[SINGAPORE] The rich in Singapore have grown richer in 2025.
The combined wealth of the city-state’s tycoons grew 23 per cent to US$239 billion from US$195 billion last year, based on the Forbes 2025 list of Singapore’s 50 richest.
The minimum net worth to make the list increased to a record US$1 billion, from US$870 million last year.
This comes as the Republic’s economic growth for the first half of 2025 beat expectations, coming in at 4.3 per cent on the back of an export overdrive caused by tariff-related uncertainties, said Forbes Asia in a Thursday (Sep 4) statement.
Facebook parent Meta Platforms’ co-founder Eduardo Saverin – reportedly a Singapore permanent resident – retained the top spot for a third straight year and was the biggest gainer in US dollar terms.
He added US$14 billion to his fortunes, bringing his net worth to US$43 billion, as an artificial intelligence-driven advertising jump spurred a surge in Meta Platforms’ shares.
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City Developments Limited executive chairman Kwek Leng Beng rose two ranks to Singapore’s second-richest. The property magnate’s fortune, which is shared with his family, increased 24 per cent to US$14.3 billion, amid new information about their holdings.
Robert Ng and Philip Ng, sons of the late Far East Organization founder Ng Teng Fong, slipped to third position from last year’s second place.
Their combined fortunes dipped to US$14.1 billion as Hong Kong’s property market downturn hit their interests in the territory.
The Goh family, including the heirs of the late Nippon Paint tycoon Goh Cheng Liang, debuted on the list at fourth place with a US$13.1 billion fortune. Goh, who died on Aug 12, was named the richest Singaporean in Forbes’ annual list of global billionaires released in April.
Shares of Nippon Paint, which is chaired by the late patriarch’s son Goh Hup Jin, rose nearly 30 per cent from last year after it acquired US speciality chemicals maker AOC in 2024.
In fifth place was the chairman of Shenzhen Mindray Bio-Medical Electronics Li Xiting, whose net worth fell to US$13 billion from US$13.4 billion in 2024.
Sea chairman and chief executive Forrest Li climbed to sixth position with a US$11.2 billion net worth, as other co-founders of the Internet company also rose up the ranks of Singapore’s richest.
With their fortunes boosted by Sea’s higher Q2 revenue across its units, its chief operating officer Gang Ye rose to 13th place with a US$6 billion fortune, while the chief product officer of the group’s e-commerce arm Shopee, David Chen, advanced to 28th position with a wealth of US$2 billion.
In seventh place stood the Khoo family, scions of late banker and hotelier Khoo Teck Puat, with a US$10.1 billion net worth.
The Wee family of UOB claimed eighth position, with the heirs of the late Singapore banking titan Wee Cho Yaw holding a US$10 billion fortune.
The ninth place went to Leo Koguan, an Indonesia-born, Singapore-based billionaire who was once reportedly Tesla’s third-largest individual shareholder. Leo, whose net worth stood at US$8.2 billion, is now an Elon Musk critic. He said he dumped a chunk of his Tesla shares, Forbes reported.
Rounding up the top 10 was the couple behind Haidilao – its chairman Zhang Yong and his wife Shu Ping, who co-founded the Sichuan hot pot chain – with a net worth of US$7.8 billion.
Home-grown gaming hardware company Razer’s chairman and chief executive officer Tan Min-Liang stood at 33rd position. Tan, who features on the cover of Forbes Asia’s September issue, grew his wealth to US$1.7 billion from US$1.55 billion in 2024.
