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Jakarta Post

Hotpot billionaire Zhang Yong ousts Far East's Ng brothers to top Forbes list of Singapore's richest

  • News Desk

    The Straits Times/Asia News Network

Singapore   /   Fri, August 30, 2019   /   05:55 pm
Hotpot billionaire Zhang Yong ousts Far East's Ng brothers to top Forbes list of Singapore's richest In this photo taken on Sept 10, 2018, Zhang Yong, co-founder, chairman and CEO of Sichuan Haidilao Catering, is with his wife Shu Ping, co-founder and non-executive director, before an investors' luncheon ahead of the company's IPO in Hong Kong. (Reuters/ST/ANN)

Consumers' love for hotpot has propelled Haidilao founder Zhang Yong to the top of the 2019 Forbes Singapore Rich List, with a net worth of US$13.8 billion (S$19.17 billion).

Zhang replaces long-time leaders, property tycoons Robert and Philip Ng of Far East Organization, who are now second with a combined wealth of US$12.1 billion.

The Ng brothers had previously occupied the top spot on the list every year this decade, Forbes Asia said in a press statement on Thursday.

Zhang, who was previously featured among China's richest, is now a naturalised Singapore citizen and resident. His company is also increasingly global in its expansion, Forbes Asia noted.

Meanwhile, the Ng's family fortune continues to benefit from premium prices for its high-end properties, which remain undented by the recent political ructions in Hong Kong or by Singapore's slowing economy, Forbes Asia said.

Despite looming global headwinds and a stock market that declined 3.5 per cent since last year's rich list, the collective wealth of Singapore's top 50 richest grew by more than 12 per cent to US$130 billion, mostly due to the inclusion of Zhang this year.

Facebook billionaire and Singapore resident Eduardo Saverin saw his fortune fall by US$1.2 billion to come in at No. 3 with a net worth of US$10.6 billion. Saverin retains a minority stake in the social media behemoth, which has been battling investor concerns about user privacy issues.

Coming in fourth on the list is paint tycoon Goh Cheng Liang, who has a stake in Japan's Nippon Paint Holdings, and saw a billion-dollar boost to his net worth to US$9.5 billion this year.

The biggest dollar gainer this year, however, is Hong Leong Group's chairmain Kwek Leng Beng who bagged the fifth spot, with a net worth of US$8.8 billion. The property tycoon added US$1.2 billion to his wealth partly attributable to an overseas expansion of his flagship City Developments, which acquired two London office properties for US$690 million in 2018.

Other notable listees this year include Forrest Li, who makes his mark as this year's only online gaming billionaire after debuting on the list last year. Li jumps 21 spots to No. 21, as his net worth more than doubled to US$1.57 billion from US$738 million previously.