Eduardo Saverin, co-founder of Meta Platforms (formerly Facebook) and a resident of Singapore for over a decade, has ascended to the top spot among Singapore's wealthiest individuals with a net worth of $16 billion. As the most significant gainer this year in dollar terms, the Brazilian native augmented his wealth by an impressive $6.4 billion. This surge can be attributed to the outstanding performance of Meta shares, which witnessed a remarkable 70% increase since the last assessment of fortunes. Notably, Meta recently launched Threads, a Twitter rival, further contributing to Saverin's financial ascent.
In this list, we will explore the details of the top 10 richest individuals in Singapore for the year 2023. This analysis will delve into their net worth, business ventures, and the economic dynamics that underscore their financial standing. Stay tuned for updates as new data becomes available for the year 2024.
Eduardo Saverin is the richest man in Singapore for the year 2023 with a net worth of $16 Billion.
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List of 10 Richest People In Singapore 2023
Eduardo Saverin, in addition to co-founding Meta Platforms, is also a co-owner of venture capital firm B Capital Group, managing assets totalling $6.3 billion. His notable financial achievements have propelled him to the forefront, displacing Li Xiting, the chairman of Shenzhen Mindray Bio-Medical Electronics, a prominent supplier of medical devices.
Li Xiting
Li, who held the top spot for two consecutive years, has now slipped to the third position. This change in ranking is attributed to the impact of China's anti-corruption drive against the pharmaceutical sector, which has taken a toll on healthcare stocks, affecting Li Xiting's standing in the list of Singapore's wealthiest individuals.
| RANK | NAME | NET WORTH | INDUSTRY |
| 1 | Eduardo Saverin | $16 B | Technology |
| 2 | Robert & Philip Ng | $14.8 B | Real Estate |
| 3 | Li Xiting | $14 B | Healthcare |
| 4 | Goh Cheng Liang | $12.3 B | Manufacturing |
| 5 | Kwek Leng Beng & Family | $11 B | Real Estate |
| 6 | Zhang Yong & Shu Ping | $9.7 B | Food & Beverage |
| 7 | Khoo family | $8.5 B | Real Estate |
| 8 | Wee Cho Yaw | $7.1 B | Finance & Investments |
| 9 | Leo Koguan | $6.5 B | Technology |
| 10 | Kwee brothers | $6.3 B | Real Estate |
The recent reshuffling of top positions occurred against the backdrop of a decelerating economy, which saw a growth of 3.6% last year and is projected to experience a modest increase of 0.5%-1.5% in 2023, primarily attributed to sluggish exports and a decline in manufacturing output. Despite the economic headwinds, the collective wealth of Singapore's 50 richest individuals witnessed an 8% uptick, reaching a notable $177 billion.
Robert Ng
The Ng brothers, Robert and Philip, of the Far East Organization, maintained their hold on the second position, although their wealth experienced a slight decrease to $14.8 billion. Meanwhile, real estate magnate Kwek Leng Beng secured the fifth spot, enjoying an 18% rise in his fortune, reaching a record $11 billion. Post-pandemic, Kwek's City Developments resumed its global expansion efforts, exemplified by the acquisition of the iconic St Katharine Docks in central London for $500 million in March. This strategic move reflects the resilience and strategic vision of key players in Singapore's real estate sector amidst challenging economic conditions.
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The compilation of this list is grounded in Forbes' meticulous report on "Singapore's 50 Richest 2023." The data sources utilized include comprehensive information on shareholding and finances obtained from families and individuals, as well as insights garnered from stock exchanges, analysts, and various credible sources. Diverging from the billionaire rankings, this list provides an inclusive view of family fortunes, encompassing shared wealth among extended families, exemplified by individuals like Kwek Leng Beng and his cousins.
To ensure accuracy and contemporaneity, net worths presented in this list are founded on stock prices and exchange rates as of the market close on August 18, 2023. Notably, this list has the flexibility to incorporate foreign citizens with significant ties to Singapore, be it through business, residence, or other connections. It may also encompass citizens residing outside the country but holding substantial business or other ties with Singapore. This expansive approach offers a comprehensive portrayal of the economic landscape and influential figures shaping Singapore's wealth dynamics.
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