As of 2018, approximately 5.8 million humans reside in our little red dot of a nation. Of that population, there are 183,737 millionaires, according to Credit Suisse Research Institute’s 2018 Global Wealth Report (released on October 2018). And on top of that, according to Forbes, 22 billionaires.
Here’s a recap:
- Singapore’s Population: 5.8 million
- No. of millionaires: 183,737
- No. of billionaires: 22
*Millionaires = Net worth of at least USD 1 million
**Billionaires = Net worth of at least USD 1 billion
Presenting… Singapore’s Richest And Their Net Worth
| Rank | Name | Net Worth | Source of Wealth |
|---|---|---|---|
| 1 | Robert & Phillip Ng | US$12 billion | Real Estate. Their dad, Ng Teng Fong, founded Far East Organisation. |
| 2 | Goh Cheng Liang | US$7.2 billion | Paint. Bringing Japan's Nippon Paint into Singapore |
| 3 | Zhang Yong | US$6.8 billion | Co-founder of Haidilao |
| 4 | Wee Cho Yaw | US$6.1 billion | Banking. His father, Wee Khiang Cheng, cofounded United Overseas Bank. |
| 5 | Kwee Brothers | US$5.6 billion | Real Estate. Controls Pontiac Land, which owns luxury hotels and office towers, and other investments. |
| 6 | Kwek Leng Beng | US$3 billion | Real Estate. His father founded Hong Leong Group |
| 7 | Raj Kumar & Kishin RK | US$2.8 billion | Real Estate. Behind Royal Holdings/RB Capital property empire. |
| 8 | Choo Chong Ngen | US$2.6 billion | Hotels. Founded Hotel 81 budget chain. |
| 9 | Jason Chang | US$2.5 billion | Chairman of Taiwan’s Advanced Semiconductor Engineering |
| 10 | Peter Lim | US$2.5 billion | Business magnate, entrepreneur, and investor |
Who Are They And What Do They Do?
1. Robert & Philip Ng
- Net Worth: US$12 billion
- Source of Wealth: Real Estate
The Ng brothers control Singapore’s largest private property developer, Far East Organisation. The company was founded by their late father, Ng Teng Fong, who was crowned “The King of Orchard Road”.
Philip Ng heads the local operations along with his other siblings who serve as executive directors. Whereas the older brother, Robert Ng, is the chairman of their Hong Kong arm, Sino Group.
Far East Organisation Corporate Structure
Listed Entities Under Far East Organisation
Most of which we are all very familiar with and occasionally patronise which contributes to their net worth.
| Far East Orchard Limited | Far East Hospitality Trust | Yeo's |
|---|---|---|
| • Orchard Rendezvous Hotel • The Elizabeth Hotel • The Quincy Hotel • Oasia Hotel Novena • Village Hotel Albert Court • Village Hotel Bugis • Rendezvous Hotel Singapore | Owned Hospitality Properties: • 11 in Australia • 1 in Denmark • 3 in Germany • 1 in Malaysia Properties under Development: • 1 in Singapore • 3 in UK | • Yeo's • H-TWO-O • Pink Dolphin • Justea • Juscoffee • Juscoo • Oceanic • pH Infinity • Pureté • Sparkle • Coconut Water • Cintan |
2. Goh Cheng Liang
- Net Worth: US$7.2 billion
- Source of Wealth: Paint
Goh Cheng Liang holds a 39% stake in Japan’s Nippon Paint Holdings. Armed with only a primary school education, he started off by making paint in a small factory in Singapore before reaching out to Japan’s Nippon Paint to begin a partnership.
His son, Goh Hup Jin, was appointed as chairman of Nippon Paint in March 2018. From his humble beginnings, Goh started his own foundation, Goh Foundation.
3. Zhang Yong
- Net Worth: US$6.8 billion
- Source of Wealth: Co-founder of Haidilao
Zhang Yong holds the 221st position 21 places behind Goh Cheng Liang in the Forbes’ 2019 Billionaires list. Although not part of top 10, his co-founder and his wife, Shu Ping, holds the 14th position instead. Very close.
Together, they are worth US$8.6 billion. This is the first time both co-founders of Haidilao made it onto the list.
4. Wee Cho Yaw
- Net Worth: US$6.1 billion
- Source of Wealth: Banking
Wee Cho Yaw is the chairman emeritus of UOB, a bank which was was cofounded by his father in 1935, and was previously known as United Chinese Bank.
Today, he is retired while his older son, Wee Ee Chong is UOB’s current CEO. His younger son, Wee Ee Lim is one of the board members.
The family also owns a property arm, Kheng Leong, which owns 45 apartments in Nassim.
5. Kwee Brothers
- Net Worth: US$5.6 billion
- Source of Wealth: Real Estate
The Kwee Brothers control Pontiac Land, which owns luxury hotels and office towers across Singapore. Pontiac Land was founded by their Indonesian Father, Henry Kwee.
In 2017, the Kwee Brothers acquired Cappella Hotel group for an undisclosed sum.
6. Kwek Leng Beng
- Net Worth: US$3 billion
- Source of Wealth: Real Estate
Founded by his late father in 1941, Kwek Leng Beng is currently the executive director of Singapore’s Hong Leong Group. The operations of Hong Leong Group in Malaysia is run by his cousin, Quek Leng Chan.
Sherman Kwek, Kwek Leng Beng’s son, is currently the group CEO of City Development – Singapore’s second-largest property developer after Far East Organisation.
Hong Leong Group Structure
All net worth figures are accurate as at 26 March 2019, as extracted from Forbes.
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