Combined wealth of Singapore’s richest climbs 8% YoY to US$177b

Meta Platforms’ co-founder, Eduardo Saverin, is Singapore’s richest person.

Despite a slowing economy, the combined wealth of the top 50 richest individuals in Singapore has risen by 8% to US$177b, data from Forbes showed.

Last year, the combined wealth of Singapore’s richest was US$164b.

According to Forbes, the wealth of more than half of those on their annual richest list was up this year, with six of them adding more than $1b each. 

“This latter group includes a couple of old-money families whose wealth is tied to banking,” added the magazine.

Based on Forbes’ 2023 list, Meta Platforms’ co-founder, Eduardo Saverin, is the wealthiest person in Singapore, with a net worth of US$16b.

Saverin has knocked off Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics, from the top spot.

Li, who held the top spot for two years, slipped to No.3 in the Forbes annual list, recording a net worth of US$14b.

“Healthcare stocks took a hit on China’s anti-corruption drive against the pharma sector,” Forbes reported.

On the second spot are brothers Robert and Philip Ng of the Far East Organisation with US$14.8b, a decline from their US$15.2b net worth last year.

Joining the top five are Japan’s Nippon Paint Holdings’ Goh Cheng Lian (US$13b) and City Developments’ Kwek Leng Beng (US$11b).

Check the full list of Singapore's 50 Richest here: https://www.forbes.com/lists/singapore-billionaires/?sh=2b5315e16736