Eduardo Saverin tops Forbes’ Singapore Wealthiest List
Eduardo Saverin, one of the co-founders of Meta Platforms (formerly Facebook), has ascended to the title of Singapore’s wealthiest individual on Forbes’ most recent compilation of the 50 richest people in the city-state for 2023. His remarkable net worth stands at an impressive $16 billion. Saverin, originally from Brazil, has been residing in Singapore for over a decade. What truly sets him apart this year is his incredible financial gain, amounting to $6.4 billion, which propelled him to the number one spot in Forbes’ list. Saverin’s surge in wealth can be credited to Meta’s (formerly Facebook) stocks. The stock price of Meta has grown by nearly 70 percent since the last wealth assessments. In the previous year, Saverin held the fourth position among Singapore’s richest individuals.
Brothers Robert and Philip Ng have secured the second spot of the Forbe’s Singapore wealthiest list. They are both shareholders in the real estate development company Far East Organization. Their net worth currently stands at $14.8 billion, showing a slight dip from last year’s figure of $15.2 billion.
Li Xiting has descended to the third spot on Forbe’s list. This comes after enjoying two consecutive years as the wealthiest person in Singapore. He is the chairman of Shenzhen Mindray Bio-Medical Electronics. Forbes explained that this shift was due to the downturn in healthcare stocks. China’s anti-corruption campaign against the pharmaceutical sector triggered this downturn. Consequently, Li Xiting’s net worth has diminished from $15.6 billion in the previous year to $14 billion.
In fourth place is on Forbe’s list is Goh Cheng Liang. He is the majority shareholder who wields control over Japan’s Nippon Paint Holdings. His net worth has experienced a reduction of almost $700 million. His wealth was $13 billion in the prior year. It is currently $12.3 billion in this year.
Completing the top five of Forbe’s Singapore list is Kwek Leng Beng, a prominent figure in the real estate industry. His fortune has witnessed an impressive 18 percent increase, reaching $11 billion, up from the previous year’s $9.3 billion. Post-pandemic, his company, City Developments, embarked on a global acquisition spree, including the purchase of the iconic St. Katharine Docks in central London for a staggering $500 million in March.
Collectively, the wealth of the top 50 tycoons in Singapore has grown by eight percent, soaring from $164 billion last year to an impressive $177 billion, despite a sluggish economy. More than half of the individuals on the list saw an increase in their wealth, with six of them amassing more than $1 billion each.
Singapore does not have capital gains tax. Thus, none of them, including Saverin, will be taxed for this windfall.
