The latest list of Forbes wealthiest individuals and families in Singapore indicated that the top 40 richest Singaporeans are now worth US$45.7 billion (S$62 billion), up 17 percent from US$39 billion in 2009. The list is made up of popular entrepreneurs, business leaders and philanthropists.
In the number one spot again this year is the family of the country’s richest man and late property tycoon Ng Teng Fong. Mr. Ng, who passed away in February, has a net worth of US$7.8 billion, a slight drop from US$8 billion last year after a stake in HK developer Tsim Sha Tsui Properties fell 18 percent in the past one year..
The Khoo family, who has a minor stake in Orchard Parade Holdings and owns Goodwood Group of Hotels, still stays on in second place with US$5.9 billion.
Wee Cho Yaw, chairman of United Overseas Bank, came in third and has assets worth US$3.6 billion. He was among the two biggest gainers in dollar terms. Mr. Wee regained the third position after adding US$500 million to his wealth.
According to Forbes Asia magazine, the increase in collective net worth highlights Singapore’s economic resurgence. The country is set for record growth this year after contracting by 1.3 percent last year. The official growth forecast for 2010 was revised upwards in June from 7 to 9 percent to 13 to 15 percent.