The connection between Taylor Swift, Lawrence Wong, and some of Singapore’s wealthiest individuals might not be immediately apparent. However, sold-out concerts by artists like Taylor Swift, Coldplay, and Bruno Mars have significantly boosted Singapore’s economy, which experienced two consecutive quarters of growth, according to statistics from the Ministry of Trade & Industry. Additionally, the swearing-in of Lawrence Wong has reportedly contributed to positive market sentiments, lifting the stock market and increasing the collective net worth of the country’s 50 richest tycoons by over 10 per cent to US$195 billion (approximately S$253 billion), as reported by Forbes. This is a notable rise from their collective wealth of US$177 billion in 2023.
Background
The economic uplift from high-profile concerts and political stability has had a tangible impact on the wealth of Singapore’s richest individuals. The Ministry of Trade & Industry’s data highlights the importance of entertainment and political events in driving economic growth. Forbes’ report on the increased net worth of the country’s top tycoons underscores the broader economic benefits of these factors.
Eduardo Saverin topped the list
Eduardo Saverin, co-founder of Meta (formerly Facebook), was Singapore’s richest person in both 2023 and 2024. His net worth surged from US$16 billion in 2023 to US$29 billion (approximately S$37 billion) in 2024. Following him are siblings Robert and Philip Ng of Far East Organisation, with a combined fortune of US$14.4 billion, maintaining their position. Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics, held the third spot with a net worth of S$13.4 billion.
Wee family in seventh place
The heirs of the late UOB chairman emeritus Wee Cho Yaw have entered the list at seventh place, with a net worth of US$7.8 billion. The late Wee’s eldest son, Wee Ee Cheong, serves as UOB’s deputy chairman and chief executive. His other sons, Wee Ee Chao and Wee Ee Lim, hold significant positions as chairman of Tiger Balm maker Haw Par and brokerage firm UOB Kay Hian, and chairman of listed property developer UOL Group, respectively.
Top 10
Here is a list of the top 10 richest people in Singapore and their net worths, according to Forbes:
- Eduardo Saverin, co-founder of Meta Platforms (US$29 billion)
- Robert and Philip Ng, controllers of Far East Organisation (US$14.4 billion)
- Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics (US$13.4 billion)
- Kwek Leng Beng and family, executive chairman of Hong Leong Group (US$11.5 billion)
- Goh Cheng Liang, founder of Wuthelam Holdings (US$10.4 billion)
- Khoo family, heirs of Khoo Teck Puat (US$9.2 billion)
- Wee family, heirs of Wee Cho Yaw (US$7.8 billion)
- Kwee brothers, siblings who control Pontiac Land Group (US$6.8 billion)
- Leo KoGuan, founder and chairman of SHI International (US$6.7 billion)
- Zhang Yong and Shu Ping, chairman and co-founder of Haidilao (US$6.5 billion)
Future implications
The rise in the net worth of Singapore’s wealthiest individuals reflects broader economic trends influenced by both local and global events. The continued success of high-profile concerts and political stability could further enhance economic growth and wealth accumulation. As Singapore continues to attract international talent and investment, the fortunes of its richest citizens are likely to keep rising, contributing to the nation’s overall economic prosperity.
