Newcomers bolster Singapore’s presence on the list as Li Xiting retains his top spot despite a decline in net worth.
SINGAPORE: The Forbes 2024 list of the world’s wealthiest individuals features a record-breaking 39 Singaporeans, up from 35 last year. This rise reflects a growing representation of Singapore’s business elite among the global ultra-wealthy.
Globally, the 2024 edition includes 2,781 billionaires, 141 more than the previous year, with their combined fortunes reaching an astonishing US$14.2 trillion (S$19.2 trillion).
Leading Singapore’s Billionaires
Li Xiting, the founder of Mindray Bio-Medical Electronics and a naturalized Singapore citizen originally from China, continues to top the list of Singaporean billionaires. Ranking 126th globally, Li’s net worth stands at US$20.385 billion (S$27.5 billion), down from US$22.01 billion in 2023, marking a steady decline since its 2021 peak.
Trailing Li is Goh Cheng Liang, a major stakeholder in Japan’s Nippon Paint Holdings. Other prominent Singaporean billionaires include Philip Ng and Robert Ng of Far East Organization, Jason Chang of Advanced Semiconductor Engineering, restaurateur Zhang Yong, Jason Jiang of Focus Media, Forrest Li of Sea Limited, Kwek Leng Beng of Hong Leong Group, and hotel magnate Choo Chong Ngen.
A Younger Billionaire Cohort
The youngest billionaire on the Singapore list is 40-year-old Kishin RK, co-owner and manager of RB Capital/Royal Holdings. With a net worth of US$1.6 billion (S$2.1 billion), Kishin ranks 1,945th on the global billionaire list.
This year also marks the debut of several Singaporean billionaires. Among them are Deputy Chairperson and CEO of United Overseas Bank (UOB), Wee Ee Chong, and John Lim, co-founder of ARA Asset Management, both joining with net worths of US$1.6 billion (S$2.1 billion) and US$1 billion (S$1.3 billion) respectively.
Wee Ee Chao, chairperson of Haw Par Corporation, and Wee Ee Lim, chairperson of UOL Group, also made their first appearance, each with net worths of US$1.3 billion (S$1.7 billion).
Collective Wealth
Despite the increased number of Singaporean billionaires, their combined net worth saw a slight dip, totaling US$115.5 billion (S$155.3 billion) compared to US$118.9 billion (S$160.6 billion) the previous year.
Global Implications
Singapore’s growing representation on the Forbes list highlights its rising economic influence and the diversification of its wealth across industries like real estate, technology, and finance. As newcomers continue to rise, the nation solidifies its position as a hub for billionaires on the global stage.
