Singapore’s 40 Richest (Forbes)

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Special Report
Singapore’s 40 Richest
Suzanne Nam, 09 Sep 09, 11:00 PM ET

Singapore is emerging from its deepest recession since the island became an independent nation in 1965. Though the economy may shrink up to 6% this year, there are signs that the worst is over. GDP expanded in the second quarter for the first time in a year. Exports and manufacturing were up in July, and property prices and sales are picking up. The country’s main stock index has jumped almost 90% since its March low.

All of this has meant a boost in the fortunes of the nation’s richest. The total net worth of Singapore’s top 40 is $39 billion, up 20% from last year’s $32 billion. Ng Teng Fong is No. 1 again, worth $8 billion, $1 billion more than last year. Kuok Khoon Hong’s net worth is up $2.2 billion to $3.5 billion, thanks in part to a 70% jump in the stock price of palm oil firm Wilmar International.

Some of the increase is due to the addition of very wealthy newcomers such as the Kwee brothers, who debut at No. 4 with a combined net worth of $3.2 billion. The Kwee brothers, who equally share ownership of Pontiac Land, the property developer that owns the city-state’s Ritz-Carlton, are not new money and are well-known in Singapore’s business circle. But they were not previously included due to lack of reliable financial information.

Other rich-listers like the Lien family, previously listed under Margaret Lien, got a boost from the inclusion of relatives’ holdings (done to treat rich listers as evenly as possible and to provide the broadest snapshot of Singapore’s wealth). Oversea-Chinese Banking Corp.’s Lee Seng Wee’s fortune got a bump for a similar reason as we decided to combine his fortune with that of his brother Lee Seng Tee, who was No. 32 last year.

One set of brothers not on the list: the Kewalram Chanrais. While a holding company called Kewalram Singapore owns 23% of Olam (the company the family helped found), worth almost $700 million, the brothers are apparently excluded as potential beneficiaries.

Malaysian citizen Ong Beng Seng is listed this year with his Singaporean wife, Christina, who last appeared herself on this list in 2007. The Ongs live in the city-state and together have stakes in Singapore companies NSL and Kuo International, run by her brother Peter Fu Chong Cheng, who debuts with a $570 million fortune.

Overall, 19 on the list added to their wealth, including real estate tycoon Koh Wee Meng, who builds affordable housing and runs budget hotels, and Yao Hsiu Tung, whose Hi-P makes components for consumer products companies including Research In Motion, Procter & Gamble and Apple.

Thirteen returning tycoons are poorer than they were a year ago. The biggest loser in percentage terms was ship builder Brian Chang, whose fortune dropped 71% to $160 million.

A minimum net worth of $135 million was needed to make the cut, up from $120 million in 2008, and four of last year’s top 40 fell short. One of them was Kartar Singh Thakral, as shares in Australia-listed real estate investment trust Thakral Holdings are down 60% since last year. Another dropoff was Wong Fong Fui, a newcomer we profiled last year but whose fortune fell along with the stock of his Boustead Singapore, down 35% in the past year.

Public fortunes were calculated using share prices and exchange rates as of Aug. 28, 2009. For privately held assets, we estimated what they would be worth if public. This ranking, unlike Forbes’ list of the world’s billionaires, includes numerous nuclear family fortunes shared by individuals with their children and grandchildren, or with their siblings. Because so many fortunes include at least some relatives’ holdings, Forbes Asia no longer lists “and family” but rather details family information in the bios when appropriate. Where family fortunes are held by extended families, such as the Kwek cousins, we split them into separate entries.

Additional reporting by Caroline Chen, Phyllis Fang Savage, Lan Anh Nguyen, Jessica Tan, Russell Flannery and Justin Doebele.

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SINGAPORE’S RICHEST