Lee Ziting
China News Service/Getty Images
This story is part of Forbes’ coverage of Singapore’s Richest 2022. See the full list over here.
Burned during the pandemic, Singapore’s reputation as a safe haven has made it a magnet for the wealthy. The continued influx of wealthy foreigners has boosted the city-state’s property sector, driving up prices and rents. The easing of border restrictions since April has led to a surge in international visitors, which has boosted hotel prices. Despite these positive trends, rising inflation and a global tech slump have pushed the total wealth of Singapore’s 50 richest people down from a fifth to $164 billion a year ago.
Forbes Asia
The ranking of the top five reflects the post-pandemic realities. Wealth of Lee ZitingThe founder and chairman of Shenzhen Mindray Bio-Medical Electronics, although he held the No. 1 position, dropped from third to $15.6 billion. Shares of the medical device maker fell on weak sales growth. The recovery of the property and new information about real estate holdings inspired the brothers Robert and Philip N It ranked second with $15.2 billion. The 95-year-old’s wealth paints him rich. Goh Cheng LiangJapan’s Nippon Paint Holdings, which controls Japan’s Nippon Paint Holdings, is the oldest person on the list, but remains at No. 3, falling 30% to $13 billion.
The sale of the technology cut Facebook’s net worth in half (from the transformed meta platform), founder Eduardo Saverin to $ 9.6 billion and it dropped two places to number 4. New York-listed game company Sea, a red-hot stock last year, has eroded the fortunes of its three founders as losses mounted at its e-commerce arm. Forrest Lee, Gang Ye And David Chen More than 70% each—the biggest discount in percentage terms.
These steep declines have increased the net worth of more than half of the list members. Known in this group Min-Liang Tan, the founder of Razer, used the company’s gaming hardware as a personalization. The recovery of the hospitality sector brought the hotel owner Michael Kum M&L Hospitality is back on track after a gap of one year.
This year there are two newcomers, both with international roots. The richest newcomer is born in Indonesia. Leo Coguan, founder and chairman of IT provider SHI International, said last year that he is the third largest individual shareholder in Tesla. Koguan, an American citizen now living in Singapore, is at No. 7 with $7.6 billion. The second newcomer was born in France. Laurent JunicHe is the founder of Singapore-based call center and business process outsourcing firm TDCX, which listed on the New York Stock Exchange last October.
Three have collapsed in the past year, including Changpeng Zhao, the peripatetic founder of crypto exchange Binance, who was among Singapore’s richest last year but moved to Dubai. Another high-profile absence is Grab Holdings founder Anthony Tan; Shares of Super Up fell amid further losses. The minimum net worth to make the list dropped to $705 million from last year’s $735 million.
Full coverage of Singapore Rich 2022:
Additional reporting by Jonathan Burgos, Gloria Haraito, Anuradha Raghunathan, Jessica Tan and Yue Wang.
Method:
The list is compiled using stock and financial information obtained from households and individuals, stock exchanges, analysts and other sources. Unlike the billionaire rankings, this list includes family fortunes, including those shared between extended families like Kwek Leng Beng and his cousins. Net worth is based on share price and exchange rates at market close on August 19, 2022. Private companies are valued based on similar publicly traded companies. The list may include foreign nationals who have commercial, residential or other ties to the country, or nationals who do not reside in the country but have significant commercial or other ties to the country. The organizers reserve the right to modify any information or remove any viewers in light of new information.
