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The 2021 Forbes Singapore's 50 richest list is out.

Topping the list this year is founder of China's largest medical equipment manufacturer Shenzhen Mindray Bio-Medical Electronics Co – Li Xiting.

He tops the list with a net worth of US$23 billion (~S$31 billion), up from second position last year.

Shares of Li's company have risen about 19 per cent over the past year, as a result of the surge in demand for ventilators during the Covid-19 pandemic.

According to Forbes, Li added US$5.2 billion to his net worth over the past year.

More on Li Xiting

Li, 70, is a naturalised Singapore citizen.

According to Bloomberg, he graduated with a Bachelor's degree in low temperature physics, from the University of Science and Technology of China.

He founded Mindray in 1991.

The company, which currently has 39 subsidiaries serving "over 190 countries and regions around the world", reported a revenue of 16.6 billion yuan (~S$3 billion) in 2019.

Li is currently ranked 82nd in the Forbes World's Billionaires List 2021.

The top 50

While the #2 spot went to Facebook co-founder and venture capitalist Eduardo Saverin, paint tycoon Goh Cheng Liang, boss of Nippon Paint, retained his position at #3.

Haidilao founders Zhang Yong and Shu Ping, ranked first last year, slipped to #4 with a net worth of US$16 billion, down from US$19 billion last year.

Forbes reported that one-fifth of the top 50 list members were tech tycoons, signalling Singapore’s efforts to "foster a culture conducive to startups" was paying off.

Three newcomers were also added to the list, including co-founder of Grab, Anthony Tan (#47, US$790 million), former-professor-turned-entrepreneur Shi Xu (#24, US$1.8 billion), and CEO of cryptocurrency exchange Binance Changpeng Zhao (#22, US$1.9 billion).

Increasing number of super rich

According to Knight-Frank’s Wealth Report 2021, the number of ultra-high net worth individuals (UHNWI) in Singapore rose by 10.2 per cent in 2020.

According to past reports, Singapore continues to attract new wealthy individuals due to its stability, amid geopolitical tensions in other parts of the region and the world.

According to Forbes, 36 tycoons on this year's top 50 list saw their fortunes rise amid a rebounding stock market and economy over the past year.

This meant the combined net worth of the country's richest 50 rose 25 per cent to US$208 billion, up from US$167 billion last year.

Top images via Mindray Facebook 

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