- Eduardo Saverin, Meta Platforms’ co-founder, tops Singapore’s richest in 2023 with a net worth of US$16 billion.
- Despite a temperate economy, the combined wealth of Singapore’s 50 richest increased by eight percent to US$177 billion.
- Expatriates, such as Saverin, feature prominently among the Lion City’s wealthiest.
In the bustling, cosmopolitan heart of Singapore lives a man whose wealth has soared to new heights. His name is Eduardo Saverin.
Originally from Brazil, the tech billionaire, now a decade-long resident of the Red Dot, has claimed the top spot in Singapore’s circle of elites, as reported by Forbes.
Saverin’s net worth is estimated at a gobsmacking US$16 billion.
A Run of Good Fortune
He’s rich. Filthy rich. But that wealth didn’t rain down overnight.
It’s been an interesting ride, driven by rapid strides in technology and shrewd investment.
Forbes reports that Saverin’s wealth increased by US$6.4 billion this year alone due to the rise in shares of Meta, the social media juggernaut co-founded by him.
Meta which launched Threads, Meta’s answer to Twitter, saw their shares soar by nearly 70%.
Money poured in. Saverin’s coffers swelled.
Expat Elites and Homegrown Tycoons
The Brazilian native isn’t the only foreigner swimming in Singapore’s golden pond.
Expatriates, states Forbes, “continue to mark their presence in the ranks of Singapore’s richest.”
The Lion City, it seems, has been a beacon for the world’s moneyed class.
But, local talent hasn’t exactly been wallowing in the shadows.
From the Real Estate sector, enter the illustrious Robert and Philip Ng (Far East Organization).
Their net worth clocks in at US$14.8 billion.
Kwek Leng Beng, another magnate of real estate (City Developments), isn’t far behind, his fortune standing at an impressive US$11 billion.
A Rising Tide
Money begets money. The rich, richer still.
Despite an economy that’s been treading lightly, the accumulated wealth of Singapore’s 50 richest has risen an impressive 8% to US$177 billion.
Watch the tides. They’re rising.
And at the heart of it all — real estate, technology, healthcare. These sectors are fuelling this monetary juggernaut, each in their own way.
“The wealth of more than half of those on the list was up this year, with six of them adding more than $1 billion each.” Forbes
But shifting tides don’t lift all boats equally. Some are nudged gently to the side. Case in point: Li Xiting.
Once the reigning champ, the chairman of Shenzhen Mindray Bio-Medical Electronics, saw his fortunes take a dip, courtesy of China’s anti-corruption drive spooking the healthcare sector.
His net worth slipped to US$14 billion. A small setback, perhaps, for a man used to such dizzying heights.
The Last Word
There’s more. There are those who’ve had their first brush with such giddy affluence.
The newcomers. Three fresh faces have squeezed into this circle of wealth. Two are originally from China. The list burgeons, the circle widens.
So, what can be gleaned from the changing fortunes of the city-state’s elite?
The rich do get richer — but where they come from, or what sector they’re in, can be as fluid as the wealth they command.
Is this the new Singaporean dream?
And if so, who’s dreaming it next?
Here are the top 15 richest in Singapore (Forbes list):
1. Eduardo Saverin; US$16 Billion (Technology)
2. Robert & Philip Ng; US$14.8 Billion (Real Estate)
3. Li Xiting; US$14 Billion (Healthcare)
4. Goh Cheng Liang; US$12.3 Billion (Manufacturing)
5. Kwek Leng Beng & Family; US$11 Billion (Real Estate)
6. Zhang Yong & Shu Ping; US$9.7 Billion (Food & Beverage)
7. Khoo Family; US$8.5 Billion (Real Estate)
8. Wee Cho Yaw; US$7.1 Billion (Finance & Investments)
9. Leo Koguan; US$6.5 Billion (Technology)
10. Kwee Brothers; US$6.3 Billion (Real Estate)
11. Lee Family; US$5.1 Billion (Finance & Investments)
12. Kuok Khoon Hong & Family; US$4 Billion (Food & Beverage)
13. Raj Kumar & Kishin RK; US$3 Billion (Real Estate)
14. Richard Chandler; US$2.9 Billion (Finance & Investments)
15. Lien Family; US$2.8 Billion (Finance & Investments)