Restaurateur jumps atop Singapore’s richest list

Zhang Yong, founder of famous hot pot chain Haidilao, is Singapore’s richest.

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 $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 $12.1 billion.

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

Zhang, who was previously featured among China’s richest, is now a naturalized 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 percent since last year’s rich list, the collective wealth of Singapore’s top 50 richest grew by more than 12 percent to $130 billion, mostly due to the inclusion of Zhang this year.

Facebook billionaire and Singapore resident Eduardo Saverin saw his fortune fall by $1.2 billion to come in at No. 3 with a net worth of $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 $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 $8.8 billion. The property tycoon added $1.2 billion to his wealth partly attributable to an overseas expansion of his flagship City Developments, which acquired two London office properties for $690 million in 2018.

Another notable in the list this year is 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 $1.57 billion from $738 million previously. (The Straits Times)