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Singapore’s elite billionaires club has officially expanded.
While the Lion City has long been known for its ability to cultivate wealth – its density of millionaires continues to expand every year – the list of billionaires in Singapore is also continuing to grow.
According to the latest Forbes Singapore rich list 2014, the country has gained 5 new billionaires this year.
Property magnates Robert and Philip Ng dominate the list yet again with an estimated net worth of US$12.8 billion (S$15.8b), up from US$10.6 billion (S$13.1b) last year.
Kwek Leng Beng, chairman of City Developments, and his family stay in second place with a net worth of US$7.8 billion (S$9.6b), up from US$7.1 billion (S$8.8b). The Khoo family of Goodwood Group of Hotels added US$300 million (S$372m) to their wealth to retain the third spot with US$7 billion (S$8.6b).
The combined wealth of the 26 billionaires is up by a fifth to US$96.9 billion (S$120b) over the past 11 months, according to Forbes.
The five newcomers include the Tay family (No. 25, US$1.1 billion) who are known for the chain of affordable OG department stores; Lim Chap Huat (No. 31, US$890 million) of property group Soilbuild; shipping veteran Pang Yoke Min (No. 41, US$655 million) of Pacific Radiance; Ho Kian Guan (No. 39, US$695 million) of Keck Seng Group and Chew Gek Khim (No. 40, US$670 million) of Straits Trading.
Here are Singapore’s top 10 billionaires (Net worth USD):
1. Robert & Philip Ng – $12.8b
2 . Kwek Leng Beng – $7.8b
3. Khoo family – $7.0b
4. Wee Cho Yaw – $6.2b
5. Kwee brothers – $6.0b
6. Eduardo Saverin – $4.2b
7. Goh Cheng Liang – $3.2b
8. Richard Chandler – $3.0b
9. Peter Lim – $2.5b
10. Kuok Khoon Hong – $2.4b
READ MORE: More Singaporeans are becoming millionaires