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Amidst the global economic slowdown, we see an additional four billionaires from Singapore making this year's list

The world’s economy has taken a hit from the Covid-19 pandemic, and even the richest are not spared. While this year’s Forbes World’s Billionaires List saw 26 billionaires from Singapore make the list—an increase from last year’s 22—many individuals have seen a significant drop in their net worth.

Restauranteur Zhang Yong, who rose to the top spot in Forbes Singapore’s Richest List 2019 with a net worth of US$15.9 billion last September still holds the title of Singapore’s richest—albeit with a lower net worth of US$11 billion. He is followed closely by Robert and Philip Ng of Far East Organisation with a net worth of US$10.9 billion, which also decreased from last year’s US$12 billion.

Read on to find out more about the Singaporean billionaires that made Forbes’ 2020 list.

#118 Zhang Yong, Haidilao


China’s richest restaurateur and now naturalised Singapore citizen, Zhang Yong is the founder of popular Sichuan hot pot chain Haidilao. The self-made billionaire opened his first restaurant back in 1994, in his hometown of Jianyang in Sichuan Province. The restaurant chain went public in September 2018, and has more than 400 outlets in China, the United States, Japan, South Korea and Singapore today.

The restaurant is known for its impeccable service—offering customers manicures and shoulder massages in the waiting line—as well as attractive staff benefits. Zhang Yong announced a scoring system to foster talent in the company via an internal circular this week, which offers employees the opportunity to succeed him when he retires within the next 15 years. Employees are encouraged to take on more tasks to earn points, and those with the highest points are considered for promotion.

(Related: Haidilao's Founder Tops Forbes Singapore’s Richest 2019 List With A Net Worth Of $19 Billion)

#123 Robert & Philip Ng, Far East Organisation


Ranking at #123 amongst the richest people in the world, Robert and Philip Ng are the sons of late real-estate tycoon and philanthropist Ng Teng Fong, who founded Far East Organisation—Singapore’s largest private property developer. The brothers work in Hong Kong and Singapore respectively, with elder brother and former barrister Robert overseeing Hong Kong arm Sino Group with his son Daryl, and Philip taking charge of local operations as CEO, with the aid of their siblings.

Far East Organisation is one of the local firms who have been committed to contributing to the Covid-19 relief efforts. The property developer sent 200 packets of food daily to NUH and Tan Tock Seng Hospital between February 24 to 28, and is noted to have donated in cash to national relief schemes as well as to MaskForce, an initiative for migrant workers and domestic helpers.

(Related: 4 Singapore Families On Forbes' Asia's Richest Families List 2017)

#129 Goh Cheng Liang, Nippon Paint (Singapore)


A self-made billionaire, 92-year-old Goh Cheng Liang is the founder of Nippon Paint (Singapore), which he started in 1955 as the local distributor of Nippon Paint. His business would eventually become Singapore’s first paint manufacturing plant, and it agreed to acquire DuluxGroup for US$2.7 billion in April last year. The billionaire holds a 39 per cent stake in Nippon Paint Holdings in Japan, while his son, Goh Hup Jin, has been the chairman of Nippon Paint since March 2018.

Goh Cheng Liang is also a dedicated philanthropist, supporting education, medical research and community development initiatives through the Goh Foundation, which he founded in 1994. This includes a donation of S$50 million to the National Cancer Centre Singapore and supporting several scholarships in local universities.

#330 Kwee brothers, Pontiac Land


The sons of property developer Henry Kwee, the Kwee brothers—Kwee Liong KengKwee Liong Tek, Kwee Liong Seen and Kwee Liong Phing—work together to oversee the privately held Pontiac Land Group. Eldest brother Liong Keng is managing director of the group, Liong Tek is chairman, while younger siblings Liong Seen and Liong Phing serve as directors on the board. The real estate group owns a portfolio of luxury hotels and prestigious office towers. This includes Regent Singapore, Ritz-Carlton Millenia, Conrad Centennial Singapore and The Capella Singapore, most famously known as the site for the historic Trump-Kim summit in 2018.

(Related: Meet 10 Self-Made Billionaires Who Are On Forbes Singapore's Richest List 2019)

#330 Wee Cho Yaw, United Overseas Bank (UOB)


After retiring from the UOB Board in April 2018, 91-year-old Wee Cho Yaw is now the chairman emeritus of the bank, Singapore’s third-largest financial institution. Co-founded by his father Wee Kheng Chiang in 1935, the bank is now run by his son Wee Ee Chong as CEO. The Wee family also owns property development Kheng Leong, which acquired 45 apartments in The Nassim for US$290 million in 2017, as well as Haw Par, the manufacturer of the iconic Tiger Balm Chinese ointment.

#764 Shu Ping, Haidilao


Shu Ping is the co-founder of Haidilao and COO of Haidilao International Holdings. The company is the market leader for hotpot in China, and has over 400 outlets in over 100 cities, including Singapore, Hong Kong, Japan, Australia and the US.

The wife of Zhang Yong, Shu Ping is also a naturalised Singapore citizen and resident. The couple opened a family office, Sunrise Capital Management, in Singapore last year to manage their wealth. Shu Ping is its sole shareholder and director.

#804 Raj Kumar and Kishin RK, Royal Holdings/RB Capital Group


Father-son pair Raj Kumar and Kishin RK, who founded Royal Holdings and RB Capital Group respectively, share a net worth of US$2.8 billion between them. Their property empire, which includes the 442-room Holiday Inn Express at Clarke Quay and the five-star Intercontinental Singapore Robertson Quay puts them among Singapore’s leading landlords. The latter, especially, is part of RB Capital’s redevelopment project of the 120,000 sqft Quayside at Robertson Quay. The name RB is derived from the former Royal Brothers property group, which was split between Raj Kumar and his brother, Asok Kumar Hiranandani.

Kishin RK, who is one of Singapore’s youngest billionaires, also co-founded food firm TiffinLabs, which has been actively contributing to Covid-19 relief. Its charity arm, Food is Love Foundation has partnered with Free Food For All in order to distribute 20,000 restaurant-quality meals to those in need, with another 10,000 meals sent to healthcare workers.

#836 Jason Chang, Advanced Semiconductor Engineering (ASE)


Jason Chang is the co-founder and chairman of ASE, a provider of independent semiconductor assembling and test manufacturing services. The tech firm is headquartered in Kaohsiung City, Taiwan. He received the prestigious Dale Carnegie Leadership Award in 2017, for his leadership and foresight in growing ASE from a humble factory manufacturing low-end chip packages to the global provider it is today.

Jason Chang is one of the main investors of commercial real estate developer Sino Horizon Holdings, also based in Taiwan.

#836 Choo Chong Ngen, Worldwide Hotels


Choo Chong Ngen is the founder and chairman of Worldwide Hotels, a newly-established holding company comprising six brands with a total of 38 hotels globally in Japan, South Korea, Malaysia, Australia and Thailand. This includes the Hotel 81 chain, which the billionaire started in 1995 after making his fortune in textiles and property investment. The company plans to launch a new brand on Club Street in Singapore come 2021.

A self-made billionaire, the hotelier is a firm believer in education, and has donated more than S$10 million to various local educational institutions and established a bursary for financially needy students through his Worldwide Hotels-Choo Chong Ngen Foundation.

#836 Kwek Leng Beng, Hong Leong Group


Kwek Leng Beng is the executive chairman of Hong Leong Group, which owns businesses in property development, hotels, financial services and trade & industry. Its property arm City Developments Limited (CDL)—Singapore’s second-largest developer—operates more than 150 hotels in over 20 countries. The real estate group announced this month that it had agreed to acquire a 51.01 per cent share in Chongqing-based developer Sincere Property Group, expanding its holdings in mainland China.

The 79-year-old has received numerous awards for his business acumen, such as the Global Blue Ocean Shift Award at the Global Entrepreneurship Community Summit and the Lifetime Achievement Award at the Asia Pacific Entrepreneurship Awards. He was also the recipient of the Diamond Award at Singapore Tatler Ball 2018.


#875 Kwek Leng Kee, board member of Hong Leong Finance and assistant managing director of Hong Leong Holdings
Net worth: US$2.4B

#1001 Kuok Khoon Hong, co-founder of Wilmar
Net worth: US$2.1B

#1135 Forrest Li, co-founder, chairman and group chief executive officer of Sea
Net worth: US$1.9B

#1196 Peter Lim, private investor of Rowsley, Valencia CF, Thomson Medical Group
Net worth: US$1.8B

#1196 Zhao Tao, chairman of Shandong Buchang Pharmaceuticals
Net worth: US$1.8B

#1335 Sam Goi, chairman of Tee Yih Jia Food Manufacturing
Net worth: US$1.6B

#1335 Asok Kumar Hiranandani, founder and chairman of Royal Group of Companies
Net worth: US$1.6B

#1613 Kwek Leng Peck, executive chairman of Hong Leong Asia
Net worth: US$1.3B

#1613 Lim Oon Kuin, founder of Hin Leong Trading
Net worth: US$1.3B

#1613 Oei Hong Leong, chairman of Chip Lian Investments
Net worth: US$1.3B

#1730 Ron Sim, founder of Osim International
Net worth: US$1.2B

#1730 Gang Ye, co-founder and group chief operating officer of Sea
Net worth: US$1.2B

#1730 Zhong Sheng Jian, chairman of Yanlord Land
Net worth: US$1.2B

#1851 Chang Yun Chung, co-founder of Pacific International Lines
Net worth: US$1.1B

#1851 Chua Thian Poh, founder of Ho Bee Land
Net worth: US$1.1B

#1851 Koh Wee Meng, founder, executive chairman and CEO of Fragrance Group,
Net worth: US$1.1B