Net Worth of Singapore’s 50 Richest Individuals Rises by More Than 10% Reaching $195 Billion

Earlier this year, Singapore saw a surge of young music enthusiasts from around the region, drawn to the city for sold-out performances by pop superstar Taylor Swift and rock legends Coldplay. The influx of visitors fueled the local economy, which marked two consecutive quarters of expansion. This youthful energy coincided with a shift in the country’s political landscape, as Lawrence Wong, 51, took office as the new prime minister in May. The overall optimistic climate also bolstered the stock market, pushing the combined net worth of Singapore’s 50 wealthiest individuals up by more than 10%, reaching $195 billion.

Nearly two-thirds of those on the list experienced an increase in their fortunes compared to the previous year. The biggest gainer was Eduardo Saverin, co-founder of Meta Platforms and a long-time resident of Singapore, who maintained his top spot for the second consecutive year. His net worth soared to a record $29 billion, a $13 billion increase, as Meta’s shares continued to rise, buoyed by its heavy investment in AI.

Despite a slight decrease in their collective wealth to $14.4 billion, siblings Robert and Philip Ng of the Far East Organization held onto second place. Real estate tycoon Kwek Leng Beng, who made headlines with his strategic acquisition of the iconic Hilton Paris Opera Hotel ahead of the 2024 Olympics, climbed to fourth place, with a net worth of $11.5 billion shared among his family.

The top ten saw a significant reshuffling with the entry of the Wee family, heirs of the late banking mogul Wee Cho Yaw, former chairman emeritus of United Overseas Bank (UOB), who passed away at 95 in February. His eldest son, Wee Ee Cheong, serves as UOB’s deputy chairman and CEO; another son, Wee Ee Chao, is chairman of both Tiger Balm maker Haw Par and brokerage UOB Kay Hian; and the youngest, Wee Ee Lim, chairs the listed property developer UOL Group.

Meanwhile, three individuals associated with Sea Limited, a Singapore-based company specializing in e-commerce, digital entertainment, and fintech, saw significant gains. Sea became profitable for the first time in 2023, causing its stock to more than double over the past year. Forrest Li, the company’s chairman and CEO, rose six spots to 12th with a net worth of $5 billion. COO Gang Ye advanced to 16th place with $3.1 billion, while David Chen, chief product officer of the booming Shopee, reentered the list at 50th with $870 million after a year’s absence.

This year also brought two new names to the ranking: Ji Qi, a China-born hotelier and Singapore citizen who co-founded Trip.com and built H World Group into a network of over 10,000 hotels, and George Raymond Zage III, a former hedge fund manager turned citizen, who derives most of his $900 million fortune from shares in Grindr, a dating app that went public in 2022.

However, not all experienced gains. Ten members saw their fortunes decline, most notably Zhang Yong and Shu Ping, the husband-and-wife duo behind hotpot chain Haidilao International Holding, whose shares dropped 45% due to sluggish consumer spending in China. Meanwhile, three individuals fell off the list as the minimum net worth required to qualify climbed from $750 million to a record $870 million.

Have you read?
Best CEOs.
Best Companies.
Richest People (Billionaire).
Richest Women (Billionaire).
Richest in Each Country (Billionaire).