Singapore's Top 5 Billionaires Gain $18.2B in Wealth

Overview of Singapore’s Top Five Billionaires

The wealth of Singapore’s top five billionaires has seen a significant increase over the past year, with Eduardo Saverin, co-founder of Facebook (now Meta Platforms), leading the list. According to recent reports, their combined net worth has risen by $18.2 billion, marking a notable shift in the city-state’s financial landscape.

This year’s rankings have retained the same names as 2024, though there has been a slight reordering. Saverin has maintained his position at the top for the third consecutive year, showcasing his enduring influence and financial success.

Eduardo Saverin – The Wealthiest Individual in Singapore

Eduardo Saverin, born in 1982 into a wealthy Brazilian family, studied at Harvard University where he met Mark Zuckerberg and two other classmates. Together, they launched Facebook in 2004 as a social network for college students. Although Saverin was eventually pushed out of the company, he still holds a small stake in what is now known as Meta Platforms.

The recent surge in Meta’s shares, driven by growth in AI-driven advertising, has added $14 billion to Saverin’s wealth, bringing his net worth to $43 billion. As a Singapore permanent resident, Saverin has held the title of the city-state’s richest man since 2023.

Kwek Leng Beng and Family – City Developments Limited

Kwek Leng Beng, 84, serves as executive chairman of City Developments Limited, a property developer that was founded in 1963 and later acquired by the Kwek family’s Hong Leong Group in 1972. Under his leadership, the company transformed into one of Singapore’s largest property developers.

However, an earlier public feud between Kwek and his son, Sherman Kwek, sent the company’s shares to a two-decade low. Following a truce and several divestments aimed at reducing debt, the stock has since rebounded. The family’s net worth increased by $2.8 billion, lifting them from fourth to second place on the rankings with a total of $14.3 billion.

Philip and Robert Ng – Far East Organization

Philip Ng, 66, and his older brother Robert, 73, control Far East Organization, Singapore’s largest private landlord. Founded by their late father, Ng Teng Fong, the company has grown to become a major player in the real estate sector.

Recent developments include Robert stepping down and passing the torch to his son, Daryl Ng, who is set to become chairman of Sino’s Hong Kong-listed property firms. Despite a slight decline in their combined fortune to $14.1 billion, the brothers remain in third place on the rankings.

Goh Family – Nippon Paint Holdings

The Goh family, led by the late Goh Cheng Liang, has made its debut on this year’s rankings with a net worth of $13.1 billion. Goh Cheng Liang, who passed away on August 12 at the age of 98, became a billionaire through his majority stake in Nippon Paint Holdings.

His long-standing business relationship with Nippon began in the late 1950s when he was appointed as the brand's main distributor in Singapore. He opened his first paint shop in 1955 and became the Japanese brand’s primary distributor in the region by 1962.

Li Xiting – Shenzhen Mindray Bio-Medical Electronics

Li Xiting, 74, is a Chinese-born entrepreneur and founder of Shenzhen Mindray Bio-Medical Electronics. He became a Singapore citizen in 2018 and co-founded the medical equipment supplier in 1991. The company went public on the New York Stock Exchange in 2016.

Mindray employs around 18,000 people and operates in more than 190 countries. Despite a slight dip in his net worth to $13 billion, Li remains a key figure in Singapore’s business community.