In this article, we will look at the 30 Wealthiest People in Singapore.
An Outlook of the Singaporean Economy
According to the Ministry of Trade and Industry (MTI), the Singaporean economy rose at a more rapid pace than expected in Q1 2024. The GDP increased by 2.7% year-over-year, recording the strongest growth in the past 18 months. This marks a positive outlook for the country’s economy, as the economists’ predictions for growth were 2.5%. However, certain areas of concern remain, including inflation which has calmed down compared to its peak earlier this year. However, it still was at 3.1% in April. The Monetary Authority of Singapore (MAS) expects moderate inflation throughout the year, averaging between 2.5% and 3.5%. The MTI has maintained the country’s GDP growth forecast for 2024 at 1-3%. As of 2024, Singapore has a GDP of $525.3 billion as reported by the IMF.
Key Driver of Growth in Q1
In the first quarter of 2024, the GDP growth was primarily driven by the finance, transportation, and wholesale trade sectors on a year-over-year basis. The finance and insurance sector underwent a growth of 6.5% YoY, compared to 5.4% in the previous quarter. The banking and fund management segments witnessed a surge in net fees and commission incomes, driven by an increase in transaction volumes across most asset classes. DBS Group Holdings Ltd (OTC:DBSDY) is one of the biggest companies in Singapore. It is the largest banking and financial services company in Southeast Asia by assets. As of 2023, it has S$739 billion in assets under management. The company boasts a workforce of approximately 40,000 with a presence in 19 markets in Asia.
In the first quarter of 2024, DBS Group Holdings Ltd (OTC:DBSDY) recorded a net profit of S$2.96 billion, up 15% from the previous year. The total income of the group rose 13% and reached a record S$5.56 billion. Its net fee income grew tremendously by 23%, driven by an increase in wealth management fees from stronger market sentiment and a surge in assets under management. On June 12, Reuters reported that DBS plans to increase assets under management for its wealth segment to S$500 billion by 2026. In 2023, the wealth assets at the company reached a record S$365 billion. The growth was led by relative political stability, low taxes, and favorable policies, resulting in strong inflows of wealth into Asia ultimately benefitting Singapore. DBS controls more than a third of Singapore’s family offices. The bank also aims to increase the number of wealthy clients with at least S$1 million and above wealth, by 50% in 2026. The company has doubled its high-net-worth clients over the past 2 years.
DBS Group Holdings Ltd (OTC:DBSDY) also plans to increase its market share in Asia. On June 3, the company announced its ‘Bridging Business Horizons’ program, to engage 1,000 small and mid-sized businesses to capture business opportunities by expanding into new markets, leveraging DBS’ regional dominance and support from the Singapore Business Federation and Enterprise Singapore. The program will strengthen Singapore’s economy by assisting the international expansion of banks and providing a regional market for them to accelerate business growth.
Now, let’s look at the 30 wealthiest people in Singapore. You can also look at the 30 Wealthiest People in South Korea.
A boat on the Singapore river in the early morning, with the financial skyscrapers of the city in the background.
Methodology
To compile our list of the 30 wealthiest people in Singapore, we consulted the real time billionaires data from Forbes and ranked the wealthiest people in Singapore in ascending order of their net worths, as of June 24.
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30 Wealthiest People in Singapore
30. Kwek Leng Keow
Net Worth as of June 24: $1.4 billion
Kwek Leng Keow inherited his father’s stake in Hong Leong Group. His brother, Kwek Leng Peck is the executive chairman of Hong Leong Asia. Kwek Leng Keow is the managing director of Hong Realty. As of June 24, he has a net worth of $1.4 billion. He is one of the wealthiest people in Singapore.
29. Ron Sim
Net Worth as of June 24: $1.5 billion
Ron Sim founded the manufacturer of high-end massage chairs, OSIM International. Sim owns a notable property portfolio which includes a stake in Perennial Holdings. As of June 24, Sim has a net worth of $1.5 billion.
28. Koh Wee Meng
Net Worth as of June 24: $1.5 billion
Koh Wee Meng is a property magnate in Singapore. He runs the Fragrance Group, which has interests in the UK and Australia. He is one of the wealthiest people in Singapore.
27. Wee Ee Cheong
Net Worth as of June 24: $1.6 billion
Wee Ee Cheong is the CEO and deputy chairman of the 3rd largest bank by assets in Singapore, United Overseas Bank. Cheong has a net worth of $1.6 billion, as of June 24.
26. Kwee Liong Phing
Net Worth as of June 24: $1.6 billion
Kwee Liong Phing, along with his brothers runs the Pontiac Land which owns luxury hotels and iconic office towers across Singapore. The company was founded by their Indonesian father, who moved to Singapore in 1958. The brothers also own a majority stake in a luxury tower in New York. Pontiac Land invested $400 million in a resort complex in the Maldives.
25. Kwee Liong Seen
Net Worth as of June 24: $1.6 billion
Kwee Liong Seen is ranked 25th on our list of the wealthiest billionaires in Singapore. He is the brother of Kwee Liong Phing. As of June 24, he has a net worth of $1.6 billion.
24. Kwee Liong Keng
Net Worth as of June 24: $1.6 billion
Kwee Liong Keng is one of the richest billionaires in Singapore with a net worth of $1.6 billion.
23. Kwee Liong Tek
Net Worth as of June 24: $1.6 billion
Kwee Liong Tek is the chairman of Pontiac Land. He has been making investments in startups such as Dtcpay, a digital payments startup, and Chainup, a blockchain tech company. He is ranked 23rd on our list.
22. Kishin RK
Net Worth as of June 24: $1.6 billion
Kishin RK is one of the leading developers in Singapore. He runs the RB Capital property company with his father, Raj Kumar. He has a net worth of $1.6 billion, as of June 24.
21. Raj Kumar
Net Worth as of June 24: $1.6 billion
Raj Kumar owns and runs RB Capital with his son. He is ranked 21st on our list of the wealthiest people in Singapore with a net worth of $1.6 billion.
20. Asok Kumar Hiranandani
Net Worth as of June 24: $1.7 billion
Asok Kumar Hiranandani is the brother of Raj Kumar. His company, Royal Group Investments owns the 215-room Sofitel Singapore Sentosa Resort. He sold his 134-room SO/Singapore hotel located in the city’s central business district in 2022, for S$240 million. He is ranked 20th on our list.
19. Peter Lim
Net Worth as of June 24: $1.8 billion
Former stockbroker, Peter Lim is focused on healthcare, property, and sports. He consolidated his healthcare company in Singapore with the Malaysian company, Thomson Medical Group which is listed in Singapore. He has a net worth of $1.8 billion, as of June 24.
18. Zhao Tao
Net Worth as of June 24: $1.8 billion
Zhao Tao chairs the traditional Chinese medicine supplier, Shandong Buchang Pharmaceuticals. He is one of the richest billionaires in Singapore, with a net worth of $1.8 billion.
17. Oei Hong Leong
Net Worth as of June 24: $1.9 billion
Oei Hong Leong is the son of the late Indonesian billionaire, Eka Tjipta Widjaja. He raised his fortune from a corporate bond portfolio and real estate assets. He is ranked 17th on our list of the wealthiest people in Singapore.
16. Shu Ping
Net Worth as of June 24: $2.0 billion
Shu Ping is the director and one of the co-founders of Haidilao International Holdings, a Chinese hot pot chain. She has a net worth of $2 billion, as of June 24.
15. Sam Goi
Net Worth as of June 24: $2.1 billion
Sam Goi is the owner of one of the largest makers of popiah skins, Tee Yih Jia Food Manufacturing. In April 2021, he became the chairman of Hanwell, a consumer goods firm in Singapore. He has a net worth of $2.1 billion.
14. Kwek Leng Kee
Net Worth as of June 24: $2.4 billion
Kwek Leng Kee inherited his father’s stake in Hong Leong Group. His father was one of the co-founders of the company. His cousins Kwek Leng Beng and Kwek Leng Peck are also billionaires. He is a board member of Hong Leong Finance and the assistant managing director of Hong Leong Holdings.
13. Liang Xinjun
Net Worth as of June 24: $2.4 billion
Liang Xinjun is the former vice chairman and chief executive officer of Fosun International. The company invests in steelmaking, mining, tourism, and pharmaceuticals. He is one of the wealthiest people in Singapore.
12. Kuok Khoon Hong
Net Worth as of June 24: $2.7 billion
Kuok Khoon Hong is the cofounder of Wilmar, one of the largest palm oil producers. He is the co-owner of the Aviva Tower in London. Hong is worth $2.7 billion, as of June 24.
11. Gang Ye
Net Worth as of June 24: $3.0 billion
Gang Ye is the co-founder of the online gaming and e-commerce firm, Sea. He founded the company along with Forrest Li, who is also a billionaire. Since 2017, Gang Ye has been serving as the CEO of the company.
10. Kwek Leng Beng
Net Worth as of June 24: $3.2 billion
Kwek Leng Beng is the executive chairman of Hong Leong Group, which was founded by his father in 1941. He is also the executive chairman of a property developer, City Developments. His son serves as the CEO of the property company. As of June 24, Beng is worth $3.2 billion.
9. Choo Chong Ngen
Net Worth as of June 24: $3.2 billion
Choo Chong Ngen raised his fortune from textiles before entering into the hospitality market. He launched Hotel 81, a budget hotel chain in Geylang, Singapore’s red-light district. He has expanded his business into Australia, Japan, South Korea, Malaysia, and Thailand. He is one of the wealthiest people in Singapore.
8. Jason Jiang
Net Worth as of June 24: $3.6 billion
Jason Jiang is the CEO and founder of an outdoor advertising company in China, Focus Media Information Technology. The company has elevator screens and movie theatre media networks in 300 cities across China and 70 countries. As of June 24, he has a net worth of $3.6 billion.
7. Forrest Li
Net Worth as of June 24: $4.7 billion
Forrest Li co-founded the e-commerce company, Sea. He is one of the richest billionaires in Singapore, with a net worth of $4.7 billion.
6. Zhang Yong
Net Worth as of June 24: $5.2 billion
Zhang Yong is the chairman of the hotpot chain, Haidilao. His restaurant chain has 1,500 restaurants in China, the US, Japan, Singapore, and South Korea. He is ranked 6th on our list, with a net worth of $5.2 billion.
5. Robert Ng
Net Worth as of June 24: $6.9 billion
Robert Ng is the owner of the leading private landlord and property development company, Far East Organization in Singapore. As of June 24, he has a net worth of $6.9 billion and is ranked among the wealthiest people in Singapore.