In this year’s edition of the Forbes World’s Billionaires List, 39 Singaporeans made it to the list of 2,692, up from 35 last year. Conspicuously absent on this list is the late Dr Wee Cho Yaw, who passed away on 3 February 2024. His son, Wee Ee Chong, succeeded him as CEO of UOB, and currently is in the list of 39 billionaires with a net worth of $1.6 billion.
Other than the absence of Dr Wee, most of the other top 10 billionaires on this list remain the same with a few new additions.
The source of wealth for the top 10 billionaires in Singapore is quite diverse, from medical devices, paints, real estate and hotels to electronics and even palm oil.
Read Also: [2023 Edition] Top 10 Richest Billionaires In Singapore And How They Earn Their Wealth
#10 Zhang Yong & Shu Ping
Zhang Yong, Image Credit: Facebook
Net Worth: $6.5 Billion
Industry: Food & Beverage – Restaurants
Net Worth in 2023: $9.7 Billion
Zhang Yong founded the well-known hotpot chain Haidilao in 1994, which has since grown to over 1,400 restaurants in the Greater China region, as well as in the U.S., Japan, South Korea, Singapore among other countries. His wife, Shu Ping, is also a co-founder of the restaurant chain.
Mr Zhang started Haidilao after he had a bad experience eating hotpot and grew the company with a focus on providing good customer service and discounts.
The restaurant chain listed on the Hong Kong Exchange in 2018, and spun off its international business – housing all its Haidilao restaurants outside of Greater China – in 2022. Mr. Zhang also stepped down as the Group’s Chief Executive in 2022 but remains as its chairman.
Read Also: Understanding Haidilao (HKEX: 6862): The World’s Biggest Hotpot Chain
#9 Leo KoGuan
Leo KoGuan, Image Credit: Peking University
Net Worth: $6.7 Billion
Industry: Technology
Net Worth in 2023: $5.4 Billion
Indonesian-born Chinese American businessman and philanthropist Leo Koguan is Chairman and co-Founder of SHI International Corp, an IT provider. Leo is also a major investor in Tesla, which makes up a significant portion of his fortune.
SHI International is a privately owned provider of IT infrastructure, end-user computing, cybersecurity, and IT optimization products and services. It has customers in the non-profit, private, and public sectors and about 6,000 employees in worldwide offices including Singapore.
Some of the company’s clients include Boeing and Johnson and Johnson. Leo’s ex-wife, Thai Lee, is the CEO of the company.
The business operates five integration centres globally, with one located in Tampines, Singapore.
Leo is also the third-largest individual shareholder in Tesla, behind Elon Musk and Larry Ellison. He amassed the shares during the pandemic period, and sold off his holdings in other stocks.
He currently lives in Singapore and was known to have paid S$62 million for a Singapore penthouse Guoco Tower’s Wallich Residence from British billionaire Sir James Dyson.
#8 Kwee Brothers
Kwee Liong Phing, Image Credit: SingHealth Polyclinic
Net Worth: $6.8 Billion
Industry: Real Estate
Owners of privately held luxury real estate developer Pontiac Land Group, the Kwee brothers – Kwee Liong Keng, Kwee Liong Tek, Kwee Liong Seen and Kwee Liong Phing – collectively run the group.
Their father, Indonesian Henry Kwee Hian Liong, migrated from Fujian Province, China, to Singapore in 1958. He was a textile trader and subsequently real estate developer. He founded Kwee Inc in 1959 and Pontiac Land Group in 1961.
Through Pontiac Land Group, the Kwee brothers own several luxury hotels in Singapore including Regent Singapore, Ritz-Carlton Millenia, Conrad Centennial Singapore, and The Capella Singapore.
They also own offices and malls, such as the Millenia Tower and the Centennial Tower. The group also developed and managed Camden Medical Centre.
In 2013, the brothers funded a $300 million equity injection for business development in New York. They also own a $400 million resort complex in the Maldives.
In 2017, the brothers acquired the Cappella Hotel group from legendary luxury hotelier, Horst Schulze, for an undisclosed sum.
In May 2024, Kwee Liong Tek became Pontiac’s chairman emeritus and his brothers also ceded their board positions to members of the family’s third generation.
#7 Wee Family
Wee Ee Cheong, Image Credit: UOB
Net Worth: $7.8 Billion
Industry: Banking and Real Estate
The Wee family are the heirs of late banker Wee Cho Yaw, who was Chairman Emeritus of UOB when he died in February 2024 at age 95. Mr Wee’s father, Mr Wee Kheng Chiang, founded United Chinese Bank, later renamed United Overseas Bank, in 1935 – and retired in 1974.
Mr Wee Cho Yaw’s son, Wee Ee Chong, succeeded as Chief Executive Officer of UOB. Mr Wee Ee Lim, the younger son of Wee Ee Chong, has a board seat in the bank.
UOB is Singapore’s third-largest bank by assets. In 2022, UOB bought Citibank’s consumer banking business across Indonesia, Malaysia, Thailand and Vietnam for about $3.6 billion.
The family’s wealth is derived from its stake in property developers, UOL Group and Kheng Leong, as well as Haw Par, maker of the iconic Tiger Balm ointment.
#6 Khoo Family
Mavis Khoo, Image Credit: National Archives of Singapore
Net Worth: $9.2 Billion
Industry: Real Estate
Net Worth in 2023: $8.5 Billion
The family’s fortune began with Mr Khoo Teck Puat, one of the founders of Malaysian Banking (Maybank). He was a hotelier, financier and at one point a senator of the Malaysian parliament. Mr Khoo Teck Puat held many acquisitions, most notably Goodwood Park & central properties.
In 1986, he bought a 5% stake in Standard Chartered bank. His stake steadily rose to 13.5%, becoming the largest single shareholder in the company. Much of the family’s fortune is made by selling those shares back in 2006.
The family has a charitable arm, The Khoo Foundation, which funded the Khoo Teck Puat Hospital in Singapore – opened in 2010.
#5 Goh Cheng Liang
Goh Cheng Liang (fourth from left), Image Credit: Nippon Paint
Net Worth: $10.4 Billion
Industry: Manufacturing – Paint
Net Worth in 2023: $14.3 Billion
Goh Cheng Liang grew up in poverty, and he once sold fishnets and rubber tapper as a youth. After World War II, he founded Wuthelham Holdings in 1955 and set up his first paint shop, where he made his own paints in his paint shop, before he partnered with Nippon Paint in 1962, becoming the main distributor for Nippon Paint in Singapore.
After a $12 billion stock-and-cash deal in late 2020, Goh’s wealth briefly shot up to $21.7 billion in 2021 after completing a stock-and-cash deal, which raised his stake in Nippon Paint to 58.7%.
The bulk of his wealth is derived from his majority stake in Japan’s Nippon Paint Holdings, the world’s fourth-largest paint manufacturer by revenue. His son, Hup Jin, is chairman of Nippon Paint.
#4 Kwek Leng Beng & Family
Kwek Leng Beng (Centre), Image Credit: City Developments Limited
Net Worth: $11.5 Billion
Industry: Real Estate
Net Worth in 2022: $11 Billion
Kwek Leng Beng studied to become a lawyer in London, and subsequently joined Hong Leong Group, which was founded by his father in 1941.
Kwek became chairman of Hong Leong Group in 1990, which has now grown into a conglomerate with more than 300 companies. Kwek is also the executive chairman of City Developments (CDL), one of Singapore’s largest property developers. His son, Sherman, has been group CEO of City Developments since 2018
Kwek currently serves as executive chairman of City Developments Limited (CDL), Singapore’s Second-largest property developer. He also serves as Chairman and Managing Director of Hong Leong Finance Ltd.
#3 Li Xiting
Li Xiting, Image Credit: Mindray
Net Worth: $13.4 billion
Industry: Healthcare – Medical devices
Net Worth in 2023: $16.3 billion
China-born Li Xiting is the founder and chairman of Shenzhen Mindray Bio-Medical Electronics – a supplier of medical devices. He became a naturalised Singapore citizen in 2018, and has a Bachelor’s degree in low temperature physics from the University of Science and Technology of China.
The company, founded in 1991, is headquartered in Shenzhen and supplies medical equipment like ventilators, defibrillators and anaesthesia machines.
#2 Robert & Phillip Ng
Robert Ng, Image Credit: Temasek Review 2019
Net Worth: $14.4 Billion
Industry: Real estate
Net Worth in 2023: $13.3 Billion
Robert and Phillip Ng control the Far East Organization, one of Singapore’s largest private landlords and property developer, which owns subsidiaries Yeo Hiap Seng Ltd and Far East Orchard. The group was founded by their father Ng Teng Fong.
Robert also runs the group’s Hong Kong operations including Sino Land, Tsim Sha Tsui Properties and Sino Hotel Holdings with his son, Daryl.
#1 Eduardo Saverin
Eduardo Saverin, Image Credit: B Capital Group
Net Worth: $29 Billion
Industry: Technology – Meta co-founder
Net Worth in 2023: $13.3 Billion
Brazil-born Eduardo Saverin made most of his fortune by co-founding Meta (Facebook) back in 2004 and is now residing in Singapore running B Capital Group.
B Capital is a venture fund that has $6.5 Billion in assets, 125+ companies in its portfolio and 7 global offices. B Capital specialises in the fields of Enterprise solutions businesses, FinTech, and Healthcare & BioIT. In 2022, B Capital raised $250 million to invest in early-stage startups.
Eduardo emigrated to Singapore in 2012.
Listen to our podcast, where we have in-depth discussions on finance topics that matter to you.
Advertiser Message
Switch, Spend and Get Up to S$500 with POSB
Credit your salary to get S$300, then spend with us to enjoy additional S$200. Register now with POSB. T&Cs apply. SGD Deposits are insured up to S$100K by SDIC.
