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Singapore’s tycoons see wealth rise in 2024, but still below 2021 peak

Singapore’s wealthiest saw their collective fortune rise over 10 per cent to US$195 billion in 2024, driven by economic growth and stock market gains. Eduardo Saverin, Meta co-founder, led the list with US$29 billion, while real estate and tech tycoons also saw significant gains.

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Singapore’s wealthiest individuals saw a collective increase in their fortunes by over 10 per cent, reaching US$195 billion (S$253 billion) in 2024, up from US$177 billion in 2023, according to Forbes’ 2024 list of Singapore’s 50 Richest. However, their total wealth remains below the peak in 2021, when their net worth reached US$208 billion.

Nearly two-thirds of those listed saw their wealth grow this year, benefiting from Singapore’s robust economic performance and buoyant stock market.

Forbes credited part of the wealth boost to optimism following the swearing-in of Prime Minister Lawrence Wong in May 2024 and a surge in tourism driven by major concerts from global pop star Taylor Swift and rock band Coldplay.

At the top of the list, Brazilian billionaire entrepreneur and angel investor Eduardo Saverin, co-founder of Meta Platforms and based in Singapore, maintained his position as Singapore’s richest person for the second year in a row. His net worth surged by US$13 billion, reaching US$29 billion in 2024, spurred by Meta’s stock price gains, as the tech giant deepens its investments in artificial intelligence.

Siblings Robert and Philip Ng of Far East Organization held on to second place, despite a slight dip in their fortune from US$14.8 billion in 2023 to US$14.4 billion in 2024. The property magnates continued to oversee one of Singapore’s largest real estate empires.

In third place, Mr Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics, saw his wealth decline slightly from US$14 billion to US$13.4 billion.

Real estate mogul Kwek Leng Beng climbed to fourth place with a net worth of US$11.5 billion. His high-profile acquisition of the Hilton Paris Opera hotel in 2024, ahead of the Paris Olympic Games, made headlines and solidified his family’s standing.

One significant change in the top 10 was the entry of the Wee family at No. 7, with a net worth of US$7.8 billion. The family, heirs of banking tycoon Wee Cho Yaw who passed away in February at the age of 95, now holds a key position in UOB, one of Singapore’s major banks. Mr Wee Ee Cheong, the eldest son, is deputy chairman and chief executive of UOB, while his siblings oversee other family businesses, including UOL Group and UOB Kay Hian.

Meanwhile, the founders of the Haidilao hotpot chain, Mr Zhang Yong and Ms Shu Ping, experienced a sharp drop in their ranking, falling from sixth place in 2023 to 10th in 2024. The couple’s combined wealth declined to US$6.5 billion, driven by a steep fall in Haidilao’s stock due to weaker consumer spending in China.

Another significant development was the sharp rise in wealth of three individuals tied to United States-listed Sea Ltd. The internet company, co-founded by Mr Forrest Li, turned profitable for the first time in 2023, causing its stock to more than double. Mr Li’s wealth soared, elevating him to No. 12 with a net worth of US$5 billion, while Sea’s chief operating officer Ye Gang rose to No. 16 with US$3.1 billion.

As Singapore’s tycoons continue to navigate global economic fluctuations, their fortunes reflect a mixed bag of success stories and challenges, with technology, real estate, and tourism emerging as key drivers of wealth growth in 2024.

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Opinion

Are Govt policies and big business interests limiting competition in Singapore?

This opinion piece from Foong Swee Fong explores concerns about how restrictions on private driving instructors and rising COE prices may reflect a broader trend of collaboration between large corporations and the government, potentially reducing market competition and impacting Singaporeans.

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by Foong Swee Fong

The article, “Driving schools fully booked for months; some students paying bots to secure limited lesson slots” by Channel News Asia, encapsulates all that is wrong with Singapore.

The reason why students can’t get slots is because the “police stopped issuing private driving instructor licences in 1987 when the first two driving schools were set up”.

The police cited coordination and safety reasons.

In 1987, there were “thousands of them” but today “the country only has about 300 private driving instructors” as those who retired were not replaced.

With the gradual reduction of private driving instructors, students have little choice but to patronize the two main driving centres.

Thus, their business is booming not because they are providing excellent service at a competitive rate but because their main competitors – private driving instructors – are being reduced with each passing year, eventually to zero.

Singaporeans should be incensed because what the authorities did is anti-competitive and disadvantageous to them, but not surprisingly, this being Singapore, they brushed it aside, accepting it, perhaps, as the price of progress.

It is becoming a recurring trend: Big Business working hand in glove with the government to subvert the free market.

For crying out loud! The police “stopped issuing private driving instructor licenses WHEN the two driving schools were set up!” How blatant must it get before people start waking up?

While ComfortDelGro Driving Centre is part of the publicly listed ComfortDelGro Corporation, which is commonly perceived as government-linked, Bukit Batok Driving Centre is majority-owned by large corporate entities including Honda Motor Co, Kah Motors, and Income Insurance Ltd.

The CNA article then quoted young Singaporeans who say they still want to learn driving despite the skyrocketing COE prices “due to the convenience and option of renting a vehicle” from car-sharing companies.

It then relates the positive experience of a 22-year-old national serviceman, Calvert Choo, with car-sharing companies, about the price of rental and its convenient location near his HDB block, about Tribecar and GetGo, ending by saying that other reasons for learning to drive
include working in the ride-hailing and delivery industry.

I can’t help but sense that Big Business, with the government, is again trying to subvert the market:

In 2012, taxis were exempted from the COE bidding process to prevent them from driving up Category A COE prices. Instead, they pay the Prevailing Quota Premium, which is the average of the previous three months’ Category A prices at the point of purchase, with their COEs sourced from the Open Category. This arrangement acknowledges that taxi companies are using passenger cars for commercial purposes unlike private car owners, and that they can outbid private car owners.

However, recent trends have seen Private Hire Vehicles (PHVs), car-sharing companies, and even driving schools pushing passenger car COE prices higher, echoing the earlier situation with taxi companies. A simple solution would be to extend the taxi model to these groups. Yet, this approach has not been adopted, and authorities have instead proposed unrealistic solutions.

If COE prices remain elevated, average and even above-average-income drivers will be priced out of the market, forcing them to use PHVs and car-sharing vehicles.

Is this another diabolical scheme to force the people to patronize certain businesses, just like student drivers have now to patronize driving schools?

There are numerous worrisome alliances between Big Business and the Government in our country. They are using fewer generic medicines compared to many other countries in the region, which may contribute to higher healthcare costs. Some have raised concerns about the influence of patented medicines within the healthcare system, potentially increasing overall medical expenses.

As a measure of how preposterous the situation has become, the said CNA article, which in fact is propaganda and free advertisement for the respective big businesses, is published by state-owned MediaCorp, thus paid for by the people, to brainwash themselves!

The Big Business-Government cancer has spread deep and wide. By subverting the free market, resources will be mis-allocated, the poor will be poorer, a large chunk of the middle class will become the new poor, and the rich will be richer, thus tearing society apart.

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Redditors blame driving school shortages, not bots, for booking woes in Singapore

A Reddit thread has critiqued Singapore’s driving schools for long wait times, arguing that limited capacity—not bots—is the real issue. Redditors question government restrictions on private instructors and suggest inefficiencies are driving up costs for learners.

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A Reddit thread has surfaced in response to a Channel News Asia (CNA) article published on 12 September, which highlighted the growing problem of internet bots being used to book practical driving lessons in Singapore.

The CNA article points out that driving schools like the Singapore Safety Driving Centre, ComfortDelGro Driving Centre, and Bukit Batok Driving Centre are struggling to manage the post-pandemic surge in sign-ups, with waiting times now stretching from two to six months for practical lessons.

Redditors highlight deeper issues beyond bots

While the CNA article focused on the ethical concerns of bot usage and the efforts by schools like ComfortDelGro to mitigate these activities through CAPTCHA and AI algorithms, Redditors argue that the real issue lies in the limited capacity of driving schools, which has remained stagnant for years despite the growing demand.

One Redditor summed up the issue succinctly: “I think the problem is very clear, and it’s not the bots. Despite the growth in population size and the number of lanes on the road, I don’t think our driving school capacity has increased much over the last 2 decades.”

This view reflects a shared frustration with the limited availability of lessons, rather than the bots being the core problem.

Intentional restrictions?

Another thread participant speculated that these capacity limitations might be intentional, aligning with Singapore’s long-standing goal of becoming a car-lite society.

This commenter remarked: “I thought this was intentional to make it harder to learn to drive. Coupled with the fact that they’ve stopped giving out new private driving instructor licenses since forever.”

This sentiment resonated with other Redditors, who pointed out that restricting driving access through such methods might be an indirect way of discouraging car ownership without implementing more obvious or direct measures.

A common theme throughout the discussion was the call for more private driving instructors, as their dwindling numbers have exacerbated the problem. The CNA article notes that Singapore stopped issuing new licenses for private driving instructors in 1987, and only around 300 private instructors remain today.

Redditors expressed frustration over this restriction, with one saying: “Opening the doors for more private driving instructors would solve a lot of this crazy pent-up demand… I can’t understand why TP [Traffic Police] refuses to consider this when their 3 authorized schools are run like a shitshow.”

Others echoed this call, questioning why the private route isn’t expanded when the schools are clearly overwhelmed.

The CNA article reported that bots are used to snap up slots when other learners cancel bookings, often leaving regular students scrambling to secure lessons.

Many Redditors shared their personal frustrations with the booking systems, with one user stating: “I remember many years back when I took my lessons, it was already very hard to book… In the end I wrote a script to help me to book lessons and I could complete in a much shorter timeframe.”

Another user mentioned: “I enrolled in February, it’s September now, and I can’t even get a single slot for my 3A.”

These anecdotes reflect a widespread sense of exasperation with a system that many feel has not adapted to meet current demand.

Allegations of inefficiency

Some Redditors also questioned whether driving schools have any incentive to resolve these issues, accusing them of benefiting from drawn-out processes and high fees.

One participant commented: “The school instructors have no relationship with the student and are paid to just go through lessons like a robot rather than concentrating on the student’s weaknesses. Meanwhile the school has an incentive to drag the process out as long as possible to collect as much fees as possible.”

This view paints a picture of inefficiency and potential exploitation, adding to the frustrations of those trying to obtain their driving licenses.

The broader impact of Singapore’s car-lite policy

Several Redditors tied the bot controversy to Singapore’s broader push for a car-lite society, with one remarking: “They’re probably thinking: it’s part of the system to discourage cars on the road… TP failed lots of people, that’s why they have so much backlog.”

Some users felt that discouraging people from learning to drive could lead to long-term issues, with one suggesting that the difficulty in obtaining a license might ultimately reduce the number of private hire vehicles (PHVs) on the road: “All this is doing in the long run is making taxis extinct faster and possibly creating an issue years from now where there aren’t enough PHVs around because most Singaporeans gave up learning how to drive.”

The Reddit thread responding to the CNA article reveals that many Singaporeans believe the issues with booking driving lessons run deeper than just bots.

The root causes—limited capacity, intentional restrictions, and inefficiency—are seen as part of a broader challenge in Singapore’s car-lite ambitions.

Redditors are calling for reforms, such as more private instructors and greater transparency, to address the growing frustrations around learning to drive in Singapore.

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