Singapore’s tycoons see wealth rise in 2024, but still below 2021 peak

Singapore’s wealthiest individuals saw a collective increase in their fortunes by over 10 per cent, reaching US$195 billion (S$253 billion) in 2024, up from US$177 billion in 2023, according to Forbes' 2024 list of Singapore’s 50 Richest. However, their total wealth remains below the peak in 2021, when their net worth reached US$208 billion. Nearly two-thirds of those listed saw their wealth grow this year, benefiting from Singapore's robust economic performance and buoyant stock market. Forbes credited part of the wealth boost to optimism following the swearing-in of Prime Minister Lawrence Wong in May 2024 and a surge in tourism driven by major concerts from global pop star Taylor Swift and rock band Coldplay. At the top of the list, Brazilian billionaire entrepreneur and angel investor Eduardo Saverin, co-founder of Meta Platforms and based in Singapore, maintained his position as Singapore’s richest person for the second year in a row. His net worth surged by US$13 billion, reaching US$29 billion in 2024, spurred by Meta’s stock price gains, as the tech giant deepens its investments in artificial intelligence. Siblings Robert and Philip Ng of Far East Organization held on to second place, despite a slight dip in their fortune from US$14.8 billion in 2023 to US$14.4 billion in 2024. The property magnates continued to oversee one of Singapore’s largest real estate empires. In third place, Mr Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics, saw his wealth decline slightly from US$14 billion to US$13.4 billion. Real estate mogul Kwek Leng Beng climbed to fourth place with a net worth of US$11.5 billion. His high-profile acquisition of the Hilton Paris Opera hotel in 2024, ahead of the Paris Olympic Games, made headlines and solidified his family's standing. One significant change in the top 10 was the entry of the Wee family at No. 7, with a net worth of US$7.8 billion. The family, heirs of banking tycoon Wee Cho Yaw who passed away in February at the age of 95, now holds a key position in UOB, one of Singapore's major banks. Mr Wee Ee Cheong, the eldest son, is deputy chairman and chief executive of UOB, while his siblings oversee other family businesses, including UOL Group and UOB Kay Hian. Meanwhile, the founders of the Haidilao hotpot chain, Mr Zhang Yong and Ms Shu Ping, experienced a sharp drop in their ranking, falling from sixth place in 2023 to 10th in 2024. The couple's combined wealth declined to US$6.5 billion, driven by a steep fall in Haidilao's stock due to weaker consumer spending in China. Another significant development was the sharp rise in wealth of three individuals tied to United States-listed Sea Ltd. The internet company, co-founded by Mr Forrest Li, turned profitable for the first time in 2023, causing its stock to more than double. Mr Li’s wealth soared, elevating him to No. 12 with a net worth of US$5 billion, while Sea’s chief operating officer Ye Gang rose to No. 16 with US$3.1 billion. As Singapore's tycoons continue to navigate global economic fluctuations, their fortunes reflect a mixed bag of success stories and challenges, with technology, real estate, and tourism emerging as key drivers of wealth growth in 2024.