Far East's Ng brothers top rich list again

(From left) Robert Ng, Philip Ng, Eduardo Saverin and Goh Cheng Liang.
(From left) Robert Ng, Philip Ng, Eduardo Saverin and Goh Cheng Liang.PHOTO: FORBES/LIM SIN THAI/LIANHE ZAOBAO/AFP

The combined wealth of Singapore's 50 richest tycoons has swelled by 11 per cent to nearly US$116 billion (S$158 billion), up from US$104.6 billion last year, according to the Forbes Singapore Rich List 2018.

Seeing the biggest dollar gains were real estate barons Robert and Philip Ng, as well as Facebook co-founder and Singapore permanent resident Eduardo Saverin, said Forbes Asia yesterday.

The Ng brothers, who are behind developer Far East Organization, retained their top spot on the list for the ninth straight year with a net worth of US$11.9 billion, up US$2.5 billion from last year.

Earlier this year, the developer snared a highly-coveted mixed-use site in Holland Road, seeing off more than a dozen other bidders.

Mr Saverin remains a close second on the list with a net worth of US$11.8 billion, also up US$2.5 billion this year.

Retaining third spot is paint tycoon Goh Cheng Liang, whose net worth rose US$700 million to US$8.5 billion. Mr Goh has a 39 per cent stake in Japan's Nippon Paint Holdings, and his son Goh Hup Jin was named chairman of Nippon Paint in March.

Regaining a place in the top 10 is New Zealander and Singapore permanent resident Richard Chandler, who jumped four places to No. 8 with a net worth of US$3.15 billion. His Singapore-headquartered Clermont Group's net assets surged 50 per cent on undisclosed investment gains, according to official filings.

The Ng brothers, who are behind developer Far East Organization, retained their top spot on the list for the ninth straight year with a net worth of US$11.9 billion, up US$2.5 billion from last year.

Another notable gainer is co-founder of ARA Asset Management John Lim, who saw his fortune jump by more than a third to be ranked No. 38 on the list with a net worth of US$780 million. Mr Lim, who owns close to one-third of ARA, expanded the portfolio by buying stakes in Japan's Kenedix and Australia's Cromwell Property Group.

Three newcomers made it on to the list this year - Mr Gordon Tang, Mr Muhammed Aziz Khan and Mr Forrest Li.

Mr Tang, a China-born Singapore permanent resident with a controlling stake in listed property firm SingHaiyi Group, is ranked No. 32 on the list with US$1 billion.

Bangladesh-born Singapore permanent resident Mr Khan, chairman of Summit Group, a conglomerate in Bangladesh, is at No. 34 with US$910 million. He plans to list his Summit Power International, an infrastructure developer and operator, on the Singapore Exchange.

Mr Li, who listed his online gaming firm Sea on the New York Stock Exchange last year, is at No. 42 with US$738 million.

Outside the top 10, Mr Kuok Khoon Hong, co-founder of palm oil giant Wilmar, came in at No. 11.

Mr Peter Lim, owner of La Liga football club Valencia, was No. 12.

A version of this article appeared in the print edition of The Straits Times on July 27, 2018, with the headline 'Far East's Ng brothers top rich list again'. Print Edition | Subscribe