Grab co-founder Anthony Tan drops out of Forbes 2022 S'pore richest list after making 2021 debut

You got to have S$705 million to make the top 50 list.

Belmont Lay | September 12, 2022, 09:33 AM

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The collective wealth of Singapore's richest people dropped by more than 20 per cent in 2022, according to Forbes in its latest 2022 survey.

The Forbes' 2022 list of Singapore's 50 richest people on Sep. 8 showed the tycoons' combined wealth went down US$44 billion (S$61.5 billion) from US$208 billion (S$290.9 billion) in 2021 to US$164 billion (S$230.4 billion) in 2022.

A correction

However, the latest drop can be understood as a correction, as the net worth of the richest top 50 people in Singapore had risen by 25 per cent in 2021.

Rising inflation and the global sell-off in technology stocks this year saw wealth fall.

Forbes said the richest people on the list benefited from the surge in demand for electronic products, online services and medical devices during the Covid-19 pandemic.

Top 6

1. Li Xiting

At the top of the list is Li Xiting (pictured top right), founder and chairman of Shenzhen Mindray Bio-Medical Electronics.

This was despite his wealth getting slashed by one-third to US$15.6 billion as shares of his medical device-maker dropped on slower sales growth.

2. Robert and Philip Ng

Brothers Robert and Philip Ng, who control Far East Organization, Singapore's largest private landlord and property developer, are in second place with US$15.2 billion, up from US$14.2 billion in 2021, as the property sector is recovering and new information on their holdings are made known.

3. Goh Cheng Liang

At third spot is paint tycoon Goh Cheng Liang, 95.

He controls Japan's Nippon Paint Holdings.

His net worth fell 30 per cent to US$13 billion.

4. Eduardo Saverin

Tech tycoons saw their wealth plunge.

The net worth of Facebook co-founder Eduardo Saverin was cut by more than half to US$9.6 billion, pulling him down two places to fourth place.

5. Kwek Leng Beng and family

At fifth spot is Kwek Leng Beng, the executive chairman of City Developments.

His wealth rose from US$8.5 billion to US$9.3 billion in a year.

6. Zhang Yong & Shu Ping

At sixth spot is Zhang Yong, and his wife Shu Ping, chairman and cofounder of Sichuan hot pot chain Haidilao, respectively.

The food and beverage business went public in September 2018.

The couple is worth US$7.7 billion.

Other frequently mentioned billionaires

Peter Lim, who has been on the list for years, is at 16th spot with US$2.55 billion.

At the 43rd spot is Tan Min-Liang, who is the boss of gaming devices company Razer.

Tan's net worth is US$995 million.

No. 50th spot

Shi Xu, founder of Nanofilm, a provider of nanotechnology solutions, is at bottom of the list with US$705 million.

The minimum wealth required to make the top 50 list in 2021 was US$998 million.

Biggest drops

The three co-founders of Sea saw their positions on the list drop as the tech stock plunge eroded their wealth by as much as 70 per cent for each person.

Forrest Li is at 11th spot with US$4.2 billion, Gang Ye is at 13th spot with US$2.8 billion, and David Chen is at No. 48 spot with US$745 million.

Grab's co-founder Anthony Tan dropped out of the list after making his debut on it in 2021.

His ride-hailing and e-commerce company's stocks dropped by more than two-thirds since its debut on the Nasdaq exchange in December 2021.

Zhao Changpeng, founder of crypto exchange Binance, has moved to Dubai and did not make the list in 2022, after entering the top 50 in 2021.

Top photos via Grab &