March 10, 2007

Ng Teng Fong wealthiest in Singapore

Mr Ng Teng Fong, US$6.1b

Mr Wee Cho Yaw, US$4.7b

Mr Kwek Leng Beng, US$4.3b

Mr Zhong Shen Jian, US$1.7b

PROPERTY tycoon Ng Teng Fong of Far East Organization has again been named Singapore's richest man by Forbes magazine.

With Singapore's property market on an upswing, his wealth has shot up a stunning 60 per cent to US$6.1 billion (S$9.7 billion) from last year in the closely watched Forbes annual global rich list. That meant Mr Ng, 78, soared up the global list from 174th spot in 2006 to 118th this year.

Banker Wee Cho Yaw, 78, of United Overseas Bank was the next highest ranking Singaporean in 167th spot globally. Property mogul Kwek Leng Beng came in third in 194th position overall.

Mr Wee, who was worth US$2.4 billion at last count, has seen his wealth practically double to US$4.7 billion over the previous year. He has also overtaken Mr Kwek, who controls Hong Leong Group and City Developments to claim No. 2 spot.

Mr Kwek and family are worth US$4.3 billion, up from US$3.6 billion previously.

A new face among Singapore high-fliers this year is China-born Mr Zhong Shen Jian, 48. Ranked 583rd in the world, Mr Zhong is the chief executive of Yanlord Land, a property developer firm based in China which listed here only last year.

A Singapore citizen now, he is estimated to be worth US$1.7 billion.