Covid-19 ravages Singapore but its tycoons are richer

KUALA LUMPUR: Pandemic-induced economic pains have pushed Singapore into recession,with the trade-dependent economy having shrunk 13.2 per cent in the second quarter ended June.

Despite the sharp downturn, Singapore’s 50 richest saw their collective wealth rise 28 per cent or US$37 billion to US$167 billion, according to the 2020 Forbes’ Singapore Rich List.

Hotpot billionaire Zhang Yong, whose wife Shu Ping, a cofounder and director of Haidilao International Holding, is listed together with him this year, added US$5.2 billion to retain the No. 1 spot with US$19 billion net worth.

New entrant, Li Xiting, cofounder and chairman of Shenzhen Mindray Bio-Medical Electronics, takes the No. 2 spot with a net worth of US$17.8 billion.

Rounding out the top five are Nippon Paint’s Goh Cheng Liang (No. 3, US$14.8 billion), Facebook cofounder Eduardo Saverin (No. 4, US$14 billion) and real estate siblings Robert and Philip Ng of Far East Organisation (No. 5, US$13.2 billion).

Forrest Li (No. 7, US$7.1 billion), whose company Sea Ltd is Singapore’s most valuable public company, entered the ranks of the top 10 richest for the first time.

He is also the cover story subject of the August issue of Forbes Asia.

“The city-state, which has become a magnet for tycoons from around the world, has benefited by providing a home for these wealthy expats, some taking citizenship. They occupy three of the top five spots on the list,’ Forbes said

Binny Bansal (No. 33, US$1.1 billion) is the youngest newcomer at age 37 to make this year’s list.

In 2018, Walmart acquired a 77 per cent stake for US$16 billion in Flipkart, the Indian company which he cofounded.

Bansal relocated to Singapore last year with his family and is now a venture capitalist with investments in more than 40 ventures.

The big gains enjoyed by some listees more than offset the declines suffered by more than half of the tycoons on the list.

Hoteliers such as Koh Wee Meng (No. 41, US$870 million) of the Fragrance Group and Michael Kum (No. 43, US$730 million) of M&L Hospitality saw their fortunes fall as tourism stalled.

Four dropped off the list, including Lim Oon Kuin, whose privately held Hin Leong Trading, one of Singapore’s largest oil traders, filed in April for bankruptcy.

The minimum amount required to make the list increased to US$610 million this year from US$560 million previously.

The complete list can be found at www.forbes.com/singapore and in the August issue of Forbes Asia.

Source: NST