Tag Archives: Singapore Richest

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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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

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. Continue reading →