Under The Angsana Tree: Singapore's Richest 2022

Buffeted By Global Headwinds And A Tech Rout, Collective Wealth Drops By A Fifth

Singapore’s reputation as a safe haven, burnished during the pandemic, has made it a magnet for the wealthy. The continuing influx of rich foreigners boosted the city-state’s property sector, driving up prices and rentals. The easing of border restrictions from April led to an uptick in international visitors, sending hotel rates soaring. Despite these positive trends, rising inflation and the global tech rout knocked down the combined wealth of Singapore’s 50 richest by more than a fifth to $164 billion from a year ago.

The pecking order of the top five reflects post-pandemic realities. The wealth of Li Xiting, founder and chairman of Shenzhen Mindray Bio-Medical Electronics, shrank by nearly a third to $15.6 billion though he held on to his position as No. 1. Shares of his medical device maker dropped on slower sales growth. The property recovery and new information on their real estate holdings propelled brothers Robert and Philip Ng to second place with $15.2 billion. The fortune of 95-year-old paints tycoon Goh Cheng Liang, who controls Japan’s Nippon Paint Holdings and is the oldest person on the list, was down 30% to $13 billion though he remains at No. 3.

The tech sell-off more than halved the net worth of Facebook (since renamed Meta Platforms) cofounder Eduardo Saverin to $9.6 billion and he slipped two places to No. 4. New York-listed gaming firm Sea, last year’s red-hot stock, plunged on increasing losses in its e-commerce arm, eroding the wealth of its three cofounders Forrest Li, Gang Ye and David Chen by more than 70% each—the biggest drop in percentage terms. These steep declines far outweighed the net worth rise recorded by more than half the list members. Notable in this group is Min-Liang Tan, founder of Razer, who benefited from taking his gaming devices firm private. The hospitality sector recovery brought hotelier Michael Kum of M&L Hospitality back in the ranks after a year’s gap.

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Li Xiting Retains The Top Spot As Richest Person In Singapore

Li Xiting, chairman of Mindray as well as real estate moguls, Robert and Philip Ng of Far East Organisation are amongst those who rank the highest among the nation's richest billionaires

Forbes has released its annual World Billionaire List for 2022, and it sees returning billionaires along with some new names who made the cut for the first time. Like previous years, this list includes names from Singapore as well. Topping the list once again is Li Xiting, the founder and chairman of Shenzhen Mindray Bio-Medical Electronics—which is one of the leading global providers of medical instrumentation based in Shenzhen, China. Li’s net worth of US$17.6 billion clinches him the title of the wealthiest person in Singapore and the 94th richest billionaire in the world, according to Forbes.

Following the pandemic, Li overtook Chinese hot pot chain Haidilao founder Zhang Yong (who is ranked #509 on the list with a net worth of US$5.3 billion) to become the richest man in the city-state for the first time in 2021. Zhang’s wife, Shu Ping, is the only female billionaire from Singapore on the list this year. She is the director and one of the founders of Haidilao International Holdings. The pandemic saw significant growth for Li’s company, which manufactures ventilators, a medical device that was in high demand during the pandemic. Riding on the surge in demand for medical equipment, the company’s shares rose about 19 per cent in 2021 due to a proliferation in demand for its ventilators which was fuelled by the coronavirus outbreak. The naturalised Singaporean’s net worth has since increased by over US$12 billion. Over the past few years, his net worth has been steadily on the rise—from US$5.5 billion in 2019 to US$17.6 billion in 2022.

Other Singapore names include real estate moguls Robert and Philip Ng (US$13.7 billion), Goh Cheng Liang (US$12.1 billion), founder and chairman emeritus of United Overseas Bank Wee Cho Yaw (US$7.2 billion) and the Kwee Brothers (US$5.5 billion). Koh Wee Meng of Fragrance Group is a returnee on the list this year. The hotelier and property tycoon came in at #2448 on the list with an estimated net worth of US$1.1 billion. Forrest Li, founder and chief executive of online gaming firm and e-commerce firm Sea, also made the annual list even though his net worth tumbled from US$15.9 billion in August of 2021 (when he was reportedly the richest man in Singapore at the time) to US$6.5 billion at the beginning of March this year.

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Top 10 Richest Billionaires In Singapore And How They Earn Their Wealth

After the startling rise of billionaires in Singapore last year during the height of the pandemic, the rise of the richest in Singapore seems to have tapered slightly, with the net worth of many of these billionaires being slightly lesser than last year. This year’s billionaire list according to Forbes, includes some notable mainstays and new entrants.

Retaining the top spot is Li Xiting, founder and chairman of Shenzhen Mindray Bio-Medical Electronic. Born in China, Li is a naturalised Singapore citizen. A supplier of medical devices and headquartered in Shenzhen, his wealth was propelled by the demand for medical devices such as ventilators during the pandemic. Mindray donated $4.6 million worth of medical devices to hospitals during the COVID-19 pandemic, including in hard-hit Wuhan and northern Italy.

Brothers Robert and Philip Ng control Far East Organization, Singapore’s largest private landlord and property developer. The group was founded by their father Ng Teng Fong, who moved from China to Singapore in 1934, later known as “The King of Orchard Road.” Their Hong Kong arm, Sino Group, is overseen by older sibling Robert and his son Daryl, while Philip oversees the Singapore interests which includes Yeo Hiap Seng. Far East Organization is the only developer in the world to win ten FIABCI Prix d’Excellence Awards, the highest honour in international real estate. Aside from real estate and hospitality, the family has also donated generously for the building of Jurong’s public hospital. The hospital – Ng Teng Fong General Hospital, was subsequently named after the late tycoon.

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Top 10 Richest Billionaires In Singapore

This year’s billionaire list according to Forbes, includes some notable mainstays and new entrants: