Rich Singaporeans have become richer, latest Forbes report revealed

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Published on 27 July 2017 1:27 PM GMT

Rich Singaporeans have become richer, latest Forbes report revealed
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New Delhi: Two-thirds of Singaporeans have become richer than last year, according to the list released by Forbes on Thursday.

The total net worth of these persons has increased by eleven per cent in comparison to last year (2016).

This has happened despite sluggish economic growth in the country, the magazine said in a release.

Maintaining the top spot - for eight consecutive years - were siblings Robert and Philip Ng, whose combined net worth was calculated at US$9.4 billion.

Coming in second was Facebook co-founder Eduardo Saverin, who moved up one spot from last year.

Making it to the list of 50 for the first time are two newcomers: Hedge fund star Danny Yong, ranked 42 with US$670 million in wealth, who teamed up with a college friend .

A fifth of those returning to the list saw a decline in their fortunes.

The minimum amount required to make the list this year was US$540 million.

The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources.

Net worth is based on stock prices and exchange rates as of the close of markets on July 1

Mr Yong's flagship Dymon Asia Macro Fund has been a top performer and earned him a spot in Forbes' 25 Highest-Earning Hedge Fund Managers in 2015 and 2017.

Five such tycoons have their wealth tied to real estate. The sector has yet to see an uptick, Forbes said, although some of the biggest property names have cornered prized enclaves in Singapore.

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