Singapore saw a new face at the top of the Forbes List of Singapore’s Richest for the first time this year after the founder of ventilator maker Shenzhen Mindray Bio-Medical Electronics Co, Li Xiting, saw his net worth soar to US$23 billion (S$31 billion) during the Covid-19 pandemic.

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As a company that supplies medical devices, it saw a strong surge in demand during the pandemic. In fact, Li’s company shares rose by around 19 per cent in 2020.

Li was joined by three other new entrants who also made their debut on this year’s Forbes list, which records the 50 richest people in the country. These include the co-founder of Grab, Anthony Tan; the founder of Nanofilm, Shi Xu; and Zhao Changpeng, the founder and chief executive of cryptocurrency exchange Binance.

Shi saw his net worth rise last year after Nanofilm was listed. The company decided to enter an agreement with Temasek to collaborate and explore ways where they could use hydrogen as an energy source.

The second richest on the list is Facebook co-founder and venture capitalist Eduardo Saverin with Goh Cheng Liang taking the top spot. Goh’s company, Wuthelam Holdings, took a majority stake in Nippon Paint Holdings early this year in a US$12 billion deal which led to his net worth increasing by US$3.8 billion to US$18.6 billion.

Despite the pandemic, the combined net worth of Singapore’s 50 most affluent individuals rose by a whopping 25 per cent to US$208 billion this year. In addition to this, there are 42 entrants on the list who are worth US$1 billion or more.

The list also featured mostly tech tycoons which include the three co-founders of Shopee’s parent company, Sea, namely Forrest Li, Ye Gang and David Chen. The trio were the biggest gainers on the list in terms of percentage and they have a collective wealth of US$29.3 billion which is over twice as much as last year.

However, big names such as hotpot chain Haidilao’s founders Zhang Yong and Shu Ping moved down the list this year. The couple, who ranked first in last year’s list fell to fourth place this year after their net worth dropped to US$16 billion from US$19 billion a year ago, a likely effect due to the massive hit the food and beverage industry took as a result of the pandemic.

Read the full list of Forbes Singapore’s 50 Richest here.

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