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. 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 co-founder 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.
Ventilator firm founder Li Xiting tops Forbes list of Singapore's richest
The founder of ventilator maker Shenzhen Mindray Bio-Medical Electronics Co, Mr Li Xiting, took the top spot on Forbes' Singapore Rich List for the first time this year, with his net worth soaring amid the Covid-19 pandemic.
Mr Anthony Tan, co-founder of super app Grab, was among three new additions to the list, which compiles the 50 richest people in the Republic.
Alongside him were Dr Shi Xu, founder of nanotechnology solutions company Nanofilm, and Mr Zhao Changpeng, founder and chief executive of cryptocurrency exchange Binance.
related: Singapore's richest man Li Xiting on Bloomberg billionaires list gains $5 billion with ventilators
Forbes' Rich List: Combined net worth of Singapore’s 50 richest people rises 25%; 3 new faces debut
From left: Grab co-founder Anthony Tan, crypto billionaire Changpeng Zhao and former Nanyang Technological University professor Shi Xu
The combined net worth of Singapore’s 50 richest people rose by 25 per cent over the past year to US$208 billion (S$282 billion) from US$167 billion last year, Forbes said in its annual list of the world’s wealthiest tycoons.
Singapore’s 50 richest people included entrepreneurs from industries as varied as property development, technology and hotpot restaurants.
This year, the list also included three new faces — Grab co-founder Anthony Tan, crypto billionaire Changpeng Zhao and nanotechnology entrepreneur Shi Xu.
Meet 3 New Entrants on Forbes’ World’s Billionaires List
From left: David Chen co-founded Sea in 2009, Dr Shi Xu Dr Shi Xu & his wife founded Nanofilm Technologies International in 1999, Yao Hsiao Tung Yao Hsiao Tung acquired Hi-P International in 1983
Despite the pandemic, 2020 was an incredible year for the wealthiest in the world. In fact, there was a five trillion dollar surge in wealth and an addition of 493 new billionaires into Forbes’ 35th annual list of the world’s wealthiest.
Out of these 493 new additions, we have three Singaporeans who have been placed on this list this round. These Singaporeans are David Chen, Shi Xu and Yao Hsiao Tung.
We take a look at these individuals and how they have worked their way into this prestigious list:
- David Chen - David Chen is the cofounder of Singapore based gaming and e-commerce firm, Sea. The company is best known for its wildly popular mobile game, Free Fire, which is a battle royale game.
- Dr Shi Xu - In 1999, Dr Shi Xu and his wife founded Nanofilm Technologies International with US$300,000. 30 years later and Xu has become a billionaire thanks to his company.
- Yao Hsiao Tung - In 1983, Yao Hsiao Tung acquired Hi-P International which specialises in insert molding and making metal forming tools. At that point, it was a small company.
Singapore has a new richest person with US$20 billion fortune
Forrest Li, Sea Ltd.’s billionaire co-founder, chairman and chief executive officer, has become one of Singapore’s richest person as shares of his company surged.
Li, who was born in China and later became a Singapore citizen, is now worth US$19.8 billion, according to the Bloomberg Billionaires Index, after Sea’s American depositary receipts rose 67% this year. The city-state’s second-richest person, paint tycoon Goh Cheng Liang, has a net worth of US$17.7 billion.
It’s another example of how tech billionaires are climbing up the wealth rankings in countries across Asia. Earlier this year, Brian Kim, the founder of messaging giant Kakao Corp., became South Korea’s richest person.
COVID-19 Billionaires: Meet 20 men who thrived on the pandemic
(Clockwise from top left) Businessmen Ugur Sahin, David Chen, Loo Choon Yong, Anthony Tan, Shi Xu, and Teo Swee Ann became even wealthier because of the pandemic. PHOTOS: REUTERS, SEA, ST FILE, ALPHONSUS CHERN, TEO SWEE ANN
Covid-19 has not been all gloom and doom. It may have plunged economies into recession but it also prospered business owners in medical equipment, pharmaceutical and e-commerce sectors.
In some cases, the pandemic multiplied net worths from millions to billions of dollars as masks, hand sanitisers and vaccines became key in combating the outbreak.
Here are 20 Covid-19 minted billionaires who became even wealthier in the fight against the virus.
