The Republic’s expanding economy and stock market have lifted their fortunes.
Meta Platforms co-founder Eduardo Saverin, brothers Robert and Philip Ng of Far East Organization, and Shenzhen Mindray Bio-Medical Electronics chairman Li Xiting.
Still, nearly two-thirds of those on the list saw their wealth grow in 2024 from the previous year, supported by Singapore’s expanding economy and stock market. Forbes attributed the boost to the overall positive sentiment from the swearing-in of Prime Minister Lawrence Wong in May as well as the influx of visitors for sold-out concerts by pop icon Taylor Swift and rock band Coldplay.
Real estate magnate Kwek Leng Beng climbed one spot to No. 4 with a net worth of US$11.5 billion, which he shares with his family. His purchase of the Hilton Paris Opera hotel, ahead of the 2024 Olympic Games, made headlines this year. The husband-and-wife team of Mr Zhang Yong and Ms Shu Ping fell from No. 6 in 2023 to No. 10 in 2024, with a combined net worth of US$6.5 billion. Their hotpot chain, Haidilao International Holding, saw its shares plummet this year due to weak consumer spending in China.
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