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The 2021 Forbes' Singapore Rich List is out with new additions and a new No. 1 richest person.
The annual list compiles 50 of the richest people here according to net worth.
Top spot: The top spot was filled by Li Xiting, founder of ventilator maker Shenzhen Mindray Bio-Medical Electronics Co.
He is a naturalised Singaporean.
via daydaynews.cc
Three new additions to list:
- Anthony Tan, co-founder of Grab
- Shi Xu, founder of nanotechnology solutions company Nanofilm
- Zhao Changpeng, founder and chief executive of cryptocurrency exchange Binance
Tan is a naturalised Singaporean. He was previously listed on Malaysia's rich list.
Anthony Tan via Grab
Shi moved from China to Singapore in the early 1990s.
Shi Xu via Nanofilm
Zhao is a Singapore resident.
Zhao Changpeng via
Foreign citizens who reside in Singapore, as well as those who are not residents but have significant business or other ties here, can be included in the list.
The list includes family fortunes and those shared among extended families.
More wealth needed to get on list
The minimum net worth to make 2021's list was US$735 million (S$998 million), up from US$610 million (S$828 million) in 2020.
The combined net worth of Singapore's 50 richest rose 25 per cent to US$208 billion (S$282 billion) this year.
Making a fortune in tech
The three co-founders of e-commerce platform Shopee's parent company Sea -- Forrest Li, Ye Gang and David Chen -- made the top half of the list.
Three of them, with a collective wealth of US$29.3 billion, more than doubled their US$12.6 billion net worth a year ago.
The top 42 entrants are worth US$1 billion or more each.
Previous No. 1
Hotpot chain Haidilao's Zhang Yong and Shu Ping dropped from first rank in 2020's list to fourth this year as their net worth declined from US$19 billion to US$16 billion.
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Top photo via Grab & Piergiorgio Borgogno YouTube