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04-08-2014, 07:35 PM
Singapore's 50 Richest
Edited By Naazneen Karmali Additional reporting by Megha Bahree, Phyllis Fang Savage, Russell Flannery, Sean Kilachand, Suzanne Nam, Neerja Pawha Jetley, Phisanu Phromchanya, Anuradha Raghunathan, Mary E. Scott, Chloe Sorvino and Jessica Tan
4087 words
18 Aug 2014
Forbes Asia
FBGL
English
Copyright 2014. Forbes Media LLC.
1. Robert & Philip Ng
$12.8 BILLION UP
Source: REAL ESTATE
Age : 62. MARRIED, 6 CHILDREN
Age: 56. MARRIED, 6 CHILDREN
Property baron brothers have continued an A ustralian buying spree. Their Far East Organization bought prime properties in Sydney and Perth, including a Sydney office tower for $142 million in March. In N ovember they paid $6 million for an island in New South Wales. S ingapore-listed Far East Hospitality Trust has a dozen properties worth a total of close to $2.5 billion.
2. Kwek Leng Beng
$7.8 BILLION UP
Source: DIVERSIFIED
Age: 73. MARRIED, 2 CHILDREN
In ongoing overseas expansion Kwek's London-listed Millenium & Copthorne Hotels spent close to $385 million to acquire the 158-suite Chelsea Harbour Hotel in London and the Novotel in New York's Times Square. His City Developments recently built the world's largest vertical garden in an upmarket condo project called The Tree House in Singapore. Next-gen Kweks are stepping up; in April son Sherman, who manages the China operations, was named City's chief investment officer and nephew Eik Sheng was appointed chief strategy officer. Fortune includes shares belonging to Kwek, who is executive chairman, 5 siblings and 2 Singapore-based cousins. His Malaysian cousin Quek Leng Chan is also a billionaire.
3. Khoo family
$7 BILLION UP
Source: BANKING
A decade after the death of banker Khoo Teck Puat, founder of Maybank and investor in Standard Chartered Bank, his heirs continue to run the Goodwood Group of Hotels, best known for its iconic 114-year-old hotel near Orchard Road, which displays a bust of the late Khoo in its lobby. After selling the Standard Chartered holding for $4 billion in 2006, the family has become active in philanthropy, donating to a variety of causes.
4. Wee Cho Yaw
$6.2 BILLION UP
Source: BANKING
Age: 85. MARRIED, 5 CHILDREN
Chairman emeritus of United Overseas Bank, among Singapore's top 3 banks and the second largest by market capitalization. It was founded by his father in 1935. Son Wee Ee Cheong, who runs UOB, is Singapore's second-highest-paid banker, with a $7.5 million annual pay package.
5. Kwee brothers
$6 BILLION UP
Source: REAL ESTATE
The 4 siblings made a splash last October with their first big investment outside the island nation. Their privately held Pontiac Land teamed up with Goldman Sachs and Houston developer Hines to revive a stalled project to build a 72-story Manhattan luxury residential tower next door to the Museum of Modern Art that will also include gallery space for MoMA. The $1.3 billion development is being designed by award-winning French architect Jean Nouvel.
6. Eduardo Saverin
$4.2 BILLION UP
Source: SOCIAL MEDIA
Age: 32. SINGLE
Facebook cofounder Eduardo Saverin, who was born in Brazil and has been living in Singapore since renouncing his U.S. citizenship in 2012, was among year's biggest gainers. The climb in the value of Facebook shares has added close to $1.6 billion to Saverin's net worth since August 2013. He now spends his time as an angel investor and has poured millions into startups, including Jumio, a credit card validation company; ShopSavvy, a mobile shopping application; and, most recently, RedMart, a Singapore-based online grocery store.
--"My life is not about creating another Facebook," he said at a Wall Street Journal conference in Singapore last year. "It's about making sure what I do is fulfilling."
7. Goh Cheng Liang
$3.2 BILLION UP
Source: PAINTS
After backing out of bid last year to triple family's 15% stake in Japan's Nippon Paint to 45%, reclusive paint tycoon‘s son Hup Jin inked more modest deal in February doubling their privately held Wuthelam Group's holding to 30%. In return the Japanese firm will raise its stake in several companies under their joint venture Nipsea Group, covering markets such as China, Malaysia, India, Vietnam. Goh, whose wealth got a boost as a result of these moves, is a generous philanthropist; his Goh foundation gave $40 million to the National Cancer Centre Singapore in March.
8. Richard Chandler
$3 BILLION UP
Source: INVESTMENTS
Age: 55. SINGLE
New Zealand citizen Richard Chandler, who has made Singapore his home, is betting big on energy. His Chandler Corp.'s assets include a 19% stake in NYSE-listed, Canada-based InterOil Corp., with operations in Papua New Guinea, and close to 10% of Africa Oil, a Canadian explorer that discovered Kenya's first crude with Tullow Oil in 2012. Other interests include stakes in a string of Southeast Asian health care firms such as Vietnam's largest private hospital group, Hoan My Medical Corp., and a chain of Philippine hospitals and clinics.
9. Peter Lim
$2.5 BILLION UP
Source: INVESTMENTS
Age: 61. MARRIED, 2 CHILDREN
Manchester United fan achieved his long-held dream of owning a soccer team when he snatched a controlling stake in Spanish football club Valencia for $480 million in May, promising to clear its debts, construct a new stadium and boost its ranks with new players. Four years ago Lim failed in a bid to buy Liverpool in England's Premier League. Lim is one of the largest investors in Malaysia's Iskandar region: Singapore-listed Rowsley, in which he owns 50%, is building a gated city that will include Thomson Iskandar, a medical hub and a $1 billion motor sports complex called FASTrack Iskandar to be completed by 2016.
10. Kuok Khoon Hong
$2.4 BILLION UP
Source: PALM OIL
Age: 64. MARRIED, 4 CHILDREN
Singapore-based nephew of Malaysian billionaire Robert Kuok and chairman and chief executive of palm oil giant Wilmar International is busy diversifying the company into other commodities and consumer food items. Wilmar and First Pacific, a Hong Kong-listed investment firm controlled by Indonesian tycoon Anthony Salim, have offered $1.2 billion to take over Australian foods group Goodman Fielder.
11. Raj Kumar & Kishin RK
$2.3 BILLION UP
Source: REAL ESTATE
Age: 60. MARRIED, 1 CHILD
Age: 31. SINGLE
Father-son duo are among Singapore's leading landlords with a string of prime properties that include office towers, hotels and medical suites under their Royal Holdings/RB Capital portfolio. After opening the 442-room Holiday Inn Express Hotel in March, their newest project is an $800 million revamp of Robertson Quay.
12. Chang Yun Chung
$2.1 BILLION UP
Source: SHIPPING
Age: 95. MARRIED, 14 CHILDREN
Shipping magnate, also known as Teo Woon Tiong, jumps into the top 20 on new information about his holdings in Pacific International Lines, which he cofounded in 1967. Grew it from a small coastal operator into one of the largest shipping companies in the world, with a fleet of 180 ships. Its Hong Kong-listed Singamas Container Holdings is one of the world's largest container manufacturers.
13. Sam Goi
$2.05 billion UP
Source: FROZEN FOODS
Age: 65. MARRIED, 4 CHILDREN
Fujian-born food tycoon known as Singapore's "Popiah King" gets bulk of his wealth from privately held Tee Yih Jia Foods but is expanding his property empire. In June property developer GSH Corp., which he chairs, led a consortium that inked a deal to buy Singapore's Equity Plaza, a 28-story office tower in Raffles Place, for $440 million.
14. Lim Oon Kuin
$2 BILLION UP
Source: OIL TRADING
Age: 70. MARRIED, 3 CHILDREN
Starting more than 5 decades ago with one truck delivering diesel to fishermen, he built privately held Hin Leong Trading into one of Singapore's biggest oil traders, with estimated revenues of $14 billion. It is expanding in Myanmar, where it is already among the top fuel suppliers.
15. Ong Beng Seng & Christina Ong
$1.8 BILLION UP
Source: DIVERSIFIED
Age: 69, 66. MARRIED, 2 CHILDREN
Malaysian-born Ong Beng Seng made news in April, teaming up with Hong Kong real estate group Wheelock to orchestrate a share buyout of Hotel Properties, valuing the Singapore-listed hotel operator at $1.6 billion. The Ongs have a 70% stake in Four Seasons Place, an $850 million mixed-use development in Kuala Lumpur to be completed by 2017, and a stake in struggling London-listed luxury handbag maker Mulberry.
16. Lee Seng Wee
$1.6 BILLION DOWN
Source: BANKING
Age: 83. MARRIED
Oversea-Chinese Banking Corp., Singapore's biggest lender, in which the former chairman's family has a stake, made a $5 billion bid in April for Hong Kong's Wing Hang Bank, in move to get a bigger foothold in China. Its plan to acquire a 90% stake and delist Wing Hang faces hitch from American hedge fund billionaire Paul Singer's Elliott Management, which bought an 8% stake.
17. Koh Wee Meng
$ 1.55 BILLION UP
Source: REAL ESTATE
Age: 51. MARRIED, 1 CHILD
Property tycoon has been busy lately restructuring his listed Fragrance Group in which he owns 85%. Cemented control of hotel business Global Premium Hotels by increasing his stake to 65%. Facing a slowdown at home, Fragrance recently spent $156 million buying 4 mixed-use development properties in Tasmania, Melbourne and Perth, its first foreign foray. Owns a dozen fully restored vintage cars.
18. Tang Wee Kit
$1.5 BILLION UP
Source: RETAIL
Age: 59. MARRIED, 4 CHILDREN
Along with brother Wee Sun, inherited Singapore's oldest department store, Tangs, sometimes referred to as the Harrods of Orchard Road, after his father Tang Choon Keng passed away in 2000.
19. Ron Sim
$1.45 BILLION UP
Source: RETAIL
Age: 55. MARRIED, 3 CHILDREN
Founder of home massage-chair maker OSIM International saw wealth rise on back of one-third gain in shares, buoyed by increasing consumption in China. In February Sim and his company were sued by the founder of TWG Tea, which OSIM holds 70% of, for allegedly conspiring to dilute his stake. OSIM claims the suit is groundless.
20. Asok Kumar Hiranandani
$1.4 BILLION UP
Source: REAL ESTATE
Age: 59. MARRIED, 2 CHILDREN
Property magnate and son Bobby have been shopping for trophy assets after he separated 3 years ago from older sibling Raj Kumar (No. 11). A 215-room Sentosa resort that their Royal Group Holdings bought last year for $165 million is undergoing an extensive makeover into an Accor-managed Sofitel hotel. Their new luxury hotel, the 135-room Sofitel So, with interiors by Karl Lagerfeld, opened in May.
21. Zhong Sheng Jian
$1.35 BILLION UNCHANGED
Source: REAL ESTATE
Age: 56. MARRIED, 5 CHILDREN
Singapore-listed Yanlord Land, the developer he founded and chairs, is one of China's most successful developers of apartments for upper-income buyers. Singapore citizen's wealth has been squeezed from a year ago amid a decline in property prices in China, but our estimate of his fortune hasn't changed because of the addition of newly discovered, privately held assets.
22. Choo Chong Ngen
$1.3 BILLION UP
Source: HOTELS
Age: 62.
The budget hotel pioneer has grown his privately h eld Hotel 81 into a 24-hotel chain with more than 3,000 rooms a cross the island, situ a ted mostly near train stations. His fortune gets a boost from our better understanding of his hotel portfolio plus rising valuations of his mid t ier Value and V hotels in Singapore, w here hotels are benefit i ng from robust occupancy rates o ver 80%.
23. Chua Thian Poh
$1.25 BILLION UP
Source: REAL ESTATE
Age: 66. MARRIED, 4 CHILDREN
Property tycoon enters billionaire ranks for the first time on new information on his private holdings, which i nclude a stake in chocolate retailer FNA Group. Despite reporting a 92% drop in net profits in a recent quarter due to weak demand in high-end residences, shares of his property developer, which changed its name to Ho Bee Land in October, were up o ver the past year, buoyed partly by brisk sales of The Metropolis, a new development of 2 office towers. To offset weak home market Ho Bee is expanding abroad.
24. Lien family
$1.2 BILLION UP
Source: BANKING
Family gets bulk of fortune from m inority interest in United Overseas Bank inherited from late banker Lien Ying Chow. Matriarch of family is widow Margaret, but grandson Laurence is the most public face now. He chairs the family's charitable arm and is a nominated member of parliament. He recently said that there is a breakdown of trust between the government and citizens, and that Singapore needs to embrace a "more deliberate" form of democracy.
25. Tay family
$1.1 billion NEW TO LIST
Source: retailing, PROPERTY
The family is best known for its chain of affordable OG department stores, started by Tay Tee Peng in Indonesia as shirtmaker Ocean Garments. The first store in Singapore opened in 1971 in Chinatown. The family also has valuable real estate in Australia. In January they put some of their Singapore properties up for sale.
26. Oei Hong Leong
$1 BILLION UP
Source: INVESTMENTS
Age: 66. MARRIED, 4 CHILDREN
Son of Indonesian billionaire Eka Tjipta Widjaja was in the news for slapping a lawsuit on Goldman Sachs for allegedly misleading him into making a bad punt on the Brazilian real that cost him a trading loss of $34 million. The dispute went into private arbitration. Nonetheless, his wealth is up due to new information on his assets, notably a valuable Buddhist art museum in Singapore that he owns.
27. John Chuang
$980 MILLION UP
Source: CHOCOLATES
Age: 66. MARRIED, 2 CHILDREN
His Petra Foods, founded with brothers William and Joseph 30 years ago, sold its cocoa ingredients division in 2012 to focus on branded chocolates. That sale is in arbitration after buyer Barry Callebaut sought to bring the price down by $98 million after a revaluation. Petra is also embroiled in a battle with Nestlé over its Take-it bar that the Swiss firm claims is a copy of Kit Kat.
28. Ho family
$945 MILLION UP
Source: BANKING
Stock of United Overseas Bank, the family's main source of wealth, is up 15% in the past year. Family inherited its holding from patriarch Ho Sim Guan, the bank's former director, who passed away in 2011. Other interests include stakes in breweries, rubber estates in Malaysia and Wee Cho Yaw's (No. 4) Haw Par, which makes Tiger Balm.
29. Tan Boy Tee
$915 MILLION UP
Source: SHIPPING
Age: 65. WIDOWER, 2 CHILDREN
The founder of tug and barge operator Labroy Marine, which he sold in 2008 for $700 million, continues to bet on the oil and gas sector. Holds minority stake in offshore services firm Ezion Holdings and picked up 10% stake in November in Singapore-listed Viking Offshore & Marine, which is entering the rig-chartering business.
30. Loo Choon Yong
$895 MILLION UP
Source: HEALTH CARE
Age: 65. MARRIED, 2 CHILDREN
Wealth of chairman and cofounder of Raffles Medical Group, which has 78 clinics in the city-state and 4 in Hong Kong and Shanghai, is up after Singapore government announced a raft of health benefits in its budget expected to boost that sector. Raffles has set up referral offices in Bangladesh, Russia and Myanmar. I t also opened one in May in Ho Chi Minh city in the midst of Vietnam-China tensions.
31. Lim Chap Huat
$890 million NEW TO LIST
Source: PROPERTY
Age: 60. Married, 3 CHILDREN
Cofounded construction outfit Soilbuild Group and expanded it into property development and real estate. (See p. 80.)
32. Bhupendra Kumar Modi
$850 MILLION UNCHANGED
Source: TELECOM
Age: 65. MARRIED, 3 CHILDREN
Indian born Singapore citizen changed name of Spice Global Group to Smart Global. In terests include telecom, property, entertainment and health care. Failed t o win li c ense to start a bank in India but plans to invest close to $1 billion in the country's health care sector.
33. Michael Kum
$800 MILLION UP
Source: HOTELS
Age: 69. MARRIED
Hotel magnate is reportedly mulling listing his M&L Hospitality Trust in Australia, where he owns one of the country's largest hotels, the 683-room Four Points by Sheraton in Sydney's Darling Harbour. He plans to spend $150 million on adding a new tower with 230 rooms, to be completed by 2015.
34. Peter Fu Chong Cheng
$790 MILLION DOWN
Source: DIVERSIFIED
His wealth took hit on lower earnings of oil trading outfit Kuo International, which was founded by his late father. Other assets performed better: s hares in Hotel Properties jumped 30% after b rother-in-law Ong Beng Seng (No. 15) made an open o ffer to acquire more s tock. S hares wealth w ith brother David Kuo Chen Fu and sister Juanita.
35. Cheng Wai Keung
$775 MILLION UP
Source: REAL ESTATE
Age: 63. MARRIED, 3 CHILDREN
Property cooling measures took their toll on his developer Wing Tai Holdings, which was s addled with a pile of unsold apartments. The company reported a 60% drop in net profits in a recent quarter.
36. Ching Chiat Kwong
$770 million UP
Source: REAL ESTATE
Age: 48. MARRIED
Former cop's fortune jumped more than 50% on rising shares of his d eveloper Oxley Holdings, which reported over a five fold jump in revenues to $788 million for the 9 months ending March. Once known for its shoe-box apartments, Oxley got a boost from recently c ompleted industrial park s and expansion overseas. Last November it bought a 40-acre site in London's Docklands area for $320 million.
37. Koh Wee Seng
$720 MILLION UP
Source: JEWELRY
Age: 45. MARRIED, 3 CHILDREN
Younger sibling of billionaire hotelier Koh Wee Meng (No. 17) gained as shares in jewelry retailer Aspial, in which he owns 82% with 2 sisters, went up by a fourth in past year. The rise was due to a jump in net profits at its property unit. Inherited family jewelry business in 1995 and expanded into real estate and pawnbroking.
38. Henry Ng
$700 MILLION UP
Source: DIVERSIFIED
Age: 56. MARRIED, 4 CHILDREN
Pan-United, the cement and ready-mixed concrete maker he and siblings control, is expanding its investment in the ports business; company upped its stake in Changshu Xinghua Port, one of the biggest in China, from 51% to 85%. Founded by father Ng Kar Cheong, who sold fritters on the street and drove trucks before becoming a ship chandler in 1958.
39. Ho Kian Guan
$695 MILLION NEW TO LIST
Source: Diversified
Age: 68. MARRIED
Chairman of the Keck Seng Group, a palm oil and property empire founded by his Fujian-born father Ho Yeow Koon in 1943 as a small trading firm in Singapore. Shares of Keck Seng Malaysia gained 30% in the past year partly on speculation that it may spin off and list valuable property that it owns, such as 1,850 acres in the upcoming Iskandar region. Hong Kong-listed Keck Seck Investments owns a portfolio of hotels across the region as well as in North America such as the Riverview Hotel in Singapore and the W in San Francisco.
40. Chew Gek Khim
$670 million NEW TO LIST
Source: DIVERSIFIED
Age: 52.
Trained lawyer is granddaughter of late banker Tan Chin Tuan, former chairman of OCBC; she runs 126-year-old Straits Trading with interests in property, resources and investments. She wrested control of the firm, which has its roots in tin smelting, in 2008 after a high-profile bidding war with the Lees (No. 16) of OCBC.
41. Pang Yoke Min
$655 million NEW TO LIST
Source: SHIPPING
Age: 60.
Shipping veteran debuts on list after the November IPO of his offshore vessel supplier Pacific Radiance. He founded the company, in which he holds 65%, in 2006 with Sunny Mok, a former colleague at Jaya Holdings, a marine business that Pang cofounded in 1981 and retired from after 25 years.
42. Loi Kai Meng
$605 MILLION UP
Source: LOGISTICS
Age: 75. MARRIED, 3 CHILDREN
Biggest part of wealth comes from 30% stake in privately held logistics and warehousing firm C&P that he cofounded in 1970 with Stanley Liao (No. 46). Its car rental unit is the largest limo service in Singapore. Trained accountant also owns more than a fifth of listed logistics company CWT, run by his son Loi Pok Yen.
43. Serge Pun
$600 MILLION UP
Source: DIVERSIFIED
Age: 61. MARRIED, 4 CHILDREN
Burmese tycoon and Singapore permanent resident gets the bulk of his wealth from Singapore-listed Yoma Strategic Holdings in which he holds 37%. In moves to diversify from its property development base Yoma bought a stake in Myanmar's Asian Beverages in January and also inked new joint ventures for coffee, dairy and the telecom tower business. It is setting up 2 international schools in Yangon in collaboration with London's Dulwich College International and Harrow International. Son of a Chinese-born banker whose family left their homeland in 1962 after the military coup; now does business back home.
44. John Lim
$565 MILLION UP
Source: REAL ESTATE
Age: 58. MARRIED, 2 CHILDREN
Singapore's REIT pioneer sold a 20% stake in his ARA Asset Management to Chew Gek Khim's (No. 40) Straits Trading. (See story, p. 72.)
45. Lim Hock Chee
$545 MILLION UP
Source: RETAIL
Age: 52. MARRIED, 4 CHILDREN
Along with 2 brothers he owns more than two-thirds of listed Sheng Siong Group, Singapore's third-largest grocery chain. Most of its 33 stores operate around the clock selling a variety of essentials. Lim, who started his career in his father's hog-rearing business, oversees operations and strategy. Older brother Lim Hock Eng is executive chairman and younger brother Lim Hock Leng is managing director.
--In January his 79-year-old mother was kidnapped and released after the family reportedly paid a $1.6 million ransom
46. Stanley Liao
$540 MILLION UP
Source: LOGISTICS
Age: 77. MARRIED, 3 CHILDREN
Cofounder with Loi Kai Meng of logistics firm C&P. Also owns stake in listed unit CWT where his son Liao Chung Lik is director. CWT's revenues surged two-thirds to $7.2 billion in past year.
47. Eric Low
$535 million NEW TO LIST
Source: PROPERTY
Age: 39. MARRIED, 3 CHILDREN
He was running Hafary Holdings, a building materials supplier cofounded by his father, until January when he was appointed deputy CEO of property developer Oxley. Low, who has a 29% stake in Oxley, helps chairman Ching Chiat Kwong (No. 36) run company and oversees its international forays in Malaysia, Cambodia, China and the U.K. Oxley is mulling listing its international business separately on Singapore's Catalist.
48. Ow Chio Kiat
$490 MILLION UP
Source: HOTELS
Age: 69. MARRIED, 2 CHILDREN
Shares in his St****** are up almost 20% since last year's list, in part on company's expansion into residential properties in Australia. He and family own 40% of the luxury property firm, which owns hotels and condos in Singapore, Australia and New Zealand and has 1,000 new apartments in the pipeline. Also owns 40% of Singapore Shipping.
49. Cheo Tong Choon
$455 million UP
Source: EDIBLE OILS
Age: 69. MARRIED, 4 CHILDREN
Canada-trained medical doctor runs edible oils refiner Mewah International, started by his late father, Cheo Peng Hong, in the 1950s. Today it sells its brands, such as Oki and Moi, in more than 100 countries. Shares fortune derived from 85% stake in Mewah with his brothers Seng Jin and Tiong Choon; Seng Jin retired, but daughters Michelle and Bianca continue to help him run company.
50. Primus Cheng
$450 MILLION NEW TO LIST
Source: FOOD
Age: 56. MARRIED
Heads food conglomerate Prima Group, founded as Singapore's first flour mill in 1961 by his late father Cheng Tsan Man, who died last year at a ge 9 7. Today privately h eld Prima is among w orld's largest flour millers, with o perations a cross Malaysia, Sri Lanka, China and the U. S. Also known for its chain of PrimaDeli bakeries and Prima Noodle restaurants. Group's other interests include property and information technology.
--Donated $5 million to Singapore's top universities on Prima's 50th anniversary 3 years ago
Forbes Media LLC
Edited By Naazneen Karmali Additional reporting by Megha Bahree, Phyllis Fang Savage, Russell Flannery, Sean Kilachand, Suzanne Nam, Neerja Pawha Jetley, Phisanu Phromchanya, Anuradha Raghunathan, Mary E. Scott, Chloe Sorvino and Jessica Tan
4087 words
18 Aug 2014
Forbes Asia
FBGL
English
Copyright 2014. Forbes Media LLC.
1. Robert & Philip Ng
$12.8 BILLION UP
Source: REAL ESTATE
Age : 62. MARRIED, 6 CHILDREN
Age: 56. MARRIED, 6 CHILDREN
Property baron brothers have continued an A ustralian buying spree. Their Far East Organization bought prime properties in Sydney and Perth, including a Sydney office tower for $142 million in March. In N ovember they paid $6 million for an island in New South Wales. S ingapore-listed Far East Hospitality Trust has a dozen properties worth a total of close to $2.5 billion.
2. Kwek Leng Beng
$7.8 BILLION UP
Source: DIVERSIFIED
Age: 73. MARRIED, 2 CHILDREN
In ongoing overseas expansion Kwek's London-listed Millenium & Copthorne Hotels spent close to $385 million to acquire the 158-suite Chelsea Harbour Hotel in London and the Novotel in New York's Times Square. His City Developments recently built the world's largest vertical garden in an upmarket condo project called The Tree House in Singapore. Next-gen Kweks are stepping up; in April son Sherman, who manages the China operations, was named City's chief investment officer and nephew Eik Sheng was appointed chief strategy officer. Fortune includes shares belonging to Kwek, who is executive chairman, 5 siblings and 2 Singapore-based cousins. His Malaysian cousin Quek Leng Chan is also a billionaire.
3. Khoo family
$7 BILLION UP
Source: BANKING
A decade after the death of banker Khoo Teck Puat, founder of Maybank and investor in Standard Chartered Bank, his heirs continue to run the Goodwood Group of Hotels, best known for its iconic 114-year-old hotel near Orchard Road, which displays a bust of the late Khoo in its lobby. After selling the Standard Chartered holding for $4 billion in 2006, the family has become active in philanthropy, donating to a variety of causes.
4. Wee Cho Yaw
$6.2 BILLION UP
Source: BANKING
Age: 85. MARRIED, 5 CHILDREN
Chairman emeritus of United Overseas Bank, among Singapore's top 3 banks and the second largest by market capitalization. It was founded by his father in 1935. Son Wee Ee Cheong, who runs UOB, is Singapore's second-highest-paid banker, with a $7.5 million annual pay package.
5. Kwee brothers
$6 BILLION UP
Source: REAL ESTATE
The 4 siblings made a splash last October with their first big investment outside the island nation. Their privately held Pontiac Land teamed up with Goldman Sachs and Houston developer Hines to revive a stalled project to build a 72-story Manhattan luxury residential tower next door to the Museum of Modern Art that will also include gallery space for MoMA. The $1.3 billion development is being designed by award-winning French architect Jean Nouvel.
6. Eduardo Saverin
$4.2 BILLION UP
Source: SOCIAL MEDIA
Age: 32. SINGLE
Facebook cofounder Eduardo Saverin, who was born in Brazil and has been living in Singapore since renouncing his U.S. citizenship in 2012, was among year's biggest gainers. The climb in the value of Facebook shares has added close to $1.6 billion to Saverin's net worth since August 2013. He now spends his time as an angel investor and has poured millions into startups, including Jumio, a credit card validation company; ShopSavvy, a mobile shopping application; and, most recently, RedMart, a Singapore-based online grocery store.
--"My life is not about creating another Facebook," he said at a Wall Street Journal conference in Singapore last year. "It's about making sure what I do is fulfilling."
7. Goh Cheng Liang
$3.2 BILLION UP
Source: PAINTS
After backing out of bid last year to triple family's 15% stake in Japan's Nippon Paint to 45%, reclusive paint tycoon‘s son Hup Jin inked more modest deal in February doubling their privately held Wuthelam Group's holding to 30%. In return the Japanese firm will raise its stake in several companies under their joint venture Nipsea Group, covering markets such as China, Malaysia, India, Vietnam. Goh, whose wealth got a boost as a result of these moves, is a generous philanthropist; his Goh foundation gave $40 million to the National Cancer Centre Singapore in March.
8. Richard Chandler
$3 BILLION UP
Source: INVESTMENTS
Age: 55. SINGLE
New Zealand citizen Richard Chandler, who has made Singapore his home, is betting big on energy. His Chandler Corp.'s assets include a 19% stake in NYSE-listed, Canada-based InterOil Corp., with operations in Papua New Guinea, and close to 10% of Africa Oil, a Canadian explorer that discovered Kenya's first crude with Tullow Oil in 2012. Other interests include stakes in a string of Southeast Asian health care firms such as Vietnam's largest private hospital group, Hoan My Medical Corp., and a chain of Philippine hospitals and clinics.
9. Peter Lim
$2.5 BILLION UP
Source: INVESTMENTS
Age: 61. MARRIED, 2 CHILDREN
Manchester United fan achieved his long-held dream of owning a soccer team when he snatched a controlling stake in Spanish football club Valencia for $480 million in May, promising to clear its debts, construct a new stadium and boost its ranks with new players. Four years ago Lim failed in a bid to buy Liverpool in England's Premier League. Lim is one of the largest investors in Malaysia's Iskandar region: Singapore-listed Rowsley, in which he owns 50%, is building a gated city that will include Thomson Iskandar, a medical hub and a $1 billion motor sports complex called FASTrack Iskandar to be completed by 2016.
10. Kuok Khoon Hong
$2.4 BILLION UP
Source: PALM OIL
Age: 64. MARRIED, 4 CHILDREN
Singapore-based nephew of Malaysian billionaire Robert Kuok and chairman and chief executive of palm oil giant Wilmar International is busy diversifying the company into other commodities and consumer food items. Wilmar and First Pacific, a Hong Kong-listed investment firm controlled by Indonesian tycoon Anthony Salim, have offered $1.2 billion to take over Australian foods group Goodman Fielder.
11. Raj Kumar & Kishin RK
$2.3 BILLION UP
Source: REAL ESTATE
Age: 60. MARRIED, 1 CHILD
Age: 31. SINGLE
Father-son duo are among Singapore's leading landlords with a string of prime properties that include office towers, hotels and medical suites under their Royal Holdings/RB Capital portfolio. After opening the 442-room Holiday Inn Express Hotel in March, their newest project is an $800 million revamp of Robertson Quay.
12. Chang Yun Chung
$2.1 BILLION UP
Source: SHIPPING
Age: 95. MARRIED, 14 CHILDREN
Shipping magnate, also known as Teo Woon Tiong, jumps into the top 20 on new information about his holdings in Pacific International Lines, which he cofounded in 1967. Grew it from a small coastal operator into one of the largest shipping companies in the world, with a fleet of 180 ships. Its Hong Kong-listed Singamas Container Holdings is one of the world's largest container manufacturers.
13. Sam Goi
$2.05 billion UP
Source: FROZEN FOODS
Age: 65. MARRIED, 4 CHILDREN
Fujian-born food tycoon known as Singapore's "Popiah King" gets bulk of his wealth from privately held Tee Yih Jia Foods but is expanding his property empire. In June property developer GSH Corp., which he chairs, led a consortium that inked a deal to buy Singapore's Equity Plaza, a 28-story office tower in Raffles Place, for $440 million.
14. Lim Oon Kuin
$2 BILLION UP
Source: OIL TRADING
Age: 70. MARRIED, 3 CHILDREN
Starting more than 5 decades ago with one truck delivering diesel to fishermen, he built privately held Hin Leong Trading into one of Singapore's biggest oil traders, with estimated revenues of $14 billion. It is expanding in Myanmar, where it is already among the top fuel suppliers.
15. Ong Beng Seng & Christina Ong
$1.8 BILLION UP
Source: DIVERSIFIED
Age: 69, 66. MARRIED, 2 CHILDREN
Malaysian-born Ong Beng Seng made news in April, teaming up with Hong Kong real estate group Wheelock to orchestrate a share buyout of Hotel Properties, valuing the Singapore-listed hotel operator at $1.6 billion. The Ongs have a 70% stake in Four Seasons Place, an $850 million mixed-use development in Kuala Lumpur to be completed by 2017, and a stake in struggling London-listed luxury handbag maker Mulberry.
16. Lee Seng Wee
$1.6 BILLION DOWN
Source: BANKING
Age: 83. MARRIED
Oversea-Chinese Banking Corp., Singapore's biggest lender, in which the former chairman's family has a stake, made a $5 billion bid in April for Hong Kong's Wing Hang Bank, in move to get a bigger foothold in China. Its plan to acquire a 90% stake and delist Wing Hang faces hitch from American hedge fund billionaire Paul Singer's Elliott Management, which bought an 8% stake.
17. Koh Wee Meng
$ 1.55 BILLION UP
Source: REAL ESTATE
Age: 51. MARRIED, 1 CHILD
Property tycoon has been busy lately restructuring his listed Fragrance Group in which he owns 85%. Cemented control of hotel business Global Premium Hotels by increasing his stake to 65%. Facing a slowdown at home, Fragrance recently spent $156 million buying 4 mixed-use development properties in Tasmania, Melbourne and Perth, its first foreign foray. Owns a dozen fully restored vintage cars.
18. Tang Wee Kit
$1.5 BILLION UP
Source: RETAIL
Age: 59. MARRIED, 4 CHILDREN
Along with brother Wee Sun, inherited Singapore's oldest department store, Tangs, sometimes referred to as the Harrods of Orchard Road, after his father Tang Choon Keng passed away in 2000.
19. Ron Sim
$1.45 BILLION UP
Source: RETAIL
Age: 55. MARRIED, 3 CHILDREN
Founder of home massage-chair maker OSIM International saw wealth rise on back of one-third gain in shares, buoyed by increasing consumption in China. In February Sim and his company were sued by the founder of TWG Tea, which OSIM holds 70% of, for allegedly conspiring to dilute his stake. OSIM claims the suit is groundless.
20. Asok Kumar Hiranandani
$1.4 BILLION UP
Source: REAL ESTATE
Age: 59. MARRIED, 2 CHILDREN
Property magnate and son Bobby have been shopping for trophy assets after he separated 3 years ago from older sibling Raj Kumar (No. 11). A 215-room Sentosa resort that their Royal Group Holdings bought last year for $165 million is undergoing an extensive makeover into an Accor-managed Sofitel hotel. Their new luxury hotel, the 135-room Sofitel So, with interiors by Karl Lagerfeld, opened in May.
21. Zhong Sheng Jian
$1.35 BILLION UNCHANGED
Source: REAL ESTATE
Age: 56. MARRIED, 5 CHILDREN
Singapore-listed Yanlord Land, the developer he founded and chairs, is one of China's most successful developers of apartments for upper-income buyers. Singapore citizen's wealth has been squeezed from a year ago amid a decline in property prices in China, but our estimate of his fortune hasn't changed because of the addition of newly discovered, privately held assets.
22. Choo Chong Ngen
$1.3 BILLION UP
Source: HOTELS
Age: 62.
The budget hotel pioneer has grown his privately h eld Hotel 81 into a 24-hotel chain with more than 3,000 rooms a cross the island, situ a ted mostly near train stations. His fortune gets a boost from our better understanding of his hotel portfolio plus rising valuations of his mid t ier Value and V hotels in Singapore, w here hotels are benefit i ng from robust occupancy rates o ver 80%.
23. Chua Thian Poh
$1.25 BILLION UP
Source: REAL ESTATE
Age: 66. MARRIED, 4 CHILDREN
Property tycoon enters billionaire ranks for the first time on new information on his private holdings, which i nclude a stake in chocolate retailer FNA Group. Despite reporting a 92% drop in net profits in a recent quarter due to weak demand in high-end residences, shares of his property developer, which changed its name to Ho Bee Land in October, were up o ver the past year, buoyed partly by brisk sales of The Metropolis, a new development of 2 office towers. To offset weak home market Ho Bee is expanding abroad.
24. Lien family
$1.2 BILLION UP
Source: BANKING
Family gets bulk of fortune from m inority interest in United Overseas Bank inherited from late banker Lien Ying Chow. Matriarch of family is widow Margaret, but grandson Laurence is the most public face now. He chairs the family's charitable arm and is a nominated member of parliament. He recently said that there is a breakdown of trust between the government and citizens, and that Singapore needs to embrace a "more deliberate" form of democracy.
25. Tay family
$1.1 billion NEW TO LIST
Source: retailing, PROPERTY
The family is best known for its chain of affordable OG department stores, started by Tay Tee Peng in Indonesia as shirtmaker Ocean Garments. The first store in Singapore opened in 1971 in Chinatown. The family also has valuable real estate in Australia. In January they put some of their Singapore properties up for sale.
26. Oei Hong Leong
$1 BILLION UP
Source: INVESTMENTS
Age: 66. MARRIED, 4 CHILDREN
Son of Indonesian billionaire Eka Tjipta Widjaja was in the news for slapping a lawsuit on Goldman Sachs for allegedly misleading him into making a bad punt on the Brazilian real that cost him a trading loss of $34 million. The dispute went into private arbitration. Nonetheless, his wealth is up due to new information on his assets, notably a valuable Buddhist art museum in Singapore that he owns.
27. John Chuang
$980 MILLION UP
Source: CHOCOLATES
Age: 66. MARRIED, 2 CHILDREN
His Petra Foods, founded with brothers William and Joseph 30 years ago, sold its cocoa ingredients division in 2012 to focus on branded chocolates. That sale is in arbitration after buyer Barry Callebaut sought to bring the price down by $98 million after a revaluation. Petra is also embroiled in a battle with Nestlé over its Take-it bar that the Swiss firm claims is a copy of Kit Kat.
28. Ho family
$945 MILLION UP
Source: BANKING
Stock of United Overseas Bank, the family's main source of wealth, is up 15% in the past year. Family inherited its holding from patriarch Ho Sim Guan, the bank's former director, who passed away in 2011. Other interests include stakes in breweries, rubber estates in Malaysia and Wee Cho Yaw's (No. 4) Haw Par, which makes Tiger Balm.
29. Tan Boy Tee
$915 MILLION UP
Source: SHIPPING
Age: 65. WIDOWER, 2 CHILDREN
The founder of tug and barge operator Labroy Marine, which he sold in 2008 for $700 million, continues to bet on the oil and gas sector. Holds minority stake in offshore services firm Ezion Holdings and picked up 10% stake in November in Singapore-listed Viking Offshore & Marine, which is entering the rig-chartering business.
30. Loo Choon Yong
$895 MILLION UP
Source: HEALTH CARE
Age: 65. MARRIED, 2 CHILDREN
Wealth of chairman and cofounder of Raffles Medical Group, which has 78 clinics in the city-state and 4 in Hong Kong and Shanghai, is up after Singapore government announced a raft of health benefits in its budget expected to boost that sector. Raffles has set up referral offices in Bangladesh, Russia and Myanmar. I t also opened one in May in Ho Chi Minh city in the midst of Vietnam-China tensions.
31. Lim Chap Huat
$890 million NEW TO LIST
Source: PROPERTY
Age: 60. Married, 3 CHILDREN
Cofounded construction outfit Soilbuild Group and expanded it into property development and real estate. (See p. 80.)
32. Bhupendra Kumar Modi
$850 MILLION UNCHANGED
Source: TELECOM
Age: 65. MARRIED, 3 CHILDREN
Indian born Singapore citizen changed name of Spice Global Group to Smart Global. In terests include telecom, property, entertainment and health care. Failed t o win li c ense to start a bank in India but plans to invest close to $1 billion in the country's health care sector.
33. Michael Kum
$800 MILLION UP
Source: HOTELS
Age: 69. MARRIED
Hotel magnate is reportedly mulling listing his M&L Hospitality Trust in Australia, where he owns one of the country's largest hotels, the 683-room Four Points by Sheraton in Sydney's Darling Harbour. He plans to spend $150 million on adding a new tower with 230 rooms, to be completed by 2015.
34. Peter Fu Chong Cheng
$790 MILLION DOWN
Source: DIVERSIFIED
His wealth took hit on lower earnings of oil trading outfit Kuo International, which was founded by his late father. Other assets performed better: s hares in Hotel Properties jumped 30% after b rother-in-law Ong Beng Seng (No. 15) made an open o ffer to acquire more s tock. S hares wealth w ith brother David Kuo Chen Fu and sister Juanita.
35. Cheng Wai Keung
$775 MILLION UP
Source: REAL ESTATE
Age: 63. MARRIED, 3 CHILDREN
Property cooling measures took their toll on his developer Wing Tai Holdings, which was s addled with a pile of unsold apartments. The company reported a 60% drop in net profits in a recent quarter.
36. Ching Chiat Kwong
$770 million UP
Source: REAL ESTATE
Age: 48. MARRIED
Former cop's fortune jumped more than 50% on rising shares of his d eveloper Oxley Holdings, which reported over a five fold jump in revenues to $788 million for the 9 months ending March. Once known for its shoe-box apartments, Oxley got a boost from recently c ompleted industrial park s and expansion overseas. Last November it bought a 40-acre site in London's Docklands area for $320 million.
37. Koh Wee Seng
$720 MILLION UP
Source: JEWELRY
Age: 45. MARRIED, 3 CHILDREN
Younger sibling of billionaire hotelier Koh Wee Meng (No. 17) gained as shares in jewelry retailer Aspial, in which he owns 82% with 2 sisters, went up by a fourth in past year. The rise was due to a jump in net profits at its property unit. Inherited family jewelry business in 1995 and expanded into real estate and pawnbroking.
38. Henry Ng
$700 MILLION UP
Source: DIVERSIFIED
Age: 56. MARRIED, 4 CHILDREN
Pan-United, the cement and ready-mixed concrete maker he and siblings control, is expanding its investment in the ports business; company upped its stake in Changshu Xinghua Port, one of the biggest in China, from 51% to 85%. Founded by father Ng Kar Cheong, who sold fritters on the street and drove trucks before becoming a ship chandler in 1958.
39. Ho Kian Guan
$695 MILLION NEW TO LIST
Source: Diversified
Age: 68. MARRIED
Chairman of the Keck Seng Group, a palm oil and property empire founded by his Fujian-born father Ho Yeow Koon in 1943 as a small trading firm in Singapore. Shares of Keck Seng Malaysia gained 30% in the past year partly on speculation that it may spin off and list valuable property that it owns, such as 1,850 acres in the upcoming Iskandar region. Hong Kong-listed Keck Seck Investments owns a portfolio of hotels across the region as well as in North America such as the Riverview Hotel in Singapore and the W in San Francisco.
40. Chew Gek Khim
$670 million NEW TO LIST
Source: DIVERSIFIED
Age: 52.
Trained lawyer is granddaughter of late banker Tan Chin Tuan, former chairman of OCBC; she runs 126-year-old Straits Trading with interests in property, resources and investments. She wrested control of the firm, which has its roots in tin smelting, in 2008 after a high-profile bidding war with the Lees (No. 16) of OCBC.
41. Pang Yoke Min
$655 million NEW TO LIST
Source: SHIPPING
Age: 60.
Shipping veteran debuts on list after the November IPO of his offshore vessel supplier Pacific Radiance. He founded the company, in which he holds 65%, in 2006 with Sunny Mok, a former colleague at Jaya Holdings, a marine business that Pang cofounded in 1981 and retired from after 25 years.
42. Loi Kai Meng
$605 MILLION UP
Source: LOGISTICS
Age: 75. MARRIED, 3 CHILDREN
Biggest part of wealth comes from 30% stake in privately held logistics and warehousing firm C&P that he cofounded in 1970 with Stanley Liao (No. 46). Its car rental unit is the largest limo service in Singapore. Trained accountant also owns more than a fifth of listed logistics company CWT, run by his son Loi Pok Yen.
43. Serge Pun
$600 MILLION UP
Source: DIVERSIFIED
Age: 61. MARRIED, 4 CHILDREN
Burmese tycoon and Singapore permanent resident gets the bulk of his wealth from Singapore-listed Yoma Strategic Holdings in which he holds 37%. In moves to diversify from its property development base Yoma bought a stake in Myanmar's Asian Beverages in January and also inked new joint ventures for coffee, dairy and the telecom tower business. It is setting up 2 international schools in Yangon in collaboration with London's Dulwich College International and Harrow International. Son of a Chinese-born banker whose family left their homeland in 1962 after the military coup; now does business back home.
44. John Lim
$565 MILLION UP
Source: REAL ESTATE
Age: 58. MARRIED, 2 CHILDREN
Singapore's REIT pioneer sold a 20% stake in his ARA Asset Management to Chew Gek Khim's (No. 40) Straits Trading. (See story, p. 72.)
45. Lim Hock Chee
$545 MILLION UP
Source: RETAIL
Age: 52. MARRIED, 4 CHILDREN
Along with 2 brothers he owns more than two-thirds of listed Sheng Siong Group, Singapore's third-largest grocery chain. Most of its 33 stores operate around the clock selling a variety of essentials. Lim, who started his career in his father's hog-rearing business, oversees operations and strategy. Older brother Lim Hock Eng is executive chairman and younger brother Lim Hock Leng is managing director.
--In January his 79-year-old mother was kidnapped and released after the family reportedly paid a $1.6 million ransom
46. Stanley Liao
$540 MILLION UP
Source: LOGISTICS
Age: 77. MARRIED, 3 CHILDREN
Cofounder with Loi Kai Meng of logistics firm C&P. Also owns stake in listed unit CWT where his son Liao Chung Lik is director. CWT's revenues surged two-thirds to $7.2 billion in past year.
47. Eric Low
$535 million NEW TO LIST
Source: PROPERTY
Age: 39. MARRIED, 3 CHILDREN
He was running Hafary Holdings, a building materials supplier cofounded by his father, until January when he was appointed deputy CEO of property developer Oxley. Low, who has a 29% stake in Oxley, helps chairman Ching Chiat Kwong (No. 36) run company and oversees its international forays in Malaysia, Cambodia, China and the U.K. Oxley is mulling listing its international business separately on Singapore's Catalist.
48. Ow Chio Kiat
$490 MILLION UP
Source: HOTELS
Age: 69. MARRIED, 2 CHILDREN
Shares in his St****** are up almost 20% since last year's list, in part on company's expansion into residential properties in Australia. He and family own 40% of the luxury property firm, which owns hotels and condos in Singapore, Australia and New Zealand and has 1,000 new apartments in the pipeline. Also owns 40% of Singapore Shipping.
49. Cheo Tong Choon
$455 million UP
Source: EDIBLE OILS
Age: 69. MARRIED, 4 CHILDREN
Canada-trained medical doctor runs edible oils refiner Mewah International, started by his late father, Cheo Peng Hong, in the 1950s. Today it sells its brands, such as Oki and Moi, in more than 100 countries. Shares fortune derived from 85% stake in Mewah with his brothers Seng Jin and Tiong Choon; Seng Jin retired, but daughters Michelle and Bianca continue to help him run company.
50. Primus Cheng
$450 MILLION NEW TO LIST
Source: FOOD
Age: 56. MARRIED
Heads food conglomerate Prima Group, founded as Singapore's first flour mill in 1961 by his late father Cheng Tsan Man, who died last year at a ge 9 7. Today privately h eld Prima is among w orld's largest flour millers, with o perations a cross Malaysia, Sri Lanka, China and the U. S. Also known for its chain of PrimaDeli bakeries and Prima Noodle restaurants. Group's other interests include property and information technology.
--Donated $5 million to Singapore's top universities on Prima's 50th anniversary 3 years ago
Forbes Media LLC
so much wealth! We must invest/work harder! 