10 | September | 2009 | Lush Dream Home

Singapore is emerging from its deepest recession since the island became an independent nation in 1965. Though the economy may shrink up to 6% this year, there are signs that the worst is over. GDP expanded in the second quarter for the first time in a year. Exports and manufacturing were up in July, and property prices and sales are picking up. The country’s main stock index has jumped almost 90% since its March low.

All of this has meant a boost in the fortunes of the nation’s richest. The total net worth of Singapore’s top 40 is $39 billion, up 20% from last year’s $32 billion. Ng Teng Fong is No. 1 again, worth $8 billion, $1 billion more than last year. Kuok Khoon Hong’s net worth is up $2.2 billion to $3.5 billion, thanks in part to a 70% jump in the stock price of palm oil firm Wilmar International.

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