The number of billionaires in Singapore has increased from 26 in 2022 to 35 in 2023, according to Forbes' list of the world's wealthiest individuals.
The number of billionaires in Singapore has increased from 26 in 2022 to 35 in 2023, according to Forbes’ list of the world’s wealthiest individuals. This growth comes despite a global reduction in both the total number of billionaires, which fell from 2,668 to 2,640, and the overall wealth of billionaires worldwide, which decreased from US$12.7 trillion (S$16.9 trillion) to US$12.2 trillion (S$16.2 trillion).
In Singapore, the combined net worth of its billionaires now stands at US$118.9 billion (S$157.9 billion).
Li Xiting Remains the Richest in Singapore
The richest individual in Singapore is still Li Xiting, co-founder and chairman of Shenzhen Mindray Bio-Medical Electronics, a medical device supplier. His net worth for 2023 is US$16.3 billion (S$21.67 billion), a slight drop from US$17.6 billion (S$23.4 billion) in 2022. Li, a naturalised Singaporean born in Anhui, China, continues to lead the list after initially founding his company in 1991.
Li gained US$3.36 billion (S$4.8 billion) in 2020 due to a surge in demand for ventilators, making it one of the highest gains that year, just behind Amazon’s Jeff Bezos.
Other Notable Singaporean Billionaires
Other prominent names on the list include Goh Cheng Liang, Philip Ng, and Zhang Yong, ranking second, third, and fourth, respectively. Goh Cheng Liang’s wealth, at US$14.3 billion (S$19 billion), primarily comes from his majority stake in Nippon Paint Holdings, the world’s fourth-largest paint manufacturer.
Philip Ng, with a net worth of US$7.6 billion (S$10 billion), co-owns Far East Organisation with his brother, making them Singapore’s largest private landlords and property developers.
Zhang Yong, chairman of Haidilao, has a net worth of US$7.5 billion (S$9.96 billion). Haidilao, a Sichuan hotpot chain with over 1,000 restaurants globally, went public in 2018.
New Additions to the Billionaire List
This year’s list saw the addition of Kwek Leng Keow, Michael Kum, and Loo Choon Yong. Kwek, managing director of Hong Realty, holds a net worth of US$1.4 billion (S$1.86 billion), while hotel tycoon Michael Kum, founder of M&L Hospitality, joins the list with US$1 billion (S$1.3 billion). Loo Choon Yong, co-founder of Raffles Medical Group, also made the list with a net worth of S$1 billion.
Razer CEO Returns as a Billionaire
Razer’s CEO, Tan Min-Liang, returned to the billionaire list after last appearing in 2018. With a net worth of US$1.1 billion (S$1.4 billion), Tan’s wealth surged after taking Razer private in a deal valued at S$3.2 billion in 2022.
Global Billionaire Trends
Globally, the richest person is now Bernard Arnault, French luxury-goods tycoon, with a net worth of US$211 billion (S$280 billion), surpassing Elon Musk, who dropped to second place with US$180 billion (S$239.1 billion). Despite the shake-up at the top, the U.S. continues to lead the world with 735 billionaires, followed by China with 495.
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