Published August 22, 2008

Two new faces in Singapore billionaire list

Wilmar's success and soaring Sing $ make list longer

By CONRAD TAN
Email this article
Print article
Feedback

(SINGAPORE) Singapore now has seven US-dollar billionaires, up from five last year, according to the latest list of the 40 richest people here published by Forbes.

But the combined net worth of Singapore's 40 most affluent people stayed unchanged at US$32 billion, as some real estate tycoons here saw their fortunes dwindle with falling property stocks.

Both new entrants to the billionaire league are shareholders of Singapore-listed palm oil giant Wilmar International. As the share price of Wilmar soared 30 per cent over the past year, their fortunes skyrocketed.

A stronger Sing dollar also helped. Over the year since the previous list was compiled, the Sing dollar gained 9.1 per cent against the US dollar.

Kuok Khoon Hong, 59, Wilmar's chairman and chief executive, saw his net worth rise to US$1.3 billion from US$960 million a year ago, propelling him into fifth place on this year's Singapore rich list, up from No 6 last year.

He overtook Kwek Leng Beng, executive chairman of property group City Developments, who together with his family is estimated to be worth US$1.2 billion, up from US$1.1 billion last year.

Former remisier Peter Lim, 55, who owns just under 5 per cent of Wilmar, according to Forbes Asia magazine, stayed at No 7 on the list, but his wealth shot up to US$1.1 billion from US$830 million a year earlier.

Property magnate Ng Teng Fong, 80, and his family, who control the privately held Far East Organization, emerged as Singapore's richest family for the second year running. They have an estimated combined net worth of US$7 billion, up from US$6.7 billion last year - the result of 'a more in-depth valuation of their real estate holdings', said Forbes.

The family of late banker Khoo Teck Puat, who died in 2004, stayed in second place. Together, they control some US$6.1 billion, including an estimated US$4 billion from the sale of their stake in Standard Chartered Bank in 2006.

Veteran banker Wee Cho Yaw, 79-year-old chairman of United Overseas Bank group, and his family remained in third position, with an estimated net worth of US$3.6 billion, up from US$3.3 billion last year.

Zhong Sheng Jian - founder, chairman and chief executive of China-based property developer Yanlord Land Group - saw his net worth tumble US$700 million over the past year as the group's share price fell, but still managed to retain his spot as the fourth richest person in Singapore with US$1.8 billion to his name.

Of this year's top 40, four were new entrants, including Wong Fong Fui, chairman of Boustead Singapore, an engineering and infrastructure firm, at No 37. His wealth is valued at US$135 million.

Vivian Chandran, the widow of Robert Chandran - founder of marine fuel company Chemoil, who died in a helicopter crash in January - also entered the list for the first time at No 23, with an estimated net worth of US$240 million.

The net worth of each of the top 40 was calculated using stock prices and exchange rates as at Aug 7, for public holdings. The value of privately held assets were estimated based on what they would be worth if public. Last year's estimates were based on prices and exchange rates as at Aug 10, 2007.