TEMPO.CO, Jakarta - Singapore, a sovereign city-state in Southeast Asia, is one of the preeminent destinations for investment and trade. Over the past two decades, it has become a home for developments in cutting-edge technologies, finance, and other industries, birthing numerous regional billionaires.

These business magnates have established a plethora of enterprises in various sectors, such as medical devices, paint, real estate, electronics, game development, and advertising.

Forbes, the prestigious American business magazine, recently disclosed its list of the world's wealthiest individuals, including from Singapore. Here is a list of the top 10 richest people in Singapore in May 2024, published on Forbes’ Real-Time Billionaires page.

1. Li Xiting (US$15.9 billion)

Li Xiting, the co-founder and chairman of medical device company Shenzhen Mindray Bio-Medical Electronics, remains the wealthiest Singaporean. The 73-year-old co-founded Mindray with Xu Hang in 1991. He holds a bachelor's degree from the University of Science and Technology of China and was granted Singaporean citizenship in 2018.

2. Goh Cheng Liang (US$11.8 billion)

Goh Cheng Liang derives most of his wealth from a controlling stake in Japan's Nippon Paint Holdings, the world's fourth-largest paint manufacturer by revenue. Goh started making paints in a small factory in Singapore before partnering with Nippon Paint in 1962.

In 2021, his son Hup Jin, who chairs Nippon Paint, completed a US$12 billion stock and cash deal that gave him a majority stake in Nippon.

3. Philip Ng (US$7.1billion)

Philip Ng and his brother Robert Ng control the Far East Organization, Singapore's largest private landlord and property developer. The group was established by their father, Ng Teng Fong, who migrated to Singapore from China in 1934 and became known as the “King of Orchard Road.”

Under the leadership of Philip and Robert Ng, Far East Orchard transformed the century-old former Westminster Fire Station in London into a luxury development with 17 apartments, which was subsequently sold in 2022.

4. Robert Ng (US$7 billion)

Robert Ng and his brother, Philip Ng, run the Far East organization. He manages their Hong Kong arm, the Sino Group, and his son, Daryl.

5. Zhang Yong (US$6.5 billion)

Zhang Yong is the owner and chairman of the Sichuan Haidilao hotpot restaurant chain, which went public in September 2018. In March 2022, Zhang Yong stepped down as CEO to focus on long-term strategy.

Haidilao has nearly 1,500 restaurants across several countries, most located in China, the United States, Japan, South Korea, and Singapore. The company spun off its overseas business, Super Hi, and listed it in Hong Kong in 2022.

6. Jason Chang (US$6.2billion)

Jason Chang, the head of Taiwan-based Advanced Semiconductor Engineering (ASE), the world's leading provider of independent semiconductor assembly and test manufacturing services, has a net worth of US$6.2 billion. Along with his brother Richard, Jason is a principal investor in Sino Horizon, a commercial real estate developer.

7. Forrest Li (US$4.2 billion)

The Singaporean tycoon is the founder of Sea, an online gaming and e-commerce company with interests in electronic payments and financial services. Forrest Li is one of the richest people in Singapore after listing his company on the New York Stock Exchange in October 2017.

In the fourth quarter of 2022, Sea reported its first quarterly profit of US$423 million since its initial public offering (IPO) five years ago. Sea has launched digital banking services in Singapore, Indonesia, and the Philippines through Seabank.

8. Jason Jiang (US$3.9 billion)

Jason Jiang is the founder and CEO of the Chinese outdoor advertising company Focus Media Information Technology. This Alibaba-backed company has elevator screens and cinema media networks in 300 cities in China and 70 cities abroad.

9. Kwek Leng Beng (US$3.3 billion)

Kwek Leng Beng is the executive chairman of Singapore's Hong Leong Group, which his father founded in 1941. He also serves as the executive chairman of City Developments, the country's second-largest property developer.

City Developments has residential properties in England, Japan, Australia, and the United States. This apartment includes housing developments for students studying in England.

10. Choo Chong Ngen (US$3 billion)

The tenth richest person in Singapore is Choo Chong Ngen. This Singaporean conglomerate made a fortune in the textile sector before launching a budget hotel chain, Hotel 81, in Geylang, Singapore's red-light district.

He had expanded into the mid-range market, launching five new hotel brands since 2009. Since 2017, he has expanded his hotel wings to Australia, Japan, Malaysia, South Korea, and Thailand, with nine hotels managed by Travelodge and Holiday Inn.

In 2018, Choo Chong Ngen changed the name of his group company to Worldwide Hotels.

RADEN PUTRI

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