Singapore is also impacted by the global economic slowdown and its GDP shrank in the past quarters but as the island state was developed as a hub of businesses, a tourist center and international gateway, etc., the overall impact was quite limited. Singapore also witnessed an unprecedented growth of universities and educational institutions and that became a major growth engine for the private sector. The richest people of Singapore accumulated more wealth this way.
1. Ng Robert & Philip Mr. Phillip's total wealth was estimated as dollar 9.2 billion in 2012 and the major source of it is real estate. Far East Organization, the company run by these brothers was established by their father. The family owns numerous hotels and shopping malls in the island state and Hong Kong.
2. Khoo family This family has a total wealth of $6.7 billion, which comes largely from banking sector. Late Khoo Teck Puat, who passed away in 2004 was the founder of this multibillion dollar business. Nowadays, it is run by his children and they own Goodwood Group of Hotels. Charity work is a still carried out in the name of their father.
3. Wee Cho Yaw With a total wealth of $4.7 billion, Wee Cho Yaw is Singapore's third richest person. He's 84 years old and his fortune comes largely from banking sector. He is also the chairman of Singapore's biggest bank, United Overseas Bank. He is also into the real estate business and has major stakes in UOL, a major property developer. The family also has their private real estate units.
4.Kwee brothers Kwee brothers have a total wealth of $4 billion that largely comes from real estate businesses. The brothers’ real estate empire includes various office towers and five-star hotels in Singapore. They also have stakes in multimillion luxury property developments. They also own a property and hotel developer, Pontiac Land.
5.Richard Chandler Mr. Chandler, 54 has a net worth of dollar 2.9 billion, which largely comes from his investments business. He hails from New Zealand originally and runs Richard Chandler Corp., which is active in growing markets. He has major stakes in global businesses such as an “oil and gas” company, InterOil in Papua New Guinea and a timber company, Sino Forest in Canada.
6.Kwek Leng Beng & family The family has a fortune of $2.4 billion, which comes from diversified sources. They also own Hong Leong, a business conglomerate established in 1940.
7. Kuok Khoon Hong With a net worth of $2.3 billion, Mr. Hong, 63, is seventh richest person of Singapore. His businesses include Palm oil companies, including Wilmar international, a leading global company.
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