Singapore’s 50 Richest 2024: A Double-Digit Boost Propels Combined Wealth To $195 Billion

Singapore’s 50 Richest 2024: A Double-Digit Boost Propels Combined Wealth To $195 Billion Two expats-turned-citizens, hotelier Ji Qi and George Raymond Zage III, investor in LGBTQ dating app Grindr, join the list.

Singapore’s 50 Richest 2024: A Double-Digit Boost Propels Combined Wealth To $195 Billion

Singapore’s 50 Richest 2024: A Double-Digit Boost Propels Combined Wealth To $195 Billion Early this year, pop sensation Taylor Swift and rock group Coldplay sold out stadiums in Singapore, drawing young music lovers from all around the region. This helped spur the city-state’s economy, which saw growth for two quarters in a row. The excitement of youth spread to the nation’s political elite following the 51-year-old Lawrence Wong’s inauguration as prime minister in May. The stock market was helped by the general upbeat mood, and as a result, the 50 richest tycoons in the nation saw their combined net worth increase by more than 10% to $195 billion.

Compared to a year earlier, about two-thirds of list members have more wealth. The highest dollar gainer is Eduardo Saverin, a longstanding resident of Singapore and cofounder of Meta Platforms (previously Facebook), who is back at the top for the second year in a row. His net worth increased by $13 billion to a record $29 billion as shares of Meta, a company that makes significant investments in AI, kept rising.

Suggested to be worth $14.4 billion in total, Robert and Philip Ng, siblings of the real estate mogul Far East Organization, came in second. Property tycoon Kwek Leng Beng, who gained notoriety this year for his prompt acquisition of the renowned Hilton Paris Opera hotel ahead of the 2024 Olympic Games, rose to No. 4 on the list with a $11.5 billion net worth that he shares with his family.

The Wee family, who are the descendants of the legendary banker Wee Cho Yaw, chairman emeritus of United Overseas Bank (UOB), has made a significant move into the top ten rankings. At the age of 95, he passed away in February. Wee Ee Lim, Wee Ee’s youngest son, is chairman of listed real estate developer UOL Group. Wee Ee Chao, the son of Wee, is chairman of both Tiger Balm manufacturer Haw Par and brokerage UOB Kay Hian. Wee Ee Cheong, Wee’s eldest son, is UOB’s deputy chairman and CEO.

The native e-commerce, digital entertainment, and fintech firm that three individuals cofounded became profitable for the first time in 2023 after its IPO seven years earlier, and its shares more than doubled in the previous 12 months. The individuals’ wealth is linked to the New York-listed Sea. With $5 billion, chairman and CEO Forrest Li shot up to No. 12 while chief operational officer Gang Ye rose to No. 16 with $3.1 billion. David Chen, the chief product officer of Shopee, the booming e-commerce arm, has made a comeback to the rankings, ranking No. 50 with $870 million after a year away.

This year, there are two more fresh faces: Ji Qi, a Singaporean national born in China, is a hotelier and co-founder of Trip.com. He founded his H World Group in 2005 and expanded it into a chain of over 10,000 hotels. George Raymond Zage III, a former hedge fund manager who became a citizen, is the other newcomer. He made most of his $900 million wealth by investing in shares of Grindr, an app for LGBTQ dating that went public on the New York Stock Exchange in 2022 following a merger with his special purpose acquisition company.

Amidst sluggish consumer spending in China, the hotpot chain Haidilao International Holding saw its shares plummet 45%, impacting the wealth of ten listees, including the husband-and-wife team Zhang Yong & Shu Ping. This year’s minimum net worth is a record $870 million, up from $750 million, with three drop-offs.

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