Singapore tycoons have grown wealthier in the past year, according to the latest Singapore Rich List published by Forbes Asia. There are also five Indian-origin businessmen in the coveted list, including one new comer Saurabh Mittal.
“Singapore's 50 richest are now collectively worth SGD141.9 billion(USD104.6 billion), up 11 per cent compared with the previous year,” said Forbes Asia in a press statement.
In the list, close to two-thirds of the country's 50 richest – those who had a minimum wealth of USD540 million, up from USD455 million the previous year – saw their wealth rise, Forbes Asia said.
The top occupants on the list – property siblings Robert and Philip Ng, owner of Far East Organisation, retained their position for the eighth consecutive year with a combined net worth of USD9.4 billion, up from USD8.6 billion the previous year.
The claim of the second richest person of Singapore has gone to c who was on the third spot a year ago. Shares of the social media giant, in which he holds a minority stake, jumped by almost a third in the past year, adding USD2.1 billion to his wealth for a total net worth of US$9.3 billion.
Paint tycoon Goh Cheng Liang is third on the list, who added USD2.1 billion to his wealth for a total net worth of USD7.8 billion. His shares in Japan’s Nippon Paint Holdings were boosted by strong sales in Asia, as well as an expansion in the US.
There are five Indian-origin business tycoons on the coveted Forbes Singapore Rich List including Raj Kumar and Kishin RK, Arvind Tiku, Ashok Kumar Hiranandani, BK Modi and new entrant Saurabh Mittal.
There are two newcomers in this year's list: Hedge fund star Danny Yong, who ranks as 42nd-richest with USD670 million, and co-founder of Indian real estate and financial services group Indiabulls Saurabh Mittal, who is ranked 44th with a net worth of USD650 million.
However, more than a fifth of those returning to the list saw their fortunes decline. Five of these individuals had their wealth tied to real estate, according to the media company.