Top 10 Richest Singaporeans in 2019 And How Did They Get There?

Top 10 Richest Singaporeans in 2019 And How Did They Get There?

Cherie Tan

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.

Donald Trump Saying He Is Really Rich
Image Credit: giphy

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

RankNameNet WorthSource of Wealth
1Robert & Phillip NgUS$12 billionReal Estate.
Their dad, Ng Teng Fong, founded Far East Organisation.
2Goh Cheng LiangUS$7.2 billionPaint.
Bringing Japan's Nippon Paint into Singapore
3Zhang YongUS$6.8 billionCo-founder of Haidilao
4Wee Cho YawUS$6.1 billionBanking.
His father, Wee Khiang Cheng, cofounded United Overseas Bank.
5Kwee BrothersUS$5.6 billionReal Estate.
Controls Pontiac Land, which owns luxury hotels and office towers, and other investments.
6Kwek Leng BengUS$3 billionReal Estate.
His father founded Hong Leong Group
7Raj Kumar & Kishin RKUS$2.8 billionReal Estate.
Behind Royal Holdings/RB Capital property empire.
8Choo Chong NgenUS$2.6 billionHotels.
Founded Hotel 81 budget chain.
9Jason ChangUS$2.5 billionChairman of Taiwan’s Advanced Semiconductor Engineering
10Peter LimUS$2.5 billionBusiness magnate, entrepreneur, and investor

Who Are They And What Do They Do?

Robert & Philip Ng

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

Far East Organisation Corporate Structure
Source: Far East Organisation

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 LimitedFar East Hospitality TrustYeo'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
• Pink Dolphin
• Justea
• Juscoffee
• Juscoo
• Oceanic
• pH Infinity
• Pureté
• Sparkle
• Coconut Water
• Cintan

 Image Credit: Discover SG

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.

Zhang Yong Haidilao
Image Credit: Forbes

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.

Wee Cho Yaw

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.

Kwee Brothers

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.

Kwek Leng Beng

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

Hong Leong Group Structure
Source: Hong Leong Group

All net worth figures are accurate as at 26 March 2019, as extracted from Forbes. 

About Cherie Tan
Turning finance into boba-sized pieces. One iced milk boba tea, please!
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