Hotpot Billionaire Couple Tops Forbes list of Singapore's Richest

(The Straits Times) — The Covid-19 pandemic has not blunted the wealth of Singapore's richest, even as it propelled some ahead of others.

Haidilao founder Zhang Yong tops the list again this year, adding S$7.1 billion ($5.2 billion) to his net worth. His wife Shu Ping, who is co-founder and director of hotpot restaurant chain Haidilao International Holding, is listed together with him this year. The couple leads the pack with a combined net worth of $19 billion.

Li Xiting, co-founder and chairman of Shenzhen Mindray Bio-Medical Electronics, came in second with a net worth of $17.8 billion. He is a new entrant to the list, propelled by his company’s soaring share price reflecting a surge in demand for its ventilators amid the pandemic.

Li and Zhang are both naturalized Singapore citizens.

Paint tycoon Goh Cheng Liang of Nippon Paint, tech mogul Eduardo Saverin and real estate siblings Robert and Philip Ng of Far East Organization took the third, fourth, and fifth spots in this year's edition of the Forbes Singapore Rich List.

The collective wealth of Singapore's 50 richest people in the ranking rose 28% to $167 billion from last year's $130 billion.

Goh moved up one spot to No. 3 as his net worth increased to $14.8 billion from $9.5 billion last year.

Facebook shares, which hit record highs during the pandemic, boosted Saverin's wealth to $14 billion.

The combined net worth of the Ng brothers, who run Far East Organization, increased by $1.1 billion to $13.2 billion. But the increase was not enough to arrest their drop from last year's No. 2 to No. 5 this year.

Forrest Li, group chief executive and chairman of gaming and e-commerce firm Sea, broke into the ranks of the top 10 on the Forbes list this year. He added $5.53 billion to his wealth to rank No. 7 with $7.1 billion. Sea is Singapore's most valuable home-grown public company.

The fortunes of some tycoons, however, took a hit because of the pandemic.

Hoteliers saw their wealth fall as tourism stalled. Koh Wee Meng of the Fragrance Group dropped nine spots to No. 41 after his net worth was eroded from $1.2 billion last year to $870 million this year.

Michael Kum of M & L Hospitality went from No. 35 to No. 43 — his $730 million this year is $200 million less than last year.

Four tycoons exited the list this year, including Lim Oon Kuin, the man behind one of Singapore's largest oil traders, Hin Leong Trading, which is privately held. In April, the company filed for bankruptcy, after it was bogged down by debts of almost $4 billion.

The cutoff to make the top 50 increased from $560 million last year to $610 million this year.

This article was originally published by The Straits Times.

Contact editor Bob Simison (bobsimison@caixin.com)

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