Singapore's 50 Richest
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.
35 Singaporeans made it to 2023 Forbes World's Billionaires List
A total of 35 Singaporeans made it to this year's Forbes World's Billionaires List. (PHOTO: Getty)
There were more Singaporean billionaires in the Forbes 2023 World's Billionaires List, increasing to 35 individuals from last year's 26.
Three new entrants from Singapore – Kwek Leng Keow, son of banking tycoon Kwek Hong Leong (No. 2,020), hotel tycoon Michael Kum (No. 2,540), and Raffles Medical Group co-founder Loo Choon Yong (No. 2,540) – made their debut on the annual wealth rankings this year. CEO of gaming company Razer, Tan Min-Liang (No. 2,405), was a returnee on this year's list with a net worth of US$1.1 billion. Li Xiting, the founder of medical equipment company Mindray, once again tops this year's rankings as the richest Singaporean on the list – though his ranking fell to No. 103 from No. 94 last year. His total wealth fell from US$17.6 billion in 2022 to US$16.3 billion this year.
Li is followed closely by paint manufacturing tycoon Goh Cheng Liang as the second richest Singaporean to make the list at No. 123 and Far East Organization Chief Executive Officer (CEO) Phillip Ng as the third richest Singaporean at No. 290. Other Singaporeans on the list include chairman of hotpot chain Haidilao Zhang Yong (No. 299), founder of online gaming and e-commerce firm Sea, Forrest Li (No. 591), former stockbroker Peter Lim (No. 1,164) and property tycoon Raj Kumar, who made the list along with his son Kishin RK in the same position (No. 1905).
35 S’poreans made it to Forbes’ billionaires 2023 list – includes Haidilao, Sea, Razer founders
S’pore sees 35 billionaires this year
The number of billionaires from Singapore included in Forbes’ list this year has increased to 35 from the previous year’s 26.
Li Xiting, founder of medical equipment firm Mindray, remains the wealthiest Singaporean on the list, although his global ranking dropped from No. 94 to No. 103 this year. His total wealth also decreased from US$17.6 billion in 2022 to US$16.3 billion this year. Li, who is 72 years old, co-founded Mindray in Shenzhen in 1991. He achieved his wealth by selling ventilators and medical devices and witnessed a significant increase in his net worth during the Covid-19 pandemic. Although he was born in Anhui, China, he relocated to Singapore and obtained citizenship here in 2018. Goh Cheng Liang, a paint manufacturing tycoon, is the second richest Singaporean on the list at No. 123, followed closely by Phillip Ng, the CEO of Far East Organization, at No. 290.
This year’s list sees three new Singaporean entrants, namely Kwek Leng Keow, son of banking magnate Kwek Hong Leong (ranked No. 2,020), hotel mogul Michael Kum (No. 2,540) whose properties include brands such as Hilton and Hyatt, and Loo Choon Yong, co-founder of Raffles Medical Group (No. 2,540). The CEO of gaming company Razer, Tan Min-Liang (No. 2,405), has also returned to the list with a net worth of US$1.1 billion. Other Singaporeans who made the list include Zhang Yong, co-founder of hotpot chain Haidilao (No. 299), Forrest Li, founder of the online gaming and e-commerce firm Sea (No. 591) and Raj Kumar, a property magnate who made the list alongside his son Kishin RK in the same position (No. 1905).
Singapore adds more billionaires to Forbes’ 2023 richest list, but tech fortunes take a hit
Mr Li Xiting, founder and chairman of Shenzhen Mindray Bio-Medical Electronics, a global provider of medical devices based in China, has again topped Forbes’ list of billionaires in Singapore.
Mr Li was among 35 billionaires from the Republic – up from 26 in 2022. Their collective net worth came to US$118.9 billion (S$157.6 billion), compared with US$106.7 billion in 2022.
This year saw several additions to the rarefied list, including Mr Kwek Leng Keow (with US$1.4 billion) of Hong Realty, the private property company within the Hong Leong Group in Singapore; hotel tycoon Michael Kum (with US$1 billion), whose properties include brands such as Hilton and Hyatt; and Dr Loo Choon Yong (with US$1 billion), co-founder of Raffles Medical Group.
No. of S'porean billionaires increases from 26 to 35 for 2023: Forbes
The number of billionaires in Singapore has risen from 26 in 2022 to 35 this year, according to Forbes' list of the world's richest people in 2023. This is despite a reduction in the total number of billionaires world, from 2,668 to 2,640, as well as a decrease in the total wealth of all billionaires worldwide, from US$12.7 trillion (S$16.9 trillion) to US$12.2 trillion (S$16.2 trillion).
Within Singapore, the combined net worth of all billionaires is US$118.9 billion (S$157.9 billion). The richest person in Singapore remains Li Xiting, the co-founder and chairman of Shenzhen Mindray Bio-Medical Electronics, a supplier of medical devices. As of 2023, Li has a net worth of US$16.3 billion (S$21.67 billion). This is a drop from 2022 when he had a net worth of US$17.6 billion (S$23.4 billion). Li also topped the list of Singapore's richest at that time. Li was born in Anhui, China and first founded his company in 1991. He is a naturalised Singapore citizen.
In 2020, Li added US$3.36 billion (S$4.8 billion) to his net worth as a result of the surge in demand for ventilators. This gain was the second highest worldwide for 2020, just behind Jeff Bezos, the world's richest man and CEO of Amazon, who saw a gain of S$4.82 billion for the same period. Other billionaires on the list include Goh Cheng Liang, Philip Ng and Zhang Yong, who came in at second, third and fourth places respectively.
