Singapore’s tycoons saw their collective wealth rise 28% y-o-y to US$167 billion, despite the economic downturn, according to the 2020 Forbes Singapore Rich List.
First-timers on the list include the three co-founders of gaming and e-commerce firm Sea, thanks to the stratospheric rise in the company’s shares, which have increased 283% since its fortunes were last evaluated.
Sea’s chairman and CEO Forrest Li came in seventh with a US$7.1 billion net worth. Li added US$5.53 billion to his wealth and entered the ranks of the top 10 for the first time, following a surge in the share price of his NYSE-listed company over the past year.
Similarly, the company’s COO Gang Ye stood at 11th place with US$4.1 billion after a 356% jump in his net worth. Sea’s third co-founder David Chen made his debut at 25th place with a net worth of US$1.37 billion. Sea’s market value has overtaken DBS as the most valuable Singapore listed company.
Rounding up the top 10 are Haidilao cofounder and director Zhang Yong in first place (US$19 billion), and first-timer Li Xiting, cofounder and chairman of Shenzhen Mindray Bio-Medical Electronics in second (US$17.8 billion).
Goh Cheng Liang of Nippon Paint made third place (US$14.8 billion), while Facebook co-founder Eduardo Saverin made fourth (US$14 billion) due to the rise of Facebook’s shares.
At fifth place are Robert and Phillip Ng of Far East Organisation with a combined net worth of US$13.2 billion.
Executive chairman of the Hong Leong Group and City Developments Limited (CDL) Kwek Leng Beng made sixth place (US$8.8 billion) while the Khoo family, the Kwee brothers, and United Overseas Bank (UOB) chairman Wee Cho Yaw made eighth, ninth, and 10th with net worth of US$6.3 billion, US$5.5 billion, and US$5.3 billion respectively.
Due to the standstill in the tourism and hospitality industry this year, hoteliers such as Koh Wee Meng of the Fragrance Group and Michael Kum of M&L Hospitality saw their net worth fall to US$870 million and US$730 million respectively.
On the list, Koh is at number 41, while Kum made 43rd place.
Oil tycoon Lim Oon Kuin (OK Lim) of Hin Leong Trading, which filed for bankruptcy in April, was off the list.
