 71 | palm oil | |
| #13 | David Chen | $3.1 B | 40 | online games | |
| #14 | Raj Kumar & Kishin RK | $2.65 B | 67 | real estate | |
| #15 | Peter Lim | $2.6 B | 68 | investments | |
| #16 | Choo Chong Ngen | $2.4 B | 68 | hotels | |
| #17 | Richard Chandler | $2.3 B | 62 | investments | |
| #18 | Arvind Tiku | $2.2 B | 51 | oil & gas, investments | |
| #19 | Lee family | $2.1 B | – | banking | |
| #20 | Robert Friedland | $1.95 B | 71 | mining | |
| #21 | Oei Hong Leong | $1.91 B | 73 | investments | |
| #22 | Changpeng Zhao | $1.9 B | 45 | cryptocurrency exchange | |
| #23 | Sam Goi | $1.85 B | 74 | frozen foods | |
| #24 | Shi Xu | $1.8 B | 57 | technology | |
| #25 | Ong Beng Seng and Christina Ong | $1.71 B | – | diversified | |
| #26 | Ho family | $1.7 B | – | banking | |
| #27 | Chew Gek Khim | $1.65 B | 59 | diversified | |
| #28 | Asok Kumar Hiranandani | $1.6 B | 66 | real estate | |
| #29 | Zhong Sheng Jian | $1.56 B | 63 | real estate | |
| #30 | Teo Swee Ann | $1.55 B | 46 | semiconductors | |
| #31 | Lien family | $1.52 B | – | banking | |
| #32 | Tay family | $1.5 B | – | retail, property | |
| #33 | Tang Wee Kit | $1.4 B | 66 | retail | |
| #34 | Chua Thian Poh | $1.35 B | 73 | real estate | |
| #35 | Ron Sim | $1.3 B | 62 | retail | |
| #36 | Binny Bansal | $1.25 B | 38 | flipkart | |
| #37 | Lim Hock Chee | $1.2 B | 59 | retail | |
| #38 | Wong brothers | $1.1 B | – | Shoes | |
| #39 | Gordon & Celine Tang | $1.06 B | – | real estate | |
| #40 | Koh Wee Meng | $1.05 B | 58 | real estate, hotels | |
| #41 | Yao Hsiao Tung | $1.03 B | 81 | Manufacturing | |
| #42 | Peter Fu Chong Cheng | $1 B | – | diversified | |
| #43 | Muhammed Az iz Khan | $990 M | 66 | power | |
| #44 | Loo Choon Yong | $980 M | 72 | health care | |
| #45 | Lim Chap Huat | $960 M | 67 | property | |
| #46 | John Lim | $950 M | 65 | real estate | |
| #47 | Anthony Tan | $790 M | 39 | on-demand transportation, mobile software | |
| #48 | Cheng Wai Keung | $760 M | 70 | real estate | |
| #49 | Min-Liang Tan | $755 M | 44 | gaming | |
| #50 | Saurabh Mittal | $735 M | 47 | finance |