We all know that Singapore is renowned for being one of the world’s richest countries. Both statistics, such as GDP-per-capita, and wealth reports put Singapore in the top 10 countries in the world.
And, we can expect that corporate leaders of the biggest listed firms on the Singapore Exchange (SGX) to be among the best-paid residents of the Lion City.
When annual reports start landing in mailboxes, shareholders tend to scan for pertinent information regarding their investment: bottom-line profits, dividend yields, return on equity (ROE). Between those numbers, though, another figure tends to capture attention: how much the top C-suite executive – the Chief Executive Officer (CEO) – takes home.
Singapore’s biggest listed companies show that there can be big variations in terms of CEO pay, depending on industry, performance, deferred shares, and whether the CEO is also a founder with ownership. Most are paid millions of dollars a year to lead their firms.
So, here are the five top-paid CEOs in 2024 and why they were paid what they were.
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#1 Former DBS CEO – Piyush Gupta ($17.6 million)
Topping the list is Piyush Gupta, the iconic former CEO of DBS who received $17.6 million for the year ended 31 December 2024, which was up 57% from the $11.2 million he took home in 2023. Current DBS CEO – Tan Su Shan – only took over from Gupta on 28 March 2025.
That total $17.6 million package reflects a base salary, large bonuses, deferred stock awards and other benefits. In terms of the breakdown, he took home $1.5 million from his base salary while there was a cash bonus of $6.6 million and deferred remuneration of $9.4 million that’s made up of cash and shares.
His payout was driven by the robust financial performance of DBS as it posted a high-teens return on equity (ROE) and record profits. With continued growth in net profit, alongside higher capital returns to shareholders, it’s perhaps no surprise that Gupta’s overall remuneration package increased in 2024.
#2 UOB CEO – Wee Ee Cheong ($15 million)
Close behind is another prominent banking figure: CEO Wee Ee Cheong at UOB, with about $15 million in total compensation for 2024.
Wee, who is also deputy Chairman of UOB, was paid a salary of $1.44 million alongside a bonus of $13.56 million, according to UOB’s 2024 annual report. While there are some deferred elements to the package, UOB’s structure tends to emphasise more immediate cash bonus components.
While he still took home an impressive amount, the $15 million total was down 5% year-on-year from the $15.9 million he was paid in 2023. That might come as a surprise given that UOB itself actually posted a 5.8% year-on-year increase in net profit – to $6.1 billion – in 2024 versus a year earlier.
#3 OCBC CEO – Helen Wong ($12.8 million)
Coming in third among Singapore’s top CEO earners is Helen Wong of local banking heavyweight OCBC. She took home around $12.8 million in total in 2024 and her remuneration reflects a mix of base salary, bonuses, share awards, and benefits.
Wong’s 2024 pay package rose 5.8% year-on-year from the $12.1 million she was paid for 2023. In terms of the remuneration breakdown for 2024, she was given a base salary of $1.2 million, a bonus of $6.8 million, deferred shares amounting to $4.5 million, and finally, other payments in the form of benefits that around to just over $332,000, according to OCBC’s 2024 annual report.
Her pay has risen significantly in recent years as OCBC delivered another strong year in 2024, with its full-year 2024 net profit hitting a record $7.6 billion – up 8% year-on-year from 2023.
#4 Singtel CEO – Yuen Kuan Moon ($8.2 million)
Now that all the banks’ CEOs took the top three spots, number four is reserved for another large company’s leader: Singtel CEO Yuen Kuan Moon.
He took home $8.2 million in total for FY2025 (for the 12 months ending 31 March 2025) and this was up 16.8% year-on-year from the $7 million he received in FY2024.
His package was comprised of a base salary of $1.3 million, a cash bonus + restricted share award of $4.4 million (or $2.2 million for each), and finally a performance share award of $2.4 million. That was no surprise that Yuen took home more given Singtel’s underlying net profit for FY2025 rose by 9% year-on-year to $2.47 billion.
Meanwhile, net profit for Singtel during the financial year jumped by more than five-fold to $4.02 billion as its bottom line was boosted by a one-off gains from a partial divestment of its Comcentre headquarters.
#5 Sheng Siong CEO – Lim Hock Chee ($7.1 million)
In fifth place is Sheng Siong’s CEO Lim Hock Chee, who received $7.1 million in total compensation for 2024 – up 20.6% year-on-year from the $5.86 million he received for 2023.
Based on Sheng Siong’s 2024 annual report, Lim received a base salary of $373,000 but a variable bonus of $6.66 million, alongside director’s fee of $20,000 and benefits in kind of $16,000.
This larger bonus component (in relation to base pay) could be explained by the fact that Lim owns around 8% of Sheng Siong’s total shares.
Sheng Siong actually reported a 2.6% year-on-year increase in net profit for 2024 to $137.5 million and, over the past 12 months, the company’s share price has risen by 42% as investors appreciate its stable cash flows amid global uncertainty.
CEO Pay Mostly Based On Size Of Companies They Manage, But Can Have Stark Variances
While company size is a clear determinant of CEO pay, as we can see in how much the top 4 CEOs earned, it’s not the only one.
Compensation is also often closely tied to performance metrics such as return on equity, net profit growth, and shareholder returns. While the banking CEOs ran the biggest companies listed in Singapore, they also led their firms through profit growth, and saw substantial bonuses and share awards as a result in 2024.
At the same time, founder-led companies such as Sheng Siong can offer a remuneration package skewed towards variable bonuses, since founders may already hold significant ownership stake and their wealth is tied to the performance of the shares they hold.
Ultimately, these disclosures offer investors more than just a peek at executive pay. They shed light on how companies reward leadership, manage talent retention, and align compensation with performance. In an era where pay transparency and governance are increasingly scrutinised, understanding these numbers helps shareholders evaluate whether boards are striking the right balance between rewarding results and protecting investor interests.
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