Ng brothers are Singapore's richest; Razer CEO Tan Min Liang makes billionaire list

Razer chief executive Tan Min Liang (right) debuted on Forbes' billionaire list. Top of the list for Singapore were Far East Organization's Robert (above, far right) and Philip Ng.
Razer chief executive Tan Min Liang debuted on Forbes' billionaire list.ST FILE PHOTO
Top of the list for Singapore were Far East Organization’s Robert (left) and Philip Ng (right).
Top of the list for Singapore were Far East Organization’s Robert (left) and Philip Ng (right). PHOTOS: FORBES, ST FILE

Property barons Robert and Philip Ng have retained their No. 1 spot as Singapore's richest people, with a combined net worth of US$10.8 billion (S$14.2 billion).

The Ngs, who control developer Far East Organization, had an estimated net worth of US$9.4 billion last year, according to the annual billionaire league table compiled by financial magazine Forbes.

Paint tycoon Goh Cheng Liang was second on US$8.1 billion - the same place as last year when he recorded a net worth of US$7.8 billion.

Mr Goh gets the bulk of his wealth from a 39 per cent stake in Japan's Nippon Paint Holdings, the fourth-largest paint manufacturer in the world.

United Overseas Bank (UOB) chairman emeritus Wee Cho Yaw was third with US$6.6 billion, up from US$5.8 billion last year.

The bank announced in November last year that Mr Wee will step down from the UOB board in April after six decades of dedicated service.

A new entrant to the billionaire list is Razer chief executive Tan Min Liang, who has been ranked 22nd on the Singapore list. He is ranked 1,999th overall. 

 

The firm, which is in the gaming sector and backed by Temasek Holdings and tycoon Li Ka Shing, raised HK$4.1 billion (S$688 million) in an initial public offering last year that valued the company at around HK$34.4 billion.

The Kwee family and Mr Jason Chang, chairman of Taiwan-based Advanced Semiconductor Engineering, rounded out the top five billionaires here.

The Asia-Pacific region recorded the highest number of billionaires with 827, Forbes said, with the United States on 585 and Europe with 559.

Amazon chief executive Jeff Bezos was crowned the world's richest man for the first time, with a US$112 billion net worth.

He seized the spot from former Microsoft chairman Bill Gates, who slipped to second with a US$90 billion net worth, but ahead of veteran investor Warren Buffett on US$84 billion.

A version of this article appeared in the print edition of The Straits Times on March 08, 2018, with the headline 'Ng brothers are S'pore's richest; Razer CEO makes billionaire list'. Print Edition | Subscribe