Singapore Record Number of Billionaires!!!

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An honorable member of the Coffee Shop Has Just Posted the Following:

SINGAPORE: Singapore now has a record number of 21 billionaires, up from 16 a year ago, according to the latest Forbes Singapore rich list.


Robert and Philip Ng, the sons of the late Far East Organization's founder Ng Teng Fong, continued to top the list as Singapore's richest. Their estimated net wealth is US$10.6 billion, up from US$9.2 billion last year.


The biggest rise in net wealth this year is that of Kwek Leng Beng, chairman of City Developments, who jumped to the second spot from number six. He has a net worth of US$7.1 billion, up from US$2.4 billion.


The Khoo family kept its number three spot, with a net worth of US$6.7 billion, the same as last year.


Local entrepreneurs who debuted on Forbes Singapore's rich list include:


• Nippon Paint's partner, Goh Cheng Liang, who made it to the number nine spot with a net worth of US$2.1 billion
• Ching Chiat Kwong of Oxley Holdings in 36th place with a net worth of US$510 million
• David Teo of Super Group in the 37th spot with a net worth of US$505 million


Serge Pun, a Singapore permanent resident who is linked to listed Yoma Strategic Holdings, is one of ten newcomers to the list this year. He is in the 38th spot, with a net worth of US$500 million.


The combined net wealth of Singapore's 50 richest is US$80 billion.


Forbes said the list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources.


Unlike the Forbes billionaire rankings, this list includes family fortunes, including those shared among extended families such as that of Mr Kwek and his cousins.

- CNA/xq


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