Posted on 08/29/2013 8:38:04 PM PDT by TexGrill
SINGAPORE: Singapore now has a record number of 21 billionaires, up from 16 a year ago, according to the latest Forbes Singapore rich list.
The combined net wealth of Singapore's 50 richest is US$80bil.
Property magnates Robert and Philip Ng added US$1.4bil to their wealth to hold on to the No 1 spot as the country's richest. Their net wealth is US$10.6bil, up from US$9.2bil last year.
The brothers oversee Far East Organization which their late father Ng Teng Fong developed into a conglomerate with more than 700 hotels, malls and condominiums in Singapore and Hong Kong.
The biggest rise in net wealth this year is that of Kwek Leng Beng, Chairman of City Developments, Singapore's second largest property developer, who jumped to the second spot from No 6 with a net worth of US$7.1bil, up from US$2.4bil.
The big boost was due to the inclusion of a broader group of assets and more family shares. His fortune includes the interests of siblings and cousins Kwek Leng Peck and Kwek Leng Kee.
Despite these highs, there are signs that things are cooling in the Singapore property market, as recent rounds of curbs by the government to prevent a property bubble have dampened sentiment though not as yet real estate prices.
Not resting on his riches, Kwek Leng Beng is stepping up investments in China and London.
(Excerpt) Read more at thestar.com.my ...
Rich Man, Singapore Man
Yeah, but you still can’t spit in public there!
So I take it the super rich liberal celebrities haven been redistributing their wealth. What would Obama say? Absolutely nothing. He can count on theierunusually large donations from them year after year.
I’ve always wanted to visit Singapore. I’ve been told it is a bit like Hong Kong, only more affordable. A bit stricter, too, though I hadn’t planned on smuggling dope or vandalizing buildings while I was there.
Good thing , too .
Lived there, no freedom, always watching my shoulder.
People are very self centered, they do what there Government ask them to do. PERIOD.
Racist, brand conscious, ready to emigrate to Oz or UK.
Maybe the Ng brothers could afford to buy a vowel?
Yikes! Thanks for the info. I think I’ll remove Singapore from my bucket list. :-)
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