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Singapore’s richest tycoons prosper amid economic headwinds, Forbes reveals

Amid a slowing economy, Singapore’s tycoons thrived as their combined wealth rose by 8% to US$177 billion in 2023, reveals Forbes. Eduardo Saverin of Meta Platforms leads the list with US$16 billion.

Notable entrants include Fosun International’s Liang Xinjun and JOYY’s David Xueling Li. The minimum net worth for entry rose to US$750 million.

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Amid a decelerating economy, Singapore’s top magnates haven’t merely weathered the storm but have thrived. Forbes’ 2023 list of Singapore’s 50 Richest has charted an 8% growth in the collective wealth of these tycoons, reaching US$177 billion, up from the previous year’s US$164 billion.

The Brazilian expat and Meta Platforms co-founder, Eduardo Saverin, who has called the Lion City his home for over a decade, emerges as the crown jewel this year.

With a staggering net worth of US$16 billion, he witnesses the most significant gain in dollar value this year, amassing an extra US$6.4 billion, paralleling Meta’s stock surge of nearly 70%.

The Ng siblings, Robert and Philip, champions of the Far East Organization, continue to secure the second spot, albeit with a slight dip in fortune to US$14.8 billion.

After reigning supreme for two consecutive years, Li Xiting of Shenzhen Mindray Bio-Medical Electronics was nudged to the third position, as China’s crackdown on the pharmaceutical sector impacted healthcare stocks. His fortune saw a decrease to US$14 billion.

Japan’s Nippon Paint Holdings magnate, Goh Cheng Liang, and real estate titan, Kwek Leng Beng, maintain the fourth and fifth spots respectively.

Kwek, post-pandemic, has set his eyes on global landmarks, exemplified by his acquisition of London’s iconic St Katharine Docks for a whopping US$500 million in March.

This year, over half of the list witnessed an uptick in their net worth, with six tycoons augmenting their coffers by more than US$1 billion each.

Standouts include the banking powerhouses: the Lee family of OCBC, and the Lien lineage with stakes in United Overseas Bank, both recording spectacular growth percentages.

Adding fresh dynamism to the list are three newcomers, two hailing from China. Fosun International’s co-founder, Liang Xinjun, now helming XIN Family in Singapore, debuts with US$2.15 billion. David Xueling Li, the brain behind Nasdaq-listed JOYY, secures the 47th spot. Singapore’s very own Lim Kaling, an early bird investor in Razer, shares the honour with the company’s pioneer, Min-Liang Tan.

However, fortunes can be fleeting. David Chen of Sea is among the three who faded from the list, following a stock tumble post lukewarm Q2 results.

To even consider an entry this year, one would need a net worth of at least US$750 million, a slight elevation from last year’s US$705 million.

The elite top 10 include:

  1. Eduardo Saverin – US$16 billion
  2. Robert & Philip Ng – US$14.8 billion
  3. Li Xiting – US$14 billion
  4. Goh Cheng Liang – US$12.3 billion
  5. Kwek Leng Beng – US$11 billion
  6. Zhang Yong & Shu Ping – US$9.7 billion
  7. Khoo family – US$8.5 billion
  8. Wee Cho Yaw – US$7.1 billion
  9. Leo Koguan – US$6.5 billion
  10. Kwee brothers – US$6.3 billion

Forbes’ methodology involved an in-depth examination of stock prices, exchange rates, public data, private valuations, and insights from analysts and the individuals themselves.

Noteworthy is the inclusion of shared family fortunes, like that of Kwek Leng Beng and his extended kin. The rankings, accurate as of August 18, 2023, provide a panoramic view of Singapore’s affluent, even if they reside abroad but maintain substantial ties to the nation.

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Civil Society

Three women to contest charges over pro-Palestinian procession outside Istana

Three Singaporean women, charged under the Public Order Act for organizing a pro-Palestinian procession on 2 February, will contest their charges at trial, a court heard on 18 September. About 70 people participated in the February event, carrying watermelon-adorned umbrellas as a symbol of Palestinian resistance while delivering letters to then-Prime Minister Lee Hsien Loong.

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SINGAPORE: Three Singaporean women charged in connection with a pro-Palestinian procession to the Istana will contest their charges at trial, a court heard on Wednesday (18 September).

The defendants are Annamalai Kokila Parvathi, 35, an activist with the Transformative Justice Collective (TJC); Siti Amirah Mohamed Asrori, 29, a social media influencer; and Mossamad Sobikun Nahar, 25, a community worker.

They were charged in June under the Public Order Act for organizing an unpermitted procession on 2 February.

During the court hearing on Wednesday, the trio, through their lawyer, indicated their intention to contest the charges and claim trial.

Siti Amirah and Mossamad are accused of organizing the procession that occurred between 2pm and 3pm along the perimeter of the Istana, a restricted area.

Kokila is charged with abetting the conspiracy by collaborating with Siti, Mossamad, Alysha Mohamed Rahmat Shah, Anystasha Mohamed Rahmat Shah, and other unnamed individuals to organize the event.

According to a previous police statement, around 70 people gathered outside a mall on Orchard Road at about 2pm on 2 February before marching towards the Istana.

They carried umbrellas painted with watermelon images, symbolizing support for Palestinians amidst the ongoing Israel- Palestinian conflict.

The watermelon, reflecting the colors of the Palestinian flag, has become a symbol of solidarity.

Social media posts indicate that participants of the Letters for Palestine event walked from Plaza Singapura to the Istana to deliver letters addressed to then-Prime Minister Lee Hsien Loong.

The cases have been adjourned to October for pre-trial conferences.

If convicted under the Public Order Act, the women face a potential penalty of up to six months’ imprisonment, a fine of up to S$10,000, or both.

The police have reiterated their call for the public to avoid actions that could disrupt peace, public order, and social harmony in Singapore.

They advised that while strong feelings about the Israel-Hamas conflict are understandable, lawful means of expression, such as participating in organized forums, dialogues, and donation drives, are preferable to illegal protests.

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Singapore

COE prices surge across most categories, Open Category hits S$113,104

COE premiums rose on 18 September, with the Open Category hitting S$113,104, the highest since December 2023. Category A and B premiums also saw increases, while commercial vehicle COEs remained stable.

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Certificate of Entitlement (COE) premiums surged across most categories on 18 September, with the Open Category recording the steepest increase, reaching S$113,104.

This marks the highest price since December 2023, when the premium for an Open Category COE peaked at S$118,388.

The Category A COE, designated for smaller and less powerful cars as well as electric vehicles (EVs), rose by 2.1% to S$98,524 from S$96,490 at the previous tender on 4 September. This is the highest price recorded for Category A COEs in 2024.

Category B COEs, which apply to larger and more powerful cars and EVs, saw a 3.5% increase, with premiums rising to S$110,001 from the previous S$106,300.

Meanwhile, the Open Category, or Category E, which can be used to register any vehicle except motorcycles but is often applied to larger vehicles, rose by 5.8% to S$113,104, compared to S$106,901 from the earlier tender.

In contrast, the COE premium for commercial vehicles (Category C) remained largely unchanged at S$74,000, only S$1 below the figure from the previous exercise.

The premium for motorcycle COEs (Category D) saw a modest 1% increase, reaching S$9,900, up from S$9,801 in the last round.

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