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TEMPO.CO, Jakarta - The economy of Singapore in 2024 has exceeded expectations, with a remarkable growth rate of 4%. Not only is the city-state known for its stable political environment and strong reputation as a global financial hub, but it also offers its citizens a high-income lifestyle and fosters a business-friendly environment, resulting in Singaporeans generally being wealthier.
According to SmartWealth, Singapore is home to 332,491 millionaires, a number that is expected to grow to 437,000 by 2025.
With such impressive figures, who holds the title of richest Singaporean? Based on Forbes' list of the 50 richest Singaporeans, Eduardo Saverin is crowned for the title.
List of the 10 Richest Singaporeans
Here is a closer look at the 10 richest individuals in Singapore, based on Forbes data as of September 4, 2024. Please be aware that the data may change by the time this article is published.
1. Eduardo Saverin - US$29 billion
A Singapore resident since 2012, Eduardo Saverin is currently the richest Singaporean. With a net worth of US$29 billion, he is best known as one of the co-founders of Facebook.
His fortune primarily stems from his 2% stake in Facebook. In 2016, he also launched a venture fund, B Capital, which now manages over US$7 billion in assets.
2. Robert & Philip Ng - US$14.4 billion
With a combined net worth of US$14.4 billion, the brothers Robert & Philip Ng lead the Far East Organization (FEO), one of Singapore’s largest private property developers, which was founded by their father.
Other members of the Ng family also hold prominent positions in various companies, including their sister, Dorothy Chan, who is FEO’s executive director, and their older brother, Robert, who heads FEO’s Hong Kong operation, Sino Group.
3. Li Xiting - US$13.4 billion
Li Xiting is the co-founder and chairman of Shenzhen Mindray Bio-Medical Electronics, a medical equipment giant that has made him a US$13.4 billion fortune. The company is headquartered in Shenzhen, and Li splits his time between Shenzhen and Singapore.
As of April 2024, the company holds a 21% stake in APT Medical, a Shenzhen-based cardiology equipment manufacturer.
4. Kwek Leng Beng & Family - US$11.5 billion
With a net worth of US$11.5 billion, Kwek’s family controls a diverse range of assets across industries such as real estate, hospitality, and finance. Kwek Leng Beng himself was built up as the executive chairman of Hong Leong Group Singapore and City Developments.
Since 2023, the company has been on a hotel acquisition spree, including a significant purchase of the Hilton Paris just ahead of the 2024 Summer Olympics.
5. Goh Cheng Liang - US$10.4 billion
Goh Cheng Liang started his business by manufacturing paint in a small factory in Singapore. In 1962, he partnered with Nippon Paint, the world’s fourth-largest paint manufacturer, and took a minority stake in the company. This venture contributed to his US$10.4 billion fortune.
6. Khoo Family - US$9.2 billion
The Khoo family’s US$9.2 billion fortune comes primarily from an investment in Standard Chartered Bank made by Khoo Teck Puat in 1986. A significant portion of their fortune was secured when they sold their stake in the bank for US$4 billion in 2006.
The Khoos also control the Goodwood Group of Hotels, Khoo Foundation, and Khoo Teck Puat Hospital, all of which are major institutions in Singapore.
7. Wee Family - US$7.8 billion
After the death of United Overseas Bank’s (UOB) advisor and Chair of Emeritus, Wee Cho Yaw, in February 2024, the Wee family has a net worth of US$7.8 billion, derived mainly from their stakes in the bank. Family members also hold key roles, such as Wee Ee Cheong, the eldest son, who is UOB’s deputy chairman, and his younger brother Wee Ee Lim, who serves in various capacities within the organization.
8. Kwee brothers - US$6.8 billion
The Kwee brothers, who control the luxury real estate and hospitality empire known as Pontiac Land Group, have a combined net worth of US$6.8 billion. Their wealth is largely derived from their real estate holdings, which include iconic office and luxury towers, as well as the acquisition of the Capella Hotel Group in 2007. The family also owns a US$400 million resort complex in the Maldives.
9. Leo KoGuan - US$6.7 billion
Originally from Indonesia, Leo KoGuan has amassed a fortune of US$6.7 billion. He is the founder and chairman of IT provider SHI International and is known as Tesla’s third-largest shareholder.
10. Zhang Yong & Shu Ping - US$6.5 billion
Couple Zhand Yong & Shu Ping round out the list of the 10 richest Singaporeans, with a net worth of US$6.5 billion. Yong is the chairman of Haidilao, a Sichuan hot pot chain, while Ping is the co-founder.
The company now operates around 1,400 restaurants in Greater China and has expanded globally. Its overseas division, Super Hi, went public in Hong Kong in 2022 and had a dual listing on Nasdaq in 2024, with over 100 international locations.
Discover more wealthy individuals with impressive net worths, including those from the neighboring country—the richest Malaysians.
Editor’s Choice: 10 Richest People in the World at the End of 2024, NVIDIA Leader Joins the Ranks
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