Haidilao founder Zhang Yong richest man in S’pore with S$19.2 billion net worth
Haidilao founder Zhang Yong has a net worth of US$13.8 billion (S$19.2 billion).
This makes him number one on the 2019 Forbes Singapore Rich List.
Zhang is now a naturalised Singapore citizen and resident.
He was previously featured among China’s richest, and is now among Singapore’s richest.
Zhang is making his debut on the list in 2019.
His company is increasingly global in its expansion, Forbes Asia noted.
He replaces real estate siblings Robert and Philip Ng of Far East Organization.
The Ngs are now second on the list with a combined wealth of US$12.1 billion.
The Ng brothers previously occupied the top spot on the list every year this decade, Forbes Asia said on Aug. 29.
The Ng’s family fortune continues to benefit from premium prices for its high-end properties.
These highly-valued assets remain robust and unaffected by the recent political turmoil in Hong Kong or the slowing economy in Singapore.
Rich still rich
The collective wealth of Singapore’s top 50 richest grew by more than 12 percent to US$130 billion (S$181 billion).
This was mostly due to the inclusion of Zhang this year.
And this is despite the stock market having declined 3.5 percent compared to a year ago.
Others on the list
Facebook billionaire and Singapore resident, Eduardo Saverin came in third on the list.
His net worth is now US$10.6 billion (S$14.7 billion), as his fortune fell by US$1.2 billion (S$16.7 billion).
Saverin retains a minority stake in the social media behemoth.
In fourth is paint tycoon Goh Cheng Liang.
He has a stake in Japan’s Nippon Paint Holdings.
His net worth grew a billion to US$9.5 billion (S$13.2 billion) this year.
Hong Leong Group’s chairmain Kwek Leng Beng took the fifth spot, with the biggest gain.
His net worth is US$8.8 billion (S$12.2 billion).
The property tycoon added US$1.2 billion (S$1.67) to his wealth partly attributable to an overseas expansion of his flagship City Developments.
One newcomer on the list this year are the Wong brothers of Singapore-based footwear brand Charles & Keith, who came in at number 34 with a net worth of US$970 million (S$1.35 billion).