Ovais Subhani
Senior Business Correspondent
PUBLISHED SEP 8, 2022, 11:43 AM SGT
SINGAPORE - Surging inflation has not left Singapore's billionaires unscathed, with their collective wealth dropping by more than 20 per cent this year, a study has found.
Forbes' 2022 list of Singapore's 50 richest people showed on Thursday that the tycoons' combined wealth amounted to US$164 billion (S$230.4 billion), down from US$208 billion in 2021 when their net worth rose by 25 per cent.
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"The pecking order of the top five reflects post-pandemic realities," said Forbes, referring to losses borne by the richest people on the list who benefited from the surge in demand for electronic products, online services and medical devices during the Covid-19 pandemic.
Mr Li Xiting, founder and chairman of Shenzhen Mindray Bio-Medical Electronics, held the top slot. However, his wealth shrank by nearly a third to US$15.6 billion as shares of his medical device-maker dropped on slower sales growth.
The property sector's continued recovery and new information on their real estate holdings propelled brothers Robert and Philip Ng to second place with US$15.2 billion, up from US$14.2 billion last year.
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The net worth of 95-year-old paint tycoon Goh Cheng Liang, who controls Japan's Nippon Paint Holdings, slipped 30 per cent to US$13 billion. He was still at No. 3 as the tech tycoons on the list took a bigger hit.
The sell-off in tech stocks worldwide more than halved the net worth of Facebook co-founder Eduardo Saverin to US$9.6 billion, pulling him down two places to No. 4.
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Rounding out the top 5 with US$9.3 billion was the executive chairman of City Developments, Mr Kwek Leng Beng. His wealth rose from US$8.5 billion last year.
More on the rest of the tycoons at:
https://www.straitstimes.com/business/co...ons-wealth
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