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Against the backdrop of Singapore’s dynamic and thriving economic environment, financial leaders play a pivotal role in contributing to the nation’s status as a global financial hub and innovation center. From influential real estate moguls to corporate leaders, Eduardo Saverin, Robert & Philip Ng, Li Xiting, Goh Cheng Liang, and Kwek Leng Beng wield substantial influence that extends beyond local borders to impact the global arena. The article unveils the top 5 wealthiest individuals in Singapore, delving into the diverse sources of their immense fortunes and the profound impact of their endeavors.
Wealthiest People in Singapore
Eduardo Saverin, Meta Platforms’ co-founder alongside Mark Zuckerberg in 2004, has transitioned into a venture capitalist. Despite his primary wealth source being his modest yet valuable Meta stake, he launched venture fund B Capital in 2016, managing $6.5 billion in assets. In July 2022, the fund secured $250 million for early-stage startup investments. Originally from Brazil, Saverin became a Singapore resident in 2012, relinquishing his U.S. citizenship before Facebook’s IPO. His strategic venture pursuits underscore his continued influence in the tech and investment spheres, showcasing a diverse and dynamic trajectory beyond his foundational role in Facebook’s inception.
Brothers Robert and Philip Ng command Far East Organization, Singapore’s foremost private real estate giant. Originating from their father Ng Teng Fong, known as “The King of Orchard Road,” the group is a major property developer. In Hong Kong, Robert and his son Daryl oversee the Sino Group, while Philip manages Singapore interests. Far East Orchard, listed in Singapore, transformed the historic Westminster Fire Station in London into a luxury development, showcased in a 2022 sale. The creation of Sino Hotels, led by Ng, emerged in 1997, marked by strategic acquisitions and insightful predictions on office property performance.
Li Xiting, the co-founder and chairman of Shenzhen Mindray Bio-Medical Electronics, leads a prominent medical device supplier founded in 1991. With headquarters in Shenzhen, Li, and co-founder Xu Hang, also a billionaire, established Mindray as a major player in the industry. Li’s entrepreneurial journey began at Shenzhen Anke High-tech Company in the 1980s, where he played a pivotal role in developing China’s first home-grown medical devices, including the nation’s inaugural magnetic resonance imaging (MRI) scanner in 1989. Mindray, under Li’s guidance, achieved a significant milestone by listing on the New York Stock Exchange in 2006, raising US$270 million. In 2016, Li and co-founders privatized Mindray in a notable US$1.9 billion deal.
Goh Cheng Liang derives the majority of his wealth from a controlling stake in Nippon Paint Holdings, the world’s fourth-largest paint manufacturer. Starting in a small Singaporean factory, Goh collaborated with Nippon Paint in 1962. In 2021, his son, Hup Jin, completed a $12 billion stock and cash deal, securing a majority stake in Nippon Paint. Celebrating its 140th anniversary in March 2021, Goh’s journey began in 1955 when he established his first paint shop, later becoming Nippon Paint’s main distributor. Wuthelam Holdings, founded in 1974, encompasses paint business and property development. As of 2021, Forbes estimates Goh Cheng Liang’s net worth at $18.6 billion, ranking him as the second wealthiest person in Singapore.
Kwek Leng Beng serves as the executive chairman of Singapore’s Hong Leong Group, established by his father in 1941. He also holds the position of executive chairman at City Developments, the second-largest property developer in Singapore. Leading the company alongside him is his son, Sherman, who has been the group CEO of City Developments since 2018. Noteworthy acquisitions by the company, such as St Katharine Docks in London, underscore its global expansion. Kwek’s cousin, Quek Leng Chan, manages a distinct Hong Leong Group in Malaysia, comprising over 300 companies. Kwek is actively involved in various enterprises, including the chairmanship of Millennium & Copthorne Hotels and oversight of Hong Leong Finance, Singapore’s largest finance company. His contributions extend to serving on the board of trustees for the Singapore Management University. Recognized for his achievements, Kwek received an honorary doctorate from Oxford Brookes University. While he oversees the Hong Leong Group’s Singaporean operations, his cousin Quek Leng Chan manages the Malaysian counterpart.