Singapore tycoons’ wealth rises 10%, with Eduardo Saverin topping Forbes’ rich list again
(Clockwise from left) Meta Platforms co-founder Eduardo Saverin, brothers Robert and Philip Ng of Far East Organization, and Shenzhen Mindray Bio-Medical Electronics chairman Li Xiting are on Forbes’ 2024 list of Singapore’s 50 Richest
Singapore’s tycoons saw their collective wealth rise by over 10 per cent to US$195 billion (S$253 billion), from US$177 billion in 2023. But Forbes’ 2024 list of Singapore’s 50 richest showed that their fortunes have yet to catch up with that of 2021 when their net worth was US$208 billion.
Still, nearly two-thirds of those on the list saw their wealth grow in 2024 from the previous year, supported by Singapore’s expanding economy and stock market. Forbes attributed the boost to the overall positive sentiment from the swearing-in of Prime Minister Lawrence Wong in May as well as the influx of visitors for sold-out concerts here by pop icon Taylor Swift and rock band Coldplay. Mr Eduardo Saverin, co-founder of Meta Platforms, formerly Facebook, is the biggest dollar gainer in 2024, holding the top spot for the second consecutive year with a net worth of US$29 billion. The Brazilian native’s wealth increased by US$13 billion from 2023, driven by Meta’s rising share prices amid significant investments in artificial intelligence.
Siblings Robert and Philip Ng of property titan Far East Organization retained second place on the 2024 list, despite a slight dip in their combined fortune from US$14.8 billion to US$14.4 billion. Mr Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics, held the third spot, though his net worth also declined, from $14 billion to $13.4 billion. Real estate magnate Kwek Leng Beng climbed one spot to No. 4 with a net worth of US$11.5 billion, which he shares with his family. His purchase of the Hilton Paris Opera hotel, ahead of the Olympic Games, made headlines in 2024. A notable change in the top 10 is the entry of the Wee family at No. 7 with a net worth of US$7.8 billion. The family consists of the heirs of banking titan Wee Cho Yaw, who served as chairman emeritus of UOB until his death in February at the age of 95.
related:
Singapore’s 50 Richest 2024: A Double-Digit Boost Propels Combined Wealth To $195 Billion
Young music fans from across the region flocked to Singapore earlier this year for the sold-out concerts of pop icon Taylor Swift and rock band Coldplay, helping to boost the city-state’s economy, which posted two straight quarters of growth. The youthful buzz extended to the country’s political leadership with the May swearing-in of Lawrence Wong, 51, as prime minister. The overall positive sentiment lifted the stock market, resulting in the collective net worth of the country’s 50 richest tycoons rising by over 10% to $195 billion.
The wealth of nearly two-thirds of list members is up from a year ago. The biggest dollar gainer is Eduardo Saverin, cofounder of Meta Platforms (formerly Facebook) and longtime Singapore resident, who occupies the No. 1 spot for the second year in a row. He added $13 billion to take his net worth to a record $29 billion as shares of Meta, which is investing heavily in AI, continued their upward trajectory. Despite a small drop in their combined fortune to $14.4 billion, siblings Robert & Philip Ng of property giant Far East Organization retained second place. Real estate magnate Kwek Leng Beng, who made headlines this year with his timely purchase of the iconic Hilton Paris Opera hotel, ahead of the 2024 Olympic Games, climbed one spot to No. 4 with a net worth of $11.5 billion, which he shares with his family.
A notable change in the top ten ranks is the entry of the Wee family, consisting of the heirs of banking titan Wee Cho Yaw who was chairman emeritus of United Overseas Bank (UOB). He passed away in February at age 95. Wee’s eldest son, Wee Ee Cheong, is UOB’s deputy chairman and CEO; son Wee Ee Chao is chairman of both Tiger Balm maker Haw Par and brokerage UOB Kay Hian; and youngest son, Wee Ee Lim, is chairman of listed property developer UOL Group. Three people, whose wealth is tied to New York-listed Sea, got a big boost as the homegrown e-commerce, digital entertainment and fintech company they cofounded became profitable for the first time in 2023 since its IPO seven years ago and its shares more than doubled in the past 12 months. Chairman and CEO Forrest Li jumped six places to No. 12 with $5 billion and chief operating officer Gang Ye climbed to No. 16 with $3.1 billion. David Chen, chief product officer of thriving e-commerce arm Shopee, returned to the ranks after a year’s gap and is at No. 50 with $870 million.
Singapore’s top 50 richest see 10pc wealth surge to US$195b; Meta’s Eduardo Saverin retains prime spot on Forbes’ list with US$29b
The combined fortune of Singapore’s 50 wealthiest individuals has surged by over 10 per cent to US$195 billion (RM844 billion) in 2024, up from US$177 billion the previous year. Despite this significant rise, their collective wealth still falls short of the US$208 billion recorded in 2021, Forbes Asia said in a statement yesterday.
The latest Forbes list reveals that nearly two-thirds of the individuals featured saw their fortunes increase, buoyed by Singapore’s robust economic growth and a buoyant stock market. This positive shift is attributed to a series of factors according to Forbes, including the swearing-in of Prime Minister Lawrence Wong in May and a boost from the influx of visitors for sold-out concerts by pop star Taylor Swift and rock band Coldplay. Eduardo Saverin, co-founder of Meta Platforms (formerly Facebook), retains his position as Singapore’s richest individual for the second consecutive year. His net worth has soared to US$29 billion, marking a remarkable US$13 billion increase from 2023, thanks to Meta’s rising stock prices driven by substantial investments in artificial intelligence.
Holding on to second place are the Ng siblings, Robert and Philip, of Far East Organization, with a combined wealth of US$14.4 billion, despite a slight decrease from US$14.8 billion last year. Similarly, Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics, remains in third place but sees his net worth fall to US$13.4 billion from US$14 billion. Real estate magnate Kwek Leng Beng has climbed to fourth place with a net worth of US$11.5 billion. His notable acquisition of the Hilton Paris Opera hotel in advance of the 2024 Olympic Games has been a significant factor in his rise. A significant change in the rankings this year is the entry of the Wee family at seventh place with US$7.8 billion.
Eduardo Saverin retains crown as Singapore's richest man
The wealth of the Lion City's 50 richest rose 10% in 2024 versus 2023
The combined wealth of Singapore’s 50 richest on the 2024 Forbes list rose by over 10% to US$195b ($254b) from $177b last year.
Eduardo Saverin, cofounder of Meta Platforms (formerly Facebook), occupied the top spot for the second year in a row, with a net worth of $29b, adding $13b from last year as shares of Meta continued to soar. Siblings Robert and Philip Ng of property giant Far East Organization remained at the second spot on this year’s list despite a drop in their combined wealth to $14.4b from $14.8b.
Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics, remained in the third spot, though his net worth decreased to $13.4b from $14b in 2023.
Occupying the fourth spot was Kwek Leng Beng, a real estate magnate with a net worth of $11.5b, which he shares with his family. A notable change in the top 10 ranks is the entry of the Wee family at the seventh spot with $7.8b.
Two expats-turned-citizens join Forbes’ 50 richest in Singapore
Former hedge fund manager George Raymond Zage III came in at 48th place with a US$900 million fortune
The 2024 Forbes list of Singapore’s 50 richest people includes two fresh faces, both expats-turned-citizens. One is Ji Qi, a China-born hotelier and co-founder of travel booking site Trip.com, who took the 23rd spot with a net worth of US$2.35 billion. He is also the founder and executive chairman of H World Group, one of China’s largest multibrand hotel groups, which he established in 2005 and grew into a chain of more than 10,000 hotels.
The other person is former hedge fund manager George Raymond Zage III at 48th place, whose US$900 million fortune comes largely from shares of LGBTQ dating app Grindr. Zage, the founder and CEO of Singapore-based investment firm Tiga Investments, is also on the board of Grindr, which went public on the New York Stock Exchange in 2022 after a merger with his special purpose acquisition company.
Retaining the crown as Singapore’s richest man for the second year in a row is Meta Platforms (formerly Facebook) co-founder Eduardo Saverin, who first rose to the top spot in 2023. The longtime Singapore resident grew his fortune by US$13 billion to a record US$29 billion from US$16 billion. This was as shares of Meta, which is investing heavily in artificial intelligence, continued their upward trajectory. Saverin’s gain was the biggest in absolute terms.
Singapore’s top 50 richest see 10pc wealth surge to US$195b; Meta’s Eduardo Saverin retains prime spot on Forbes’ list with US$29b
(Clockwise from left) Eduardo Saverin, Robert and Philip Ng, Kwek Leng Beng and Li Xiting. The combined fortune of Singapore’s 50 wealthiest individuals has surged by over 10 per cent to US$195 billion (RM844 billion) in 2024, up from US$177 billion the previous year. Saverin, co-founder of Meta Platforms (formerly Facebook), retains his position as Singapore’s richest individual for the second consecutive year
The combined fortune of Singapore’s 50 wealthiest individuals has surged by over 10 per cent to US$195 billion (RM844 billion) in 2024, up from US$177 billion the previous year. Despite this significant rise, their collective wealth still falls short of the US$208 billion recorded in 2021, Forbes Asia said in a statement yesterday.
The latest Forbes list reveals that nearly two-thirds of the individuals featured saw their fortunes increase, buoyed by Singapore’s robust economic growth and a buoyant stock market. This positive shift is attributed to a series of factors according to Forbes, including the swearing-in of Prime Minister Lawrence Wong in May and a boost from the influx of visitors for sold-out concerts by pop star Taylor Swift and rock band Coldplay. Eduardo Saverin, co-founder of Meta Platforms (formerly Facebook), retains his position as Singapore’s richest individual for the second consecutive year. His net worth has soared to US$29 billion, marking a remarkable US$13 billion increase from 2023, thanks to Meta’s rising stock prices driven by substantial investments in artificial intelligence.
Holding on to second place are the Ng siblings, Robert and Philip, of Far East Organization, with a combined wealth of US$14.4 billion, despite a slight decrease from US$14.8 billion last year. Similarly, Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics, remains in third place but sees his net worth fall to US$13.4 billion from US$14 billion. Real estate magnate Kwek Leng Beng has climbed to fourth place with a net worth of US$11.5 billion. His notable acquisition of the Hilton Paris Opera hotel in advance of the 2024 Olympic Games has been a significant factor in his rise. A significant change in the rankings this year is the entry of the Wee family at seventh place with US$7.8 billion.
Singapore’s tycoons see wealth rise in 2024, but still below 2021 peak
Singapore’s wealthiest individuals saw a collective increase in their fortunes by over 10 per cent, reaching US$195 billion (S$253 billion) in 2024, up from US$177 billion in 2023, according to Forbes’ 2024 list of Singapore’s 50 Richest. However, their total wealth remains below the peak in 2021, when their net worth reached US$208 billion.
Nearly two-thirds of those listed saw their wealth grow this year, benefiting from Singapore’s robust economic performance and buoyant stock market. Forbes credited part of the wealth boost to optimism following the swearing-in of Prime Minister Lawrence Wong in May 2024 and a surge in tourism driven by major concerts from global pop star Taylor Swift and rock band Coldplay. At the top of the list, Brazilian billionaire entrepreneur and angel investor Eduardo Saverin, co-founder of Meta Platforms and based in Singapore, maintained his position as Singapore’s richest person for the second year in a row. His net worth surged by US$13 billion, reaching US$29 billion in 2024, spurred by Meta’s stock price gains, as the tech giant deepens its investments in artificial intelligence.
Siblings Robert and Philip Ng of Far East Organization held on to second place, despite a slight dip in their fortune from US$14.8 billion in 2023 to US$14.4 billion in 2024. The property magnates continued to oversee one of Singapore’s largest real estate empires. In third place, Mr Li Xiting, chairman of Shenzhen Mindray Bio-Medical Elect Real estate mogul Kwek Leng Beng climbed to fourth place with a net worth of US$11.5 billion. His high-profile acquisition of the Hilton Paris Opera hotel in 2024, ahead of the Paris Olympic Games, made headlines and solidified his family’s standing.
