“39 Singaporeans Make Forbes’ 2024 Billionaires List, With Li Xiting Leading the Wealth Pack “

SINGAPORE: This year, Singapore’s presence on Forbes’ 2024 list of the world’s wealthiest individuals has grown to 39, marking a rise in representation for the island nation. With four newcomers joining last year’s 35 Singaporean billionaires, the list reflects an increase in billionaire ranks globally, reaching a record 2,781 individuals.

The total wealth of all those on the list amounts to US$14.2 trillion (S$19.2 trillion), with Li Xiting, founder of Mindray Bio-Medical Electronics, taking the top spot among Singapore’s wealthiest. Li, originally from China and now a Singapore citizen, is ranked 126th globally with a net worth of US$20.385 billion, although his wealth has seen a slight dip from 2023’s US$22.01 billion.

Following Li is Goh Cheng Liang, a major shareholder in Japan’s Nippon Paint Holdings. Other top Singaporean billionaires include Philip and Robert Ng of Far East Organization, Jason Chang of Advanced Semiconductor Engineering, Zhang Yong of Haidilao, Jason Jiang of Focus Media, Forrest Li of Sea Limited, Kwek Leng Beng of Hong Leong Group, and hotel magnate Choo Chong Ngen.

The collective net worth of Singapore’s billionaires stands at US$115.5 billion (S$155.3 billion), slightly lower than last year’s US$118.9 billion (S$160.6 billion). Among the notable names is 40-year-old Kishin RK, Singapore’s youngest billionaire, who co-owns RB Capital/Royal Holdings with his father, Raj Kumar, and is ranked 1,945th globally with a net worth of US$1.6 billion (S$2.1 billion).

Joining the list for the first time are Deputy Chairperson and CEO of United Overseas Bank, Wee Ee Chong; Wee Ee Chao, chair of Haw Par Corporation and UOB Kay Hian; and Wee Ee Lim of UOL Group, each with a net worth of US$1.3 billion (S$1.7 billion). Also new to the list is John Lim, co-founder of ARA Asset Management, who enters with a net worth of US$1 billion (S$1.3 billion).