Singapore's 50 richest became 11% richer in past year: Forbes

Most of Singapore's 50 wealthiest people enjoyed a big increase in their net worth over the past year, according to a new rich list from Forbes yesterday.

It showed that around 60 per cent of the top 50 here added to their riches, with the total wealth of the entire group reaching US$104.6 billion (S$142.1 billion), an 11 per cent increase from last year.

This growth came despite a sluggish economy, Forbes Asia said .

The top spot went to siblings Robert and Philip Ng for the eighth consecutive year.

The brothers, who are behind Singapore's biggest real-estate developer Far East Organization, were said to have a combined net worth of US$9.4 billion, up from US$8.6 billion last year.

Next was Facebook co-founder Eduardo Saverin, who moved up one spot with a net worth of US$9.3 billion.

Mr Saverin, who relocated to Singapore in 2009, has been investing in several local start-ups.

He holds a minority stake in Facebook, whose shares have jumped by almost 30 per cent in the past year, adding US$2.1 billion to his wealth.

Mr Saverin married Singapore-based Indonesian-Chinese Elaine Andriejanssen in 2015.

The list features two newcomers.

Hedge fund star Danny Yong is one, ranked 42nd with US$670 million. He teamed up with a college friend to start Dymon Asia Capital in 2008.

Mr Yong's flagship Dymon Asia Macro Fund also earned him a spot in Forbes' 25 Highest-Earning Hedge Fund Managers in 2015 and 2017.

The other debutant is Mr Saurabh Mittal, ranked 44th with US$650 million. He is the co-founder of Indian real estate and financial services group Indiabulls.

Mr Mittal relocated to Singapore three years ago and holds stakes in several ventures, including mixed-martial arts company ONE Championship and California data analytics firm Incedo, through his private investment firm Mission Holdings.

Around 20 per cent of those returning to the list saw a decline in their fortunes.

Five of these have their wealth tied to real estate, which has yet to see an uptick, Forbes said.

The minimum amount required to make the list this year was US$540 million, a US$85-million increase from last year.

The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources.

Net worth is based on stock prices and exchange rates at the close of markets on July 14.

A version of this article appeared in the print edition of The Straits Times on July 28, 2017, with the headline 'S'pore's 50 richest people became 11% richer in total'. Print Edition | Subscribe