Elite group gets wealthier; 12 new members break into top 40
(SINGAPORE) The property boom, while churning out millionaires by the dozen, has also sprinkled its gold-dust on the billionaires driving the market.
Riding the wave, property tycoon Ng Teng Fong, with an estimated net worth of US$6.7 billion, has topped the Forbes Asia 2007 Singapore Rich List, nudging the Khoo family down to second place.
The Khoo family's fortune swelled 14 per cent to US$5.7 billion, but this was nowhere near enough to keep pace with Mr Ng, who controls Far East Organization and Yeo Hiap Seng. From an estimated wealth of US$4.9 billion last year, his fortune grew a staggering 36 per cent, placing him firmly at the top of the table.
United Overseas Bank's Wee Cho Yaw and his family came in third with an estimated wealth of US$3.3 billion - a drop from last year's US$3.4 billion. Occupying fourth spot was China-born property developer Zhong Sheng Jian - now a Singapore citizen - whose wealth was estimated at US$2.5 billion.
Kwek Leng Beng of Hong Leong Group is at number five since Forbes Asia divided up his extended family's holdings - an exercise that enabled his cousins Kwek Leng Kee and Kwek Leng Peck, who also have stakes in the group, to make this year's list.
The collective net worth of Singapore's 40 wealthiest increased about 14 per cent to US$32 billion. The top 10 on the list alone have a combined worth of nearly US$23 billion, constituting an impressive 72 per cent of the US$32 billion that the wealthiest 40 are said to possess. According to Forbes Asia, the net collective wealth of Singapore's 40 richest could easily dwarf that of their other South-east Asian counterparts.
The 2007 list was dominated by those in real estate, shipping and palm oil - a clear reflection of Singapore's booming industries - while those in the banking sector saw a slight decrease in fortune in the wake of the recent worldwide downturn in mortgages.
The list also boasted a significant number of entrepreneurs. 'If you read through the list, you'll see there are a lot of very highly qualified and successful entrepreneurs here. All these individuals have been very entrepreneurial in finding ways to make money in different industries,' said Mr Justin Doebele, contributing editor of Forbes Asia and project editor, Forbes Asia Rich Lists.
Some 19 of the top 40 saw a growth in their net worth this year, while eight saw a dip in fortunes and one was unchanged. Twelve on the list were newcomers. Among them is fourth-placed Mr Zhong, who has a 71.4 per cent stake in Yanlord Land Group. He attributed his substantial fortune to being able to 'understand the phase that the economy is in at any particular time'.
Founder and CEO of main-board listed Chemoil Corporation, an established supplier of marine bunker fuels, Robert Chandran has a net worth of US$490 million, which placed him at number 14. The Mumbai native, who pursued his masters degree in Manila and made his first fortune in the United States, moved to Singapore recently where he opted for citizenship. He, too, was not on the list last year.
Another new addition to the list, at number 36, is Christina Ong, wife of Malaysian tycoon Ong Beng Seng. Ms Ong is the managing director of Club 21, which owns Ishop and a share in luxury brand Mulberry.
The two other women on the list are Olivia Lum, founder of water treatment firm Hyflux, and Margaret Lien, who inherited wealth from late banker husband Lien Ying Chow.
Forbes calculated various fortunes using stock prices and exchange rates as at August 10, 2007. Privately-held wealth was 'estimated'. Mr Doebele said that the spillover effects of the sub-prime mortgage crisis in the US wouldn't change the order of the listings. 'We're looking over a 12-month period so if they drop 10 per cent less over two weeks, that's not going to wipe out the entire gains they've made,' he said.
The cut off for the 2007 list was also upped to US$100 million, nearly double last year's minimum net worth of US$55 million. Still, number 40, chairman and CEO of Creative Technology Sim Wong Hoo, whose wealth was estimated at US$105 million, made the cut with a cool US$5 million to spare.
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