Singapore’s Richest and their Families, Where Did They Get Their Wealth From?
In our little red dot, resides 5.612 million humans as at 2017, of that resides 183,737 millionaires according to Credit Suisse Research Institute’s 2018 Global Wealth Report released on October 2018 and according to Forbes, 32 billionaires.
For a tiny sunny island, this is what we have in Singapore:
- Singapore’s Population: 5.6 million
- No. of millionaires: 183,737
- No. of billionaires: 32
*Millionaires = Net worth of at least USD 1 Million
**Billionaires = Net worth of at least USD 1 Billion
List of Singapore’s Richest and their Net Worth
|Rank||Name||Net Worth||Source of Wealth|
|1||Robert & Phillip Ng||S$16.36 Billion||Real Estate.
Their dad, Ng Teng Fong, founded Far East Organisation.
|2||Eduardo Saverin||S$16.22 Billion||Cofounded Facebook.
Still holding 2% of Facebook's stake.
|3||Goh Cheng Liang||S$11.69 Billion||Paint.
Bringing Japan's Nippon Paint into Singapore
|4||Kwek Leng Beng||S$10.45 Billion||Real Estate.
His father founded Hong Leong Group
|5||Khoo Family||S$9.21 Billion||Banking.
Their dad, Khoo Teck Puat, founded Maybank.
Held the largest stake ownership in Standard Chartered Bank
|6||Wee Cho Yaw||S$8.8 Billion||Banking.
His father, Wee Khiang Cheng, cofounded United Overseas Bank.
|7||Kwee Family||S$7.42 Billion||Real Estate.
Controls Pontiac Land, which owns luxury hotels and office towers, and other investments.
|8||Richard Chandler||S$4.33 Billion||Investments.
His personal investment fund, Clermont Group.
Investment portfolio includes: Healthcare, Financial Services and Energy.
|9||Raj Kumar & Kishin RK||S$3.71 Billion||Real Estate.
Behind Royal Holdings/RB Capital property empire.
|10||Choo Chong Ngen||S$3.57 Billion||Hotels.
Founded Hotel 81 budget chain.
Who are they and what do they do?
1. Robert & Philip Ng
- Net Worth: S$16.36 billion
- Source of Wealth: Real Estate
The Ng brothers control Singapore’s largest private property developer, Far East Organisation. Which 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 their siblings who serve as executive directors, whereas the older brother, Robert Ng, is the chairman of their Hong Kong’s 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
• Pink Dolphin
• pH Infinity
• Coconut Water
2. Eduardo Saverin
- Net Worth: S$16.22 billion
- Source of Wealth: Facebook
Eduardo Saverin, a Singaporean permanent resident, co-founded Facebook with his classmate (a name we are all very familiar with), Mark Zuckerberg. His wealth was mainly derived from his 2% stake in Facebook, this is his stake in figures as of 18 December 2018:
- Facebook’s Market Cap: 402.877B
- Eduardo Saverin’s stake (2%): 8.057B
He has since started his own venture capital fund, B Capital Group, in 2016. Eduardo Saverin renounced his citizenship with the US in 2012 before Facebook’s IPO.
3. Goh Cheng Liang
- Net Worth: S$11.69 billion
- Source of Wealth: Paint
Goh Cheng Liang holds a 39% stake in Japan’s Nippon Paint Holdings. With only primary school education, he started off by making paints in a small factory in Singapore before reaching out to Japan’s Nippon Paint for 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.
4. Kwek Leng Beng
- Net Worth: S$10.45 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
5. Khoo family
- Net Worth: S$9.21 billion
- Source of Wealth: Banking (Maybank)
The Khoo family are heirs of the late Khoo Teck Puat who founded Malayan Bank also known as Maybank. But what really made him exceptional was his largest stake ownership in Standard Chartered Bank in 1986 at 13.45%.
A bulk of their wealth came from their stake in Standard Chartered Bank which was sold to Temasek Holdings for S$5.5 Billion in 2006.
The Khoo family also owns the Goodwood Group which consists of Goodwood Park Hotel, York Hotel and Royal Garden Hotel.
- His youngest son, Eric Khoo, a filmmaker with his production company, Zhou Wei Films.
- His daughter, Mavis Oei, chairperson of Goodwood Park Hotel.
They also donated S$55 Million to National University of Singapore for a hospital named after their late father, Khoo Teck Puat.
All net worth figures are accurate as at 18 December 2018 extracted from Forbes.
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