The total wealth of Singapore's 50 richest people has dipped over the past year but there are now more billionaires in the country, according to Forbes.
It noted that the combined net wealth of the top 50 shrank 5 per cent to US$92.3 billion (S$126.6 billion) compared with a year ago, with around half of the people on the list seeing their wealth decline.
But there are now 28 billionaires in Singapore, up from 26 a year ago.
Singapore's status as a regional medical hub has propelled Dr Loo Choon Yong of Raffles Medical Group into the billionaire ranks.
Another new entrant is mining veteran Robert Friedland, who holds dual American and Canadian citizenship but lives in Singapore. He is ranked 30th with an estimated US$845 million while Mr Shaw Vee Meng, the son of the late Hong Kong movie tycoon Run Run Shaw, is at No. 31 on US$835 million.
- TOP 10 RICHEST IN S'PORE
ROBERT AND PHILIP NG
US$8.7 billion (S$11.9 billion)
KWEK LENG BENG
GOH CHENG LIANG
WEE CHO YAW
KUOK KHOON HONG
RAJ KUMAR AND KISHIN RK
The minimum net worth to make the list this year was US$420 million.
Despite a significant drop in net wealth, property magnates Robert and Philip Ng are still Singapore's richest men, holding the top spot for six years in a row. They have a net wealth of US$8.7 billion.
The slowdown in the property sector in Singapore and Hong Kong has resulted in sharp drops in revenues at their Far East Organisation and Sino Group in recent years.
Their US$4.1 billion drop in net wealth is partly a result of Forbes over-counting their businesses' revenues last year, said the magazine.
The other real estate billionaires on the list, including Mr Kwek Leng Beng, the Khoo family and the Kwee brothers, also saw their wealth decline, partly due to a depreciating Singdollar against the greenback.
Paint magnate Goh Cheng Liang bucked the trend, leaping to third spot after his shares in Japan's Nippon Paint jumped 62 per cent.
Retailer Lim Hock Chee (36th, US$635 million) also saw wealth gains despite a slowing economy, thanks to his supermarket chain Sheng Siong opening new stores.