Robert and Philip Ng have retained their six-year hold of the top spot in the latest Forbes Singapore rich list, with a combined net worth of USD 8.7 billion.
The Ng siblings, whose family controls Singapore’s Far East Organisation and Hong Kong’s Sino Group, saw their wealth decline amidst the property slowdown in Singapore and slowing sales in Hong Kong.
To counter the domestic slump in the real estate sector, the brothers have been expanding in Australia, spending USD one billion in the last two years on trophy assets.
Their last purchase was the Westin Sydney Hotel and the adjoining retail podium, which they bought in May for USD 342 million.
The Ngs aren’t the only tycoons in Singapore who saw a fall in their net worth.
The country’s lacklustre economy coupled with a 9% decline in the Singapore dollar from a year ago and a flat stock market, affected the overall wealth of Singapore’s 50 richest.
Their collective net worth is USD 92.3 billion, down from USD 96.9 billion a year ago.
Several tycoons in the Singapore rich list have fortunes tied to the troubled real estate industry. They include Kwek Leng Beng (No. 2), the Khoo family (No. 4), Kwee brothers (No. 7) and Ho Bee Land’s Chua Thian Poh (No. 26).
Despite the softening of the Singapore dollar, there are 28 billionaires on this year’s Singapore rich list, up from 26 a year ago.
The minimum amount required to make the list was USD 420 million, down from USD450 million last year.
The top 10 richest in Singapore are:
1) Robert and Philip Ng; USD 8.7 billion
2) Kwek Leng Beng; USD 7.2 billion
3) Goh Cheng Liang; USD 6.9 billion
4) Khoo family; USD 6.4 billion
5) Wee Cho Yaw; USD 5.45 billion
6) Eduardo Saverin; USD 5.4 billion
7) Kwee brothers; USD 5.2 billion
8) Richard Chandler; USD 2.6 billion
9) Kuok Khoon Hong; USD 2.55 billion
10) Raj Kumar and Kishin RK; USD 2.4 billion
The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources.
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