Fortunes of Singapore’s richest up just 2.4 per cent: Forbes

The magazine said the overall wealth of Singapore’s 50 richest people – estimated at US$94.6 billion (Bt3.3 trillion) – went |up just 2.4 per cent last year, reflecting the tepid growth projected for Singapore’s export-led economy this year, said the magazine, which released its rich list last week.
“While the Singapore dollar has remained flat, the stock market fell 10 per cent since the 2015 ranking, buffeting several fortunes.
“More than half of the returnees to this year’s list saw a decline in their fortunes,” it said.
While brothers Robert and Philip Ng, who control Far East Organisation and Hong Kong’s Sino Group, retained their spot at the top of the list for the seventh year running, they suffered a slight decline in wealth.
Their combined net worth has been estimated at $8.6 billion, down from $8.7 billion.
Paint tycoon Goh Cheng Liang was most affected, slipping from third to fifth spot as his net |worth shrank by $1.2 billion to $5.7 billion.
Wee Cho Yaw, chairman emeritus of United Overseas Bank, also fell two places to No 7 with $4.9 billion.
Forbes attributed the decline in the net worth of Goh to a fall in the stock price of Nippon Paint Holdings and of Wee to a lending slowdown.

Bucking the trend
Bucking the downward trend was Facebook co-founder Eduardo Saverin, the biggest gainer on this year’s list. He jumped three places to third.
The 34-year-old, who now resides in Singapore after reinventing himself as a venture capitalist, grew his net worth from $5.4 billion to $7.2 billion.
Saverin still derives much of his wealth from his minority stake in Facebook. He recently invested in local property portal 99.co and payment-processing start-up Xfers.
Property magnate Kwek Leng Beng of City Developments retained his No 2 spot as his net worth increased from $7.2 billion to $7.6 billion.
CDL has been pushing for overseas expansion amid headwinds in Singapore.
There were three newcomers to the top 50 list – India-born Arvind Tiku (No 14, $1.8 billion), whose private holding outfit AT Holdings has interests in oil and gas, property and renewable energy; Sim Lian Group chairman Kuik Ah Han (No 39, $625 million) and Tan Min-Liang (No 41, $600 million), CEO and co-founder of gaming peripherals company Razer.
The minimum to make this year’s top 50 list was $455 million, up from $420 million last year.