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Taking the top three spots are Ng Teng Fong (far left), the late Khoo Teck Puat (middle) and Kuok Khoon Hong (right). — PHOTO: BT, RAYMOND NG, MICHAEL GOH
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SINGAPORE’S top 40 wealthiest people are now worth a combined US$39 billion (S$56 billion), up 22 per cent from US$32 billion a year ago, according to the 2009 Forbes Asia Singapore Rich List.
Forbes, which released the list on Thursday, said the increased wealth was partly due to the almost 90 per cent jump in the Singapore’s stock market since its March low.
This year, 19 tycoons on the list were richer, including six of the top 10,while 13 saw their net worths fell, it said.
Taking the Number One spot is 81-year-old real estate mogul Ng Teng Fong with a net worth of US$8 billion, up from US$7 billion last year.
Ng and his family control the privately-owned company, Far East Organisation and its subsidiary, Sino Group, which have developed over 700 hotels, malls and condominiums here and in Hong Kong.
The late banker Khoo Teck Puat’s family whose net worth dropped US$600 million in 2008 to US$5.5 billion retained the second spot.
The late banker left his estate to 14 children in 2004 but the family sold its stake in Standard Chartered Bank in 2006 for an estimated US$4 billion. They still held on to its Goodwood Group of Hotels.
Forbes said the biggest gainer this year was the 60-year-old palm oil tycoon Kuok Khoon Hong, who is third on the list, up from fifth last year, after his net worth increased by US$2.2 billion to US$3.5 billion, as shares of his palm oil firm, Wilmar International, appreciated by 70 per cent since the last rich list.
Others on the top most spot were new entry property developer, Kwee Brothers, ranked fourth with US$3.2 billion, (5) United Overseas Bank Chairman Wee Cho Yaw (US$3.1 billion), (6) real estate tycoon Zhong Sheng Jian (US$2 billion), (7) investor Peter Lim (US$1.5 billion), (8) Hong Leong Group Executive Chairman Kwek Leng Beng (US$1.2 billion), (9) Singapore’s Oversea-Chinese Banking Corp former chairman Lee Seng Wee (US$800 million), and (10) Malaysian citizen Ong Beng Seng and wife Christina Ong (US$700 million).
Source : Straits Times – 10 Sep 2009
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