28 Jul '11, 4am

Singapore billionaires richer than last year

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 $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. In third place is veteran banker, Wee Cho Yaw, with US$4.2 billion, an increase of US$600 million over last year. Forbes Asia says there are 13 billionaires on this ye...

Full article: http://www.todayonline.com/Singapore/EDC110728-0000114/Si...

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