Wealth Distribution in Singapore

@masterraalkivictorieux Master Ra’al Ki Victorieux

Explore Singapore’s billionaire landscape! 🏢💰 Wealth concentration highlights the economic divide while the elite thrive. Let’s address inequality for a more equitable future! 🌏✨ #Singapore #Billionaires #WealthInequality #Economics https://wp.me/p3JLEZ-7Tx

The concentration of wealth among billionaires in Singapore illustrates not only the remarkable economic growth of the nation but also the pressing need to address wealth inequality. As the elite thrive, the majority of the population struggles with financial stability and access to essential resources. This stark contrast underscores the ethical imperative for a more equitable distribution of wealth that benefits all citizens, rather than just the affluent few. By fostering an inclusive economy that provides opportunities for all, we can create a society where prosperity is shared, ultimately leading to a more harmonious and sustainable future for Singapore.

*Wealth Distribution in Singapore. Atma Unum*

Introduction

Economic inequality remains a salient issue globally, raising questions about wealth distribution’s implications for society. In Singapore, a nation characterized by its economic prowess and significant concentration of wealth, the presence of billionaires offers a unique lens through which we can analyze economics and politics. This essay explores the annual assessment of wealth among Singaporean billionaires as compiled by Forbes, the mechanisms behind their wealth accumulation, and the socioeconomic backdrop of the country.

1. Billionaires in Singapore: An Overview

Singapore boasts a significant number of billionaires, predominantly in finance, real estate, and technology sectors. The continual growth in their net worth reflects broader economic trends within Singapore, marked by innovation and strategic government policies favoring business growth. This is a list of Singaporean billionaires based on an annual assessment of wealth and assets compiled and published by Forbes magazine in 2024:

SG Rank. Name	Net worth (USD)	Source of wealth
1. Eduardo Saverin	29 B	Meta. Technology
2. Robert & Philip Ng	14.4 B	Real Estate
3. Li Xiting	13.4 B	Mindray. Healthcare
4. Kwek Leng Beng & family	11.5 B	Real Estate
5. Goh Cheng Liang	10.4 B	Manufacturing
6. Khoo family	9.2 B	Real Estate
7. Wee family	7.8 B	Finance & Investment
8. Kwee brothers	6.8 B	Real Estate
9. Leo KoGuan	6.7 B	Technology
10. Zhang Yong & Shu Ping	6.5 B	Haidilao. Food & Beverage

2. Wealth Accumulation Strategies

The wealth of Singaporean billionaires has predominantly grown through strategic investments and the flourishing of local industries, particularly finance and technology. Many billionaires, such as Robert and Philip Ng (real estate) and Forrest Li (technology), have actively expanded their businesses both locally and internationally, leveraging digital transformation and global market demands.

Eduardo Saverin (March 19, 1982)

Brazilian billionaire entrepreneur and investor, known for having co-founded Facebook. In 2012, he owned about 2% of Facebook shares, valued at approximately $2 billion at the time. Based in Singapore, he is the co-founder and co-CEO of the venture capital firm B Capital, and has also invested in early-stage startups such as Qwiki and Jumio. Saverin is the wealthiest Brazilian, with an estimated net worth of US$33.9 billion as of 7 January 2025, according to Forbes, and the 47th richest individual in the world.

During his junior year at Harvard, Saverin met fellow Harvard undergraduate, sophomore Mark Zuckerberg. Noting the lack of a dedicated social networking website for Harvard students, the two worked together to launch Facebook in 2004. They each agreed to invest $1,000 in the site. Later, Zuckerberg and Saverin each agreed to invest another $18,000 in the operation. As co-founder, Saverin held the role of chief financial officer and business manager. On May 15, 2012, Business Insider obtained and released an exclusive email from Zuckerberg detailing how he cut Saverin from Facebook and diluted his stake. Zuckerberg privately stated at the time:

“Eduardo is refusing to co-operate at all … We basically now need to sign over our intellectual property to a new company and just take the lawsuit … I’m just going to cut him out and then settle with him. And he’ll get something I’m sure, but he deserves something … He has to sign stuff for investments and he’s lagging and I can’t take the lag.”

Zuckerberg’s attorney warned Zuckerberg that the dilution might trigger a lawsuit for breach of fiduciary duty. Facebook filed a lawsuit against Saverin, arguing that the stock-purchase agreement Saverin signed in October 2005 was invalid. Saverin then filed a suit against Zuckerberg, alleging Zuckerberg spent Facebook’s money (Saverin’s money) on personal expenses over the summer. In 2009, both suits were settled out of court. Terms of the settlement were not disclosed and the company affirmed Saverin’s title as co-founder of Facebook. Saverin signed a non-disclosure contract after the settlement.

In 2010, Saverin co-founded Aporta, an online portal for charity. In 2015, Saverin established his venture capital firm, B Capital, investing in Southeast Asia and India. In 2016, Saverin’s fund closed initial deals of over $140 million in Asia, including Ninja Van, a Singaporean logistics company that engages in last mile parcel delivery in Southeast Asia.

In addition to forming B Capital, in early 2020, Saverin invested in Antler, an early-stage VC fund and startup accelerator founded by his friend and Harvard classmate, Magnus Grimeland.

Saverin immigrated to Singapore in 2009. Saverin and Elaine Andriejanssen, an Indonesian national of Chinese descent and with partial Dutch ancestry, became engaged on March 27, 2014, and were married on June 25, 2015. They met while they were both studying at their respective universities in the U.S. state of Massachusetts, Saverin at Harvard and Andriejanssen at Tufts. Andriejanssen, who works in the finance industry, comes from a wealthy family that runs several businesses in Indonesia. With a net worth of $29 billion, Saverin is reportedly the wealthiest person in Singapore.

Saverin renounced his U.S. citizenship in September 2011, thereby avoiding an estimated US$700 million in capital gains taxes. This generated media attention and controversy. Saverin claimed that he renounced his citizenship because of his “interest in working and living in Singapore”, and denied that he left the U.S. to avoid paying taxes.

In 2023, he acquired two chalets in the French ski resort of Courchevel for US$95 million. They are linked by basements and total over 32,000 square feet.

Robert (1952) & Philip Ng (1959)

Brothers Robert and Philip Ng control Far East Organization, one of Singapore’s largest private landlords and property developers. The group was founded by their father Ng Teng Fong, who moved from China to Singapore in 1934 and came to be known as “The King of Orchard Road.” Their Hong Kong arm, Sino Group, is run by older sibling Robert and his son Daryl, while Philip oversees the Singapore interests. Singapore-listed Far East Orchard repurposed the century-old former Westminster Fire Station in London into a luxury development with 17 apartments and put it on sale in 2022.

The brothers are staunch Christians and refer to Far East as a Christian enterprise. Founder Ng Teng Fong spurned his family’s grocery store and got into real estate in 1960 against his father’s wishes. In 2019, the Ngs opened the 416-room Fullerton Hotel Sydney in a 147-year-old heritage building that used to house the general post office.

Robert Ng Chee Siong (Chinese: 黃志祥; pinyin: Huáng Zhìxiáng; Jyutping: wong4 zi3 coeng4; born 1952) is a Singaporean billionaire businessman, and the chairman of Hong Kong property development conglomerate Sino Group since 1991. He is the eldest son of Ng Teng Fong, a Singaporean real estate billionaire. Forbes listed them together as the 30th richest people in the world in 1997. He is an Honorary Fellow (Foundation Fellow) of Somerville College, Oxford.

Philip Ng (1959) is the CEO of real estate and hospitality giant Far East Organization (FEO) and the son of late property tycoon Ng Teng Fong, who founded the firm. His sister, Dorothy Chan, is the company’s executive director while his older brother, Robert, oversees the company’s Hong Kong operation, Sino Group. His education includes a Bachelor of Science in Engineering, Kings College London; and a Masters of Science in Technology, Massachusetts Institute of Technology (MIT). Mr Ng was conferred the Meritorious Service Medal and the Distinguished Service Order in 2009 and 2018 respectively for being Singapore’s ambassador to the Argentine Republic and Republic of Chile as well as his contributions to the country’s economy. He was also the Chairman of the Sentosa Development Corporation from 2001 to 2007 and from 2007 to August 2016, Mr Ng served as the founding chairman of the Singapore University of Technology and Design (SUTD).

FEO is Singapore’s largest private landlord and property developer; the company produces one in every six houses sold to the public. It is the only developer in the world to win ten FIABCI Prix d’Excellence Awards, the highest honour in international real estate. FEO has a total of 13,000 employees in Singapore and worldwide. FEO is a major international operator. The company owns owns more than 10 hospitality assets and operates a combined portfolio of close to 16,500 rooms under its management across over 90 hotels and serviced residences in nine countries – Australia, Austria, Denmark, Germany, Hungary, Japan, Malaysia, New Zealand and Singapore, with more in its development pipeline.

In September 2015, the Ng family donated $20 million towards the opening of the National Gallery Singapore. In honour of their generous donation, the National Gallery named their roof garden exhibition space after Philip’s late father, Mr Ng Teng Fong.

Li Xiting (January 1, 1951)

Chinese-born Singaporean billionaire. Co-founder, president and co-CEO of Mindray, China’s largest medical equipment manufacturer. Li’s first attempt at entrepreneurship was at Shenzhen Anke High-tech Company in Shenzhen, Guangdong, a partially state-owned enterprise set up by the Chinese Academy of Sciences (CAS) in the 1980s. The company would arguably become China’s very first home-grown developer of medical devices, and launched the nation’s first magnetic resonance imaging (MRI) scanner in 1989.

Li founded medical equipment manufacturer Mindray in Shenzhen 1991 with Xu Hang and Cheng Minghe (成明和). n 2016, Li and the other two co-founders of Mindray took the company private in US$1.9 billion deal. Li moved to Singapore, was awarded the Public Service Star (BBM) by the President of Singapore in 2018. He also gained Singapore citizenship that year. During the COVID-19 pandemic, it was estimated that Li’s net worth was increasing by US$1 billion every month as Mindray’s stock price increased due to high demand for ventilators.

Mindray faced hiring controversy at the end of 2018 when it rescinded job offers from 254 university students due to changing economic conditions. The company reinstated the offers in early 2019 citing ‘corporate social responsibility’ after public outcry.

3. Context of the Forbes Billionaires List

Forbes has tracked billionaires worldwide since 1987, developing a methodology that factors in public stock prices, private asset valuations, and earnings reports. This assessment provides invaluable data on wealth trends over the years, spotlighting not just individual wealth but the economic landscape shifts in the world. The publication is crucial for gauging wealth distribution and understanding the dynamics of economic power.

Things like The Forbes list and Slaylebrity VIP club exists because we live in a world where people are obsessed with money and power. It’s a way for the masses to measure success and to worship those who have amassed great wealth. It’s a way for the elite to flaunt their riches and for the rest of you to feel envy and inadequacy. (…) The Forbes list is nothing more than a superficial measure of success. True wealth and success are not measured by the size of someone’s bank account or the number of zeros next to their name on a list. It’s measured by the impact they have on the world, the lives they touch, and the legacy they leave behind. Lana Gorokhav (2024) Quora

While some individuals may harbor prejudices against money, viewing it as a source of corruption or moral decay, it is undeniable that resources play a crucial role in shaping our capacity to effect change in the world. Historically, many religious traditions emphasized virtues such as poverty and chastity, advocating a life of simplicity and detachment from material wealth. These teachings often sought to flourish spiritual growth over material accumulation, suggesting that true fulfillment comes from living modestly and selflessly.

However, in modern times, a shift in perspective has emerged within various spiritual movements. Many contemporary spiritualities embrace the concepts of richness and abundance, recognizing that financial resources can be powerful tools for positive action and societal transformation. This new paradigm suggests that wealth, when aligned with a higher purpose, can support missions of compassion, empowerment, and progress. Proponents of this view argue that financial abundance allows individuals to create opportunities, spread their influence positively, and support charitable causes effectively. Abundance can coexist with spiritual integrity, societies can embrace a vision of success that combines material prosperity with ethical responsibility. We can see our relationship with money as a way to enrich our lives and the lives of others.

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4. Why Billionaires Go to Singapore

Singapore stands out as a magnet for billionaires, boasting a collective wealth exceeding $200 billion. This city-state, often referred to as the “Asian Pearl,” is not only one of the richest nations on the planet but also home to 42 fortunes with a net worth of $1 billion or more.

With its striking skyline, luxurious lifestyle options, and premium amenities—including private jets, golf clubs, Michelin-starred restaurants, and luxury hotels—Singapore offers an attractive environment for the global elite. Even the roads showcase luxury, with numerous Rolls-Royces cruising through the bustling streets, symbolizing the affluence of its residents.

Despite its small size, it is home to 5.6 million inhabitants. Singapore is recognized as one of the largest financial centers in the world. The nation’s strategic location, open economy, and business-friendly policies have created an affluent ecosystem that appeals to billionaires seeking opportunities for investment, innovation, and lifestyle.

Since gaining independence from Malaysia in 1965, Singapore has evolved into an autonomous state with a robust economy. The visionary leadership of Lee Kuan Yew, who served as the Prime Minister for over 30 years, is often credited with laying the foundations of Singapore’s economic miracle. His policies transformed the nation into a bustling hub of commerce, attracting businesses and wealthy individuals from around the globe.

In addition to its wealth, Singapore’s reputation as a haven for financial security, political stability, and a high standard of living further solidifies its appeal to billionaires. The combination of luxury, opportunity, and a conducive environment for wealth accumulation makes Singapore an irresistible destination for the world’s affluent class.

6. Average Net Worth and Economic Disparity

If we were to say that the average net worth is $256,700, it paints an incomplete picture as seven people of ten (the majority) have less than $100,000. That number is pushed up by only a minority of three people who have $500,000 or more. The Average number makes Singapore the eighth richest country in the world. Net worth is calculated by adding financial assets and non-financial assets (like housing and land), and then subtracting debts. However, the average is skewed because of the many high-net-worth individuals in Singapore. The median net worth is a better representation of the financial situation of the typical Singaporean.

There are three types of averages: mean, median, and mode. Mean is the most commonly used average, and as such, the terms “mean” and “average” are often used interchangeably. Mode is the least commonly used. Median average results when we rank the values from smallest to largest, the number in the middle is the median. The median will be a better indication of the wealth of the average man in the street, as half of the population is below the median and the other half is above it. The average mean and median net worth per adult in Singapore is S$516,991 and S$134,308, respectively.

Despite the concentration of wealth among billionaires, the median net worth of the general population in Singapore remains disproportionate. Data indicate that, although the average income and standard of living are high, significant portions of the population experience challenges related to affording housing and maintaining economic stability. Poverty, while often obscured by the national narrative of affluence, exists in various forms in Singapore. A segment of the population grapples with the rising cost of living and inadequate support systems. The government has implemented social programs aimed at alleviating poverty, but disparities persist, prompting calls for more comprehensive measures.

There are 332,491 millionaires in Singapore, of which 78 have more than half US$1 billion. 330,752 adults are considered HNW; high-net-worth individuals (having between US$1 million to US$50 million) and 1,739 adults are considered UHNW; ultra-high-net-worth individuals (having more than US$50 million).

52.5% of adults in the world have less than US$10,000. This group of people, although forming the majority, holds only 1.2% of the world’s total wealth. In contrast, a small minority of 1.1% of the world’s adult population has over US$1 million, but collectively, they have a 45.8% share of total wealth.

Key wealth statistics for Singapore:

The average debt per adult is S$72,831.
16.0% of the adult population (or 796,320 adults) in Singapore have less than S$13,500 of wealth.
According to a survey conducted by MoneySense, about 3 out of 10 Singapore residents aged 30 to 59 had not started planning for their future financial needs.

From a political theory perspective, the stark contrast between the richest and the poorest embodies themes of structural inequality and access to resources. The existence of billionaires highlights the capitalist framework that allows wealth accumulation, often at the expense of wider societal benefits. The concentration of wealth matters because it can influence political power dynamics, threaten democratic processes, and shape policy decisions that affect socioeconomic conditions.

Conclusion

The analysis of Singapore’s billionaire class illustrates a complex interplay between economics and politics, revealing insights into wealth distribution and societal implications. Understanding the development of wealth among these individuals, the broader economic context, and the societal challenges faced in Singapore informs ongoing discussions about inequality and governance in a rapidly evolving global landscape. Addressing these issues is crucial for fostering a more equitable society, ensuring that the benefits of economic growth extend beyond the elite to include all layers of the population.

References:

Karmali, Naazneen. Ho, Jane. (September 4, 2024) Singapore’s 50 Richest. Forbes
Philip Ng (2025) Tatler
Abraham Lim (7 January 2025) The Average Net Worth (Wealth) in Singapore: Data & Statistics. Smartwealth

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