Singapore’s Billionaires Hit Hard by Inflation Madness
Inflation’s got its fingerprints everywhere, and even the big‑money elite aren’t out of the picture. A fresh Forbes snapshot shows the collective fortunes of Singapore’s wealthiest 50 people have taken a hefty 20% plunge this year—well, more, actually.
Where Does the Money Go?
In 2021, those 50 titans were worth a staggering US$208 billion (S$230.4 billion). 2022 dropped that tally to US$164 billion. That’s a smack‑down of roughly 20%—a figure you’d expect for a shrinking economy, not just a patrol of starters.
The culprit? Inflation roaring at numbers, plus a global tech stock slump. Since the pandemic, many of these wealthy champs rode the wave of skyrocketing demand for gadgets, online services, and healthcare gear. Now, the tide has turned.
Top Five Movers and Shakers
- Li Xiting – The founder of Shenzhen Mindray stands at the summit. He sees his net worth drop from US$24 billion to US$15.6 billion. The slide is almost a full‑on third of his wealth, as his medical‑device business slows down.
- Robert & Philip Ng – Double trouble mates for Singapore’s largest private landlord. They climb to second place with US$15.2 billion, a modest bump from US$14.2 billion. The real‑estate resurgence is backing them up.
- Goh Cheng Liang – A seasoned 95‑year‑old master of paint, controlling Japan’s Nippon Paint. He’s at third with a US$13 billion valuation—down 30% from previous figures. Tech giants are moving harder.
- Eduardo Saverin – One of the original Linked‑In co‑founders of Facebook, now known as Meta, is hit as the tech Buzz dies down. His wealth is at US$9.6 billion, sliding two spots to No. 4.
- Kwek Leng Beng – The City Developers boss sees a pop – from US$8.5 billion to US$9.3 billion. He’s the “executive chairman” who’s riding a slightly smoother wave.
Splashy Damage: Gaming & Ride‑Hailing
Sea, the gaming and e‑commerce powerhouse, saw its stock tank in 2022 as the Shopee arm hemorrhaged profits. Its three founders see big drops:
- Forrest Li (No. 11) – US$4.2 billion now, down 70%.
- Gang Ye (No. 13) – US$2.8 billion now, down 70%.
- David Chen (No. 48) – US$745 million, down 70%.
This kind of deep dive is by far the most extreme percentage hit on the list.
Anthony Tan, Grab’s co‑founder, has disappeared from the 2022 lineup after his ride‑hailing giant’s share price took a steep dive from its Nasdaq debut in December 2021.
We’re in a Broader Rush
Singapore remains magnet for the ultra‑rich, but even the nation’s “King of Orchard Road” and other household names can’t escape global market shoos and rising prices. Inflation is the condensing agent, squeezing all pockets. The still‑aging tycoons will keep diversifying—they had to, considering the volatility that just hit even big names.
In the end, the future looks less like a check‑book and more like a dividend‑rich game board. Thanks to the new tech waves, the wealthy may need to be nimble again to keep their fortunes afloat.
<img alt="" data-caption="Grab chief executive Anthony Tan dropped out of the Forbes' list of Singapore's 50 richest.
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Singapore’s Rich Ones and the Big Missing Pieces
When Forbes rolled out its 2022 Singapore rich list, a few high‑profile names were left out—most notably Zhao Changpeng, the mastermind behind crypto giant Binance. Although he was on last year’s roster, he’s now chilling in Dubai.
The Bottom‑Feeder
At the far end of the scale sits Shi Xu, founder of Nanofilm, the company that makes nanotech magic. His fortune sits at a humble $705 million, landing him 50th on the list.
Newcomers Who Made Their Mark
- Cowboy Tuang – Actually named Leo Koguan – Made his way up to 7th place with a whopping $7.6 billion. Hailing from Indonesia, he’s the co‑founder and chair man of tech powerhouse SHI International. Fun fact: he once was Tesla’s third‑largest shareholder and now calls Singapore home, though he’s took on American citizenship.
- Laurent Junique – Originating from France, he grabbed the 47th spot with $825 million. He founded TDCX, a Singapore‑based call‑centre and BPO firm that just debuted on the NYSE last October.
Backed by The Straits Times, this snapshot of Singapore’s wealth shows where the big movers and the quiet pockets are. If you’re curious about who’s behind the numbers or who’s slipping away, read on for the full scoop—though, just a heads up, you’ll need permission to reproduce the original.
