Forbes Singapore's rich list now has a record 21 billionaires from just 16 last year. As for the combined net worth of the 50 richest Singaporeans, it stands at US$80 billion or over S$102 billion.
Holding on to top spot are property tycoons Robert and Philip Ng whose net worth rose to US$10.6 billion (S$13.5 billion) from last year's US$9.2 billion (S$11.7 billion). The brothers head up Far East Organization, started by their late father Ng Teng Fong, which has completed over 700 hotels, condominiums and malls in Singapore and Hong Kong.
They are followed by Kwek Leng Beng, Chairman of City Developments. Jumping from sixth spot, he posted the highest increase in net wealth of US$7.1 billion (S$9 billion) from US$2.4 billion (S$3 billion) previously, with his fortune including the interest of cousins Kwek Leng Peck and Kwek Leng Kee.
With a net worth of US$6.7 billion (S$8.5 billion), the heirs of late banker Khoo Teck Puat remain in third spot even after selling a stake in Standard Chartered Bank some years back. The family are still owners of the Goodwood Group of Hotels.
Meanwhile, the 10 newcomers in this year's list are: Nippon Paint partner Goh Cheng Liang (No 9), Ching Chiat Kwong of Oxley Holdings (No 36), ‘coffee king’ David Teo of Super Group (No 37), Singapore permanent resident Serge Pun of Yoma Strategic Holdings (No. 38), Loi Kai Meng who chairs CWT (No 39) and jeweller Koh Wee Seng (No 40).
Also new on the list are C&P Holdings co-founder Stanley Liao (No 41), medical doctor Cheo Tong Choon of Mewah International (No 43), Roxy-Pacific Holdings owner Teo Kok Leong (No 47) and Chew Thiam King of marine services firm Ezion Holdings (No 50).
In addition, Ron Sim of OSIM International has been listed on the billionaire list for the first time after shares of his massage chair company rose by two-fold during the past year. His wealth was also boosted by private assets such as his stake in historic buildings in Singapore and property in China.
Nikki De Guzman, Junior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email firstname.lastname@example.org