The very rich in Singapore have grown wealthier, according to the 2018 Forbes Singapore Rich List. The combined wealth of the country's top 50 tycoons rose 11 per cent to nearly US$116 billion (S$157 billion) up from $104.6 billion last year, Forbes Asia said in a news release on Thursday (Jul 26).
This year’s biggest dollar gainers were property siblings Robert and Philip Ng and Facebook co-founder Eduardo Saverin, who is a Singapore permanent resident.
The top 10 richest in Singapore:
1. Robert & Philip Ng; US$11.9 billion
2. Eduardo Saverin; US$11.8 billion
3. Goh Cheng Liang; US$8.5 billion
4. Kwek Leng Beng; US$7.6 billion
5. Khoo family; US$6.7 billion
6. Wee Cho Yaw; US$6.4 billion
7. Kwee brothers; US$5.4 billion
8. Richard Chandler; US$3.15 billion
9. Raj Kumar & Kishin RK; US$2.7 billion
10. Choo Chong Ngen; US$2.6 billion
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Singapore's Richest 2018: Property Moguls Edge Out Facebook Billionaire For Top Spot
The Ng brothers scored big with the mixed-use site in popular Holland Village
Amid escalating U.S.-China trade tensions, Singapore's export-led economy grew at a slower-than-expected 3.8% in the second quarter of 2018. Shortly thereafter, in early July, the government sought to cool down the overheated property market by imposing a fresh set of curbs including extra duties and stricter limits on how much home buyers can borrow.
Uncertainties loom: The new regime of Mahathir Mohamad in neighboring Malaysia is markedly less cozy than was the ousted Najib Razak. It has hinted at scrapping a much-touted high-speed rail link between the two countries and revisiting a decades-old water-supply agreement. Not surprisingly, both the Singapore dollar and the benchmark Straits Times Index are flat from a year ago. Nonetheless, the nation's top 50 richest collectively recorded double-digit gains; their combined wealth is up 11% to close to $116 billion.
The biggest dollar gainers are property siblings Robert and Philip Ng and Facebook cofounder and Singapore resident Eduardo Saverin. The Ngs enjoyed a $2.5 billion boost, partly on new information about their private assets. Their Far East-led consortium scored a victory in May by clinching a prized mixed-use site in the popular Holland Village precinct with a $904 million bid, beating out more than a dozen other aspirants. The brothers, who must now contend with the cooling regulations, retain their No. 1 spot with $11.9 billion. Saverin, whose fortune was also up by $2.5 billion, remains a close No. 2 with $11.8 billion. (Facebook shares tumbled after stock prices were locked in for the top 50.)
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