SINGAPORE`S 40 RICHEST WEALTH RISES 22 PCT TO US$39 BILLION

By Zakaria Abdul Wahab

SINGAPORE, Sept 10 (Bernama) -– Singapore’s top 40 wealthiest people are now
worth a combined US$39 billion, up 22 per cent from US$32 billion a year ago,
according to the 2009 Forbes Asia Singapore Rich List.

In releasing the list today, Forbes said the increased wealth was
partly due to the country’s richest gaining from the city-state’s stock market
jump almost 90 per cent since its March low.

This year, 19 tycoons on the list were richer, including six of the top 10,
while 13 saw their net worths fell, it said.

Taking the number one spot is the 81-year-old real estate mogul Ng Teng Fong
with a net worth of US$8 billion, up from US$7 billion last year.

Ng and his family control the privately-owned company, Far East Organisation
and its subsidiary, Sino Group, which have developed over 700 hotels, malls and
condominiums here and in Hong Kong.

The late banker Khoo Teck Puat’s family whose net worth dropped US$600
billion in 2008 to US$5.5 billion retained the second spot.

The late banker left his estate to 14 children in 2004 but the family sold
its stake in Standard Chartered Bank in 2006 for an estimated US$4 billion. They
still held on to its Goodwood Group of Hotels.

Forbes said the biggest gainer this year was the 60-year-old palm oil tycoon
Kuok Khoon Hong, who is third on the list, up from fifth last year, after his
net worth increased by US$2.2 billion to US$3.5 billion, as shares of his palm
oil firm, Wilmar International, appreciated by 70 per cent since the last rich
list.

Others on the top most spot were new entry property developer, Kwee
Brothers,
ranked fourth with US$3.2 billion, (5) United Overseas Bank Chairman
Wee Cho Yaw (US$3.1 billion), (6) real estate tycoon Zhong Sheng Jian (US$2
billion), (7) investor Peter Lim (US$1.5 billion), (8) Hong Leong Group
Executive Chairman Kwek Leng Beng (US$1.2 billion), (9) Singapore’s
Oversea-Chinese Banking Corp former chairman Lee Seng Wee (US$800 million), and
(10) Malaysian citizen Ong Beng Seng and wife Christina Ong (US$700 million).

Ong, 65, and his 61-year-old wife, married with two children, now listed
here together, are one of Singapore’s most influential couples.

Ong, who has long called Singapore home, is managing director of hotel
properties which include Four Seasons, Hard Rock hotels in Southeast Asia and
also owns rights to Singapore Grand Prix.

He just became the republic’s only official Ferrari dealer while his wife
runs Como Hotels & Resorts, retail empire Club 21 and also owns a yoga studio
and a health food store.

Forbes said the minimum net worth needed to make the list this year was
US$135 million, up from US$120 million in 2008.

–- BERNAMA