Wealth of Singapore's 50 richest on Forbes' list up 10% to $253b

Nearly two-thirds of those on list saw their wealth grow in 2024 from the previous year

- Timothy Goh

Singapore's tycoons saw their collective wealth rise by over 10 per cent to US$195 billion (S$253 billion), from US$177 billion in 2023.

But Forbes' 2024 list of Singapore's 50 richest showed that their fortunes have yet to catch up with that of 2021 when their net worth was US$208 billion.

Still, nearly two-thirds of those on the list saw their wealth grow in 2024 from the previous year, supported by Singapore's expanding economy and stock market.

Forbes attributed the boost to the overall positive sentiment from the swearing-in of Prime Minister Lawrence Wong in May as well as the influx of visitors for sold-out concerts here by pop icon Taylor Swift and rock band Coldplay.

Mr Eduardo Saverin, co-founder of Meta Platforms, formerly Facebook, is the biggest dollar gainer in 2024, holding the top spot for the second consecutive year with a net worth of US$29 billion. The Brazilian native's wealth increased by US$13 billion from 2023, driven by Meta's rising share prices amid significant investments in artificial intelligence.