Singapore's 5 richest billionaires: Kwek Leng Beng narrows gap with No. 1 to $16.8B
Property tycoon Kwek Leng Beng remains the second-richest billionaire in Singapore this year, but his gap with the top ranker has nearly halved to US$16.8 billion.
Five of Singapore's wealthiest individuals collectively saw their combined net worth drop by nearly 7% to $90.6 billion as of August 14, according to Forbes' annual Singapore rich list. The decline was largely driven by a massive $10.1 billion loss suffered by the richest man, Facebook co-founder Eduardo Saverin. This drop puts him just 16.8 billion dollars behind the family of Kwek Leng Beng, who maintain the second spot with a net worth of $16.1 billion.
Kwek's family has benefited from the sale of non-core assets by City Developments Limited (CDL), Singapore's biggest property developer. CDL recently posted a remarkable 230.7% increase in net profit to S$301.6 million for the first half of the year, as revenue surged 61.1% to S$2.72 billion. This positive trajectory has lifted CDL's shares and garnered favorable analyst outlooks.
In contrast, the Ng brothers, who control the Far East Organization, saw a modest 1.4% increase in their fortune to $14.3 billion. Meanwhile, the Lee family, known for Oversea-Chinese Banking Corporation (OCBC), witnessed the largest wealth gain this year, with their stake in the bank jumping 78% to $13.8 billion. This propelled them into fourth place on the ranking.
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