The naturalised Singapore citizen is the founder and chairman of Shenzhen-based medical device supplier Mindray, which has been supplying more than 100 countries with ventilators and other equipment amidst the Covid-19 pandemic
Despite a declining economy and stock market due to the Covid-19 pandemic, Singapore’s billionaires saw their collective wealth rise to US$167 billion, a 28 per cent increase from last year.
Along with this phenomenon, this year’s Forbes Singapore’s 50 Richest List saw a major reshuffling in the top 10.
(Related: Haidilao's Billionaire Founder Zhang Yong Tops Forbes Singapore’s Richest List Again in 2020)
While Haidilao’s Zhang Yong secured his top spot—together with his wife, Shu Ping, this year—with a combined net worth of US$19 billion, new entrants have pushed palm oil tycoon Kuok Khoon Hong and Worldwide Hotels’ Choo Chong Ngen—who were 9th and 10th on last year’s list—to the 12th and 14th place respectively.
Most notably, Chinese billionaire Li Xiting, who was previously not featured on the list, shot to the second spot making his debut with a net worth of US$17.8 billion. A naturalised Singapore citizen like Zhang, Li was previously 27th in the China Rich List 2019.