Under The Angsana Tree: Singapore's Richest 2019

A New Number One Perks Up A Sluggish Year

With global trade tensions showing no signs of abating, Singapore’s economy has flatlined. A recent government forecast projects virtually no growth for the island-nation in 2019, citing potential risks such as a deepening slowdown in China, uncertainties in Hong Kong and further afield, the fallout from a no-deal Brexit. Despite these looming headwinds and a stock market that declined 3.5% since we last measured fortunes in July 2018, the collective wealth of the top 50 richest was up more than 12% to $130 billion.

A good part of that boost is due to the debut of hot-pot billionaire Zhang Yong, founder of Hong Kong-listed Haidilao International. A naturalized Singapore citizen and resident, Zhang, who was featured previously among China’s richest, is the new number one this year with a net worth of $13.8 billion. His company is also increasingly global in its expansion.

Zhang replaces real estate siblings Robert and Philip Ng, who had occupied the top spot every year this decade; they are now at No. 2 with $12.1 billion. The biggest dollar gainer this year is another property tycoon, Kwek Leng Beng, chairman of the Hong Leong Group. Kwek added $1.2 billion to his wealth partly on the back of an overseas expansion of flagship City Developments, which acquired two London office properties for $690 million in 2018. Paint tycoon Goh Cheng Liang also got a billion-dollar boost, thanks partly to new information about his holdings.

read more

Haidilao founder ousts Far East Organization's Ng brothers to debut at top of Forbes Singapore Rich List

CONSUMERS' love for hot pot has propelled Haidilao founder Zhang Yong to the top of the 2019 Forbes Singapore Rich List, with a net worth of US$13.8 billion. Mr Zhang who makes his debut on the list this year, replaces real estate siblings Robert and Philip Ng of Far East Organization, who are now second on the list with a combined wealth of US$12.1 billion.

The Ng brothers had previously occupied the top spot on the list every year this decade, Forbes Asia said in a press statement on Thursday. Mr Zhang, who was previously featured among China's richest, is now a naturalised Singapore citizen and resident. His company is also increasingly global in its expansion, Forbes Asia noted.

Meanwhile, the Ng's family fortune continues to benefit from premium prices for its high-end properties, which remain undented by the recent political ructions in Hong Kong or by Singapore's slowing economy, Forbes Asia said.

read more

Who are the richest people in Singapore? Haidilao's founder is worth S$19 billion

Haidilao founder Zhang Yong makes his debut on the 2019 Forbes Singapore Rich List. (Photo: Forbes)

The hot-pot billionaire and naturalised Singapore citizen has replaced Far East Organization’s Robert and Philip Ng at the top of the Forbes Singapore Rich List

The Top 10 richest in Singapore are:

Zhang Yong; US$13.8 billion
Robert and Philip Ng; US$12.1 billion
Eduardo Saverin; US$10.6 billion
Goh Cheng Liang; US$9.5 billion
Kwek Leng Beng; US$8.8 billion
Wee Cho Yaw; US$6.6 billion
Khoo family; US$6.5 billion
Kwee brothers; US$5.7 billion
Kuok Khoon Hong; US$3 billion
Choo Chong Ngen; US$2.95 billion

read more

Hotpot billionaire Zhang Yong ousts Far East's Ng brothers to top Forbes list of Singapore's richest

In this photo taken on Sept 10, 2018, Zhang Yong, co-founder, chairman and CEO of Sichuan Haidilao Catering, poses with his wife Shu Ping, company's co-founder and non-executive director, before an investors' luncheon ahead of the company's IPO in Hong Kong.PHOTO: REUTERS

Consumers' love for hot pot has propelled Haidilao founder Zhang Yong to the top of the 2019 Forbes Singapore Rich List, with a net worth of US$13.8 billion (S$19.17 billion).

Mr Zhang who makes his debut on the list this year, replaces long-time leaders on the list, property tycoons Robert and Philip Ng of Far East Organization, who are now second with a combined wealth of US$12.1 billion.

The Ng brothers had previously occupied the top spot on the list every year this decade, Forbes Asia said in a press statement on Thursday (Aug 29).

read more

Haidilao's Zhang Yong Debuts At No. 1 On The 2019 Forbes Singapore Rich List

Hot-pot billionaire Zhang Yong, founder of Haidilao International, is Singapore’s richest with a net worth of US$13.8 billion, according to the 2019 Forbes Singapore Rich List. He makes his debut on this year’s list, which can be found here and in the September issue of Forbes Asia, available on newsstands now.

Zhang, who was featured previously among China’s richest, is now a naturalized Singapore citizen and resident. His company is also increasingly global in its expansion. He replaces real estate siblings Robert and Philip Ng of Far East Organization, who are now at No. 2 with a combined wealth of $12.1 billion.

The Ng family’s fortune continues to benefit from premium prices for its high-end properties, which remain undented by the recent political ructions in Hong Kong or by Singapore’s slowing economy. The Ng brothers had previously occupied the top spot on the Singapore Rich List every year this decade.

read more

22 Singaporeans Made It To Forbes’ 2019 Billionaires List

Meet the Singaporean billionaires who make up the richest people in the world

Forbes has released its 33rd Annual World's Billionaires list, which features a total of 2,153 billionaires this year—dropping from last year's list of 2,208 billionaires. Asia-Pacific was reportedly hit the hardest, with 60 names dropping off the list.

However, the region still remains the richest, with a net worth of US$2.5 trillion between its 767 billionaires. China boasts the highest number of 324 billionaires, as well as the highest number of newcomers this year. In Singapore itself, 22 of the country's wealthiest made the list, from property developers to hoteliers.

See who made it to the list below:

#112 Robert & Philip Ng, Far East Organisation NET WORTH: US$12B
#203 Goh Cheng Liang, Nippon Paint (Singapore) NET WORTH: US$7.2B
#224 Zhang Yong NET WORTH: US$6.8B
#267 Wee Cho Yaw, United Overseas Bank (UOB) NET WORTH: US$6.1B
#311 Kwee brothers, Pontiac Land NET WORTH: US$5.8B
#745 Kwek Leng Beng, Hong Leong Group NET WORTH: US$3B
#804 Raj Kumar and Kishin RK, Royal Holdings/RB Capital Group NET WORTH: US$2.8B
#877 Choo Chong Ngen, founder and chairman of Worldwide Hotels Net worth: US$2.6B
#916 Jason Chang, chairman of Taiwan’s Advanced Semiconductor Engineering Net worth: US$2.5B
#916 Peter Lim, private investor of Rowsley, Valencia CF, Thomson Medical Group Net worth: US$2.5B
#962 Kuok Khoon Hong, co-founder of Wilmar Net worth: US$2.4B
#1,116 Chang Yun Chung, co-founder of Pacific International Lines Net worth: US$2.1B
#1,227 Sam Goi, chairman of Tee Yih Jia Food Manufacturing Net worth: US$1.9B
#1,281 Shu Ping, co-founder and director of Haidilao Net worth: US$1.8B
#1,349 Asok Kumar Hiranandani, founder Chairman of Royal Group of Companies Net worth: US$1.7B
#1,349 Lim Oon Kuin, founder of Hin Leong Trading Net worth: US$1.7B
#1,425 Zhong Sheng Jian, chairman of Yanlord Land Net worth: US$1.6B
#1,511 Chua Thian Poh, founder of Ho Bee Land Net worth: US$1.5B
#1,511 Oei Hong Leong, chairman of Chip Lian Investments Net worth: US$1.5B
#1,605 Ron Sim, founder of Osim International Net worth: US$1.4B
#1,605 Zhao Tao, chairman of Shandong Buchang Pharmaceuticals Net worth: US$1.4B
#1,818Koh Wee Meng, founder, executive chairman and CEO of Fragrance Group Net worth: US$1.2B

read more

22 Singaporeans named in Forbes' 2019 Billionaires list

Singaporeans that are on Forbes 2019 Billionaire List include property siblings Robert and Philip Ng, Haidilao chairman Zhang Yong and Valencia football club owner Peter Lim. (Photos: Forbes)

A total of 22 Singaporeans were among those named the "richest people in the world" by business magazine Forbes on Tuesday (Mar 5).

The 2019 list of Singaporean billionaires included hotpot chain Haidilao's chairman Zhang Yong, who was described as "China's richest restaurateur" with a net worth of US$6.8 billion. He placed 224th in the list.

Zhang, 48, was on China's Rich List last year. He is said to have obtained seed money from three friends, but was the one to run Haidilao, which went public last September.

read more

What do rich Singaporeans spend their money on?

Just a short drive around Singapore will show you how very wealthy this Little Red Dot really is. From the mansions on Nassim Road to the fact that Singapore has more billionaires per square capita than anywhere else in the world just shows how very well Singapore's elite are doing.

So if you have ever wondered what those lucky 1 per cent choose to spend their money on, we have something for you. Thanks to a new report by The Household Expenditure Survey, we reveal all, right here: