7. Wee Cho Yaw
Net worth: $4.9 Billion
Wealth of Wee Cho Yaw, chairman emeritus of United Overseas Bank, Singapore’s third-largest bank by market capitalization, took a hit as shares of UOB fell by close to a fifth in the past year on flat earnings amid an economic slowdown. Shortly after the Brexit vote UOB temporarily halted loans for the purchase of London property. Property arm UOL Group saw net earnings drop 43% in 2015 on lower revenues from real estate and hotel operations, which include the Pan Pacific and ParkRoyal chains. To celebrate its 80th anniversary in 2015, the bank made a $15 million endowment to the National University of Singapore and Nanyang Technological University for a scholarship program in Wee’s name
6. Kwee family
Net worth: $5.4 Billion
The four Kwee siblings who own privately held Pontiac land were in the news when Perennial Real estate Holdings, backed by fellow billionaire Kuok Khoon Hong (No. 9), their partner in the iconic Capitol Singapore redevelopment in the business district, went to court in April to wind up companies linked to that project. The Kwees are redeveloping 2 of Sydney’s historic sandstone buildings into a 240- room luxury hotel. In New york they are building an 82-story tower beside the Museum of Modern Art that has apartments ranging in price from $3 million to more than $70 million.
5. Goh Cheng Liang
Net worth: $5.7 Billion
Fortune of reclusive paint tycoon Goh Cheng Liang, who owns 39% of Japan’s Nippon Paint Holdings took a hit from a fall in shares of the company as sales in its home market slowed. Goh’s son, Hup Jin,who is Nippon’s executive director is aiming for a 30% rise in revenues to $6.5 billion in 2018. Banking on rising demand in China, he is investing $285 million to boost capacity in the mainland. Hup Jin also runs family’s privately held paint and coatings maker Nipsea, a joint venture with Nippon. The Gohs collect luxury yachts and catamarans.
4. Khoo Family
Net worth: $6.3 Billion
More than a dozen heirs of late banker Khoo teck Puat share fortune derived from selling their stake in Standard Chartered Bank for $4 billion a decade ago. The Khoo family also owns the Goodwood Group of Hotels, best known for the historic Goodwood Park Hotel, chaired by daughter Mavis Khoo-Oei since 2004. In April the hotel’s bakery was in the news when people contracted food poisoning from its popular durian-flavored pastries, forcing the bakery to shut down temporarily. The hotel, which admitted to lapses, says it took immediate steps to rectify them.
3. Eduardo Saverin
Net worth: $7.2 Billion
Cofounder of Facebook Eduardo Saverin, who has reinvented himself as a venture capitalist but still derives wealth from his minority stake in the company, jumps three spots on its rising shares. In May he closed a new $144 million venture fund focused on India and Southeast Asia, with Silicon Valley investor Raj Ganguly. Velos Partners, the Los Angeles private equity firm that the pair cofounded, has recently invested in 99.co, a Singapore property hunting site, and Xfers, a payment-processing startup.
2. Kwek Leng Beng & family
Net worth:$7.6 Billion
Property magnate Kwek Leng Beng’s City Developments is pushing for an overseas expansion amid headwinds at home that caused net profit to decline 14% to $77 million in a recent quarter. the South Beach, CDL’s 634-room hotel in Singapore designed by Philippe Starck, was rebranded JW Marriott in June. Son Sherman was appointed deputy CEO in April.
1.Robert & Philip Ng
Net worth: $8.6 Billion
Brothers Robert and Philip Ng control Far East Organization, Singapore’s largest private property developer. Sluggish home market was offset by rising revenues reported by their Hong Kong arm, Sino Group, overseen by older sibling Robert and his son Daryl. Last year, the family donated $15 million to the National Gallery Singapore, a new visual arts institution that has named a roof garden exhibition space after their late father Ng Teng Fong.