28 Jul '11, 2am

(CNA|sg|biz) S'pore's 40 richest worth US$54.4 billion

SINGAPORE: Singapore's 40 richest are now collectively worth US$54.4 billion, up 19 per cent compared with last year, according to the latest rich list published by Forbes Asia. The better numbers achieved by the country's wealthiest come despite a slowing economy and weak stock market. The family of the late Ng Teng Fong remains at the top with US$8.9 billion, up by US$1.1 billion from last year. Their fortune is tied to their two biggest property holdings: privately held firm Far East Organization and Hong Kong-listed Tsim Sha Tsui Properties. The family of the late tycoon Khoo Teck Puat comes in at number two with US$6.7 billion, up by US$800 million from last year. They retain a stake in the Goodwood Group of Hotels. At number three is veteran banker Wee Cho Yaw with US$4.2 billion, an increase of US$600 million over last year. Forbes Asia said there are 13 billionaire...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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