KUALA LUMPUR: The combined wealth of Singapore’s top 40 richest rose 19% or US$8.7 billion year-on-year to US$54.4 billion, according to the latest rich list published by Forbes Asia.
In a statement Thursday, July 28, Forbes Asia said the better numbers achieved by the country’s wealthiest come despite a slowing economy and weak stock market.
It said the family of the late Ng Teng Fong remains at the top with US$8.9 billion, up by US$1.1 billion from last year.
Their fortune is tied to their two biggest property holdings, namely the privately held firm Far East Organization and Hong Kong-listed Tsim Sha Tsui Properties.
The family of deceased tycoon Khoo Teck Puat came in second with US$6.7 billion, up by US$800 million from last year.
They retain a stake in the Goodwood Group of Hotels. In 2006, they sold their stake in Standard Chartered Bank for an estimated US$4 billion to Temasek, Singapore’s state investment company, said Forbes Asia.
At number three was veteran banker Wee Cho Yaw with US$4.2 billion, an increase of US$600 million over last year. He chairs United Overseas Bank founded by his late father.
Wee took over and ran it for over three decades until 2007. His fortune includes privately held property firm Kheng Leong, said the magazine.
Forbes Asia said there were 13 billionaires on this year’s list compared with 11 last year.
The two newcomers with billionaire standing are the Lien family and Sam Goi, it said.
Forbes Asia said Sam Goi debuted at No. 12 with a net worth of US$1.2 billion, adding that the 62-year old food tycoon was popularly known as Singapore’s “Popiah King”.
The tale of how he built his fortune from making spring-roll skins is the subject of this issue’s cover story.
Forbes Asia said that to compile the list, public fortunes were calculated using share prices and exchange rates as of July 12.
For privately held assets, Forbes Asia estimated what they would be worth if public.
This year, a minimum net worth of US$210 million was needed to qualify for the list, up from $190 million previously.
This ranking, unlike the Forbes billionaires list, includes numerous family fortunes shared with children, grandchildren or siblings.
Where family fortunes were held by extended families, such as the Kwek cousins, Forbes Asia split them into separate entries.
The full list of Singapore’s 40 richest can be found in the August 2011 issue of Forbes Asia, which is available on newsstands now.
theedgemalaysia.com, On Thursday 28 July 2011, 18:15 SGT
