Posted: 28 July 2011 1000 hrs

SINGAPORE

Singapore’s 40 richest are now collectively worth US$54.4 billion, up 19 per cent compared with last year, according to the latest rich list published by Forbes Asia.

The better numbers achieved by the country’s wealthiest come despite a slowing economy and weak stock market.

The family of the late Ng Teng Fong remains at the top with US$8.9 billion, up by US$1.1 billion from last year.

Their fortune is tied to their two biggest property holdings: privately held firm Far East Organization and Hong Kong-listed Tsim Sha Tsui Properties.

The family of the late tycoon Khoo Teck Puat comes in at number two with US$6.7 billion, up by US$800 million from last year.

They retain a stake in the Goodwood Group of Hotels.

At number three is veteran banker Wee Cho Yaw with US$4.2 billion, an increase of US$600 million over last year.

Forbes Asia said there are 13 billionaires on this year’s list compared with 11 last year.

The two newcomers with billionaire standing are the Lien family and food tycoon Sam Goi.

– CNA/cc