The nation’s ecnomy is improving and so too are the fortunes of its richest tycoons as their total wealth has jumped 20%.
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.
View the list of rankings of Singapore’s 40 richest here>>>