Singapore’s 50 Richest 2024: A Double-Digit Boost Propels Combined Wealth To $195 Billion

Singapore’s 50 Richest 2024: A Double-Digit Boost Propels Combined Wealth To $195 Billion

Young music fans from across the region flocked to Singapore earlier this year for the sold-out concerts of pop icon Taylor Swift and rock band Coldplay, helping to boost the city-state’s economy, which posted two straight quarters of growth. The youthful buzz extended to the country’s political leadership with the May swearing-in of Lawrence Wong, 51, as prime minister. The overall positive sentiment lifted the stock market, resulting in the collective net worth of the country’s 50 richest tycoons rising by over 10% to $195 billion.

The wealth of nearly two-thirds of list members is up from a year ago. The biggest dollar gainer is Eduardo Saverin, cofounder of Meta Platforms (formerly Facebook) and longtime Singapore resident, who occupies the No. 1 spot for the second year in a row. He added $13 billion to take his net worth to a record $29 billion as shares of Meta, which is investing heavily in AI, continued their upward trajectory.

Despite a small drop in their combined fortune to $14.4 billion, siblings Robert & Philip Ng of property giant Far East Organization retained second place. Real estate magnate Kwek Leng Beng, who made headlines this year with his timely purchase of the iconic Hilton Paris Opera hotel, ahead of the 2024 Olympic Games, climbed one spot to No. 4 with a net worth of $11.5 billion, which he shares with his family.

A notable change in the top ten ranks is the entry of the Wee family, consisting of the heirs of banking titan Wee Cho Yaw who was chairman emeritus of United Overseas Bank (UOB). He passed away in February at age 95. Wee’s eldest son, Wee Ee Cheong, is UOB’s deputy chairman and CEO; son Wee Ee Chao is chairman of both Tiger Balm maker Haw Par and broker­age UOB Kay Hian; and youngest son, Wee Ee Lim, is chairman of listed property developer UOL Group.

Three people, whose wealth is tied to New York-listed Sea, got a big boost as the homegrown e-commerce, digital entertainment and fintech company they cofounded became profitable for the first time in 2023 since its IPO seven years ago and its shares more than doubled in the past 12 months. Chairman and CEO Forrest Li jumped six places to No. 12 with $5 billion and chief operating officer Gang Ye climbed to No. 16 with $3.1 billion. David Chen, chief product officer of thriving e-commerce arm Shopee, returned to the ranks after a year’s gap and is at No. 50 with $870 million.

There are two more new faces this year: China-born hotelier and Singapore citizen Ji Qi, cofounder of travel booking site Trip.com, who established his H World Group in 2005 and grew it into a chain of more than 10,000 hotels. The other newcomer is former hedge fund manager George Raymond Zage III, another expat-turned-citizen, who draws the bulk of his $900 million fortune from shares in LGBTQ dating app Grindr, which was listed on the New York Stock Exchange in 2022 after a merger with his special purpose acquisition company.

The wealth of ten listees took a hit and notable among this group are husband-and-wife Zhang Yong & Shu Ping, whose hotpot chain Haidilao International Holding saw its shares fall 45% amid weak consumer spending in China. There are three drop-offs this year as the minimum net worth increased to a record $870 million from $750 million.

Full Coverage of Singapore’s Richest 2024:

 

 

Reporting by Gloria Haraito, Phisanu Phromchanya, Anuradha Raghunathan and Jessica Tan.

Methodology:

The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. Unlike our billionaire rankings, this list includes family fortunes, including those shared among extended families such as that of Kwek Leng Beng and his cousins. Net worths are based on stock prices and exchange rates as of the close of markets on Aug. 16, 2024. Private companies were valued based on similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country. The editors reserve the right to amend any information or remove any listees in light of new information.

Acknowledgement:

Special thanks to the JLL research team and other experts who helped us with our reporting and valuations, including Govinda Singh, Colliers, and Daniel Voellm, AP Hospitality Advisors.

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Special thanks to the JLL research team and other experts who helped us with our reporting and valuations, including Govinda Singh, Colliers, and Daniel Voellm, AP Hospitality Advisors.

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