Singapore's export-dependent economy has been hit by the global economic malaise. With gross domestic product decelerating and inflation rising, the Straits Times Index is down 5% over the past year, and Singapore's wealthiest are feeling the pinch. Fortunes based on real estate have dropped significantly. Four property developers, including Chua Thian Poh and Zhong Sheng Jian, saw their net worths fall by 40% or more. Even amid the economic turmoil, plenty of Singapore's businessmen and women added to their fortunes, thanks in part to the Singapore dollar's strength against the U.S. dollar, appreciating 9% over the past year. Indeed, the total net worth of Singapore's 40 Richest is $32 billion, unchanged from last year. On top again is Ng Teng Fong, worth $7 billion, $300 million more than last year because of a more in-depth valuation of his real estate holdings. Kuok Khoon Hong, co-founder of palm oil giant Wilmar International, and Peter Lim, an early investor, are Singapore's newest billionaires, thanks to the company's rising share price, up 31% in the past 12 months. In Pictures: Singapore's 40 Richest
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One way to profit amid falling prices was to cash out. Tan Boy Tee sold his stake in Labroy Marine, which had been hit by foreign exchange losses, for more than $700 million in February. Hong Leong Oei took $120 million for his shares in NatSteel in July, and Brian Chang could eventually pocket up to $566 million for selling a stake in his shipyard, Yantai Raffles, to China International Marine Containers. Singapore's multiethnic mix and pro-business policies make it a haven for international investors and executives. Thus we have broadened the top 40 to include those who made their fortunes in the city-state or listed their companies there, even if they are citizens of another country. So, Malaysian citizen and longtime Singapore resident Chang Yun Chung returns to the list after a one-year hiatus. Sunny George Verghese is a British citizen but resides in Singapore and heads one of its best-known companies, Olam International. Verghese is one of four new entrants. Others include Koh Wee Meng, No. 24, whose Fragrance Group is one of the few property companies in the city-state whose shares are up compared to last year. Another newcomer is Vivian Chandran, who inherited late husband Robert's stakes in Chemoil and Franklin Baker after he died in a helicopter crash earlier this year. Five people from the 2007 list didn't meet this year's $120 million minimum, including Ron Sim. His Osim International, best known for its massage chairs, has been struggling lately. We estimate his fortune at just $60 million from $135 million last year. Christina Ong is also sitting out this year; her shares in U.K.-based luxury handbag and accessories maker Mulberry are down 45% since 2007. Shopping mall magnate Denis Jen was not included, not because he wasn't rich enough, but because his fortune is based in Australia, where he lives; ties to Singapore were difficult to find. Public fortunes were calculated using share prices and exchange rates as of Aug. 7. For privately held assets, we estimated what they would be worth if public. Fortunes held by more than one person (typically a parent and his children or several siblings) are denoted with "and family." Where family fortunes are held by extended families, such as the Kwek fortune held by cousins Kwek Leng Beng, Kwek Leng Kee and Kwek Leng Peck, we split them into separate entries.
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In Pictures: Nine Billionaire Comebacks
In Pictures: The World's Richest Tax Cheats
In Pictures: Inside The World's First Billion-Dollar Home
One way to profit amid falling prices was to cash out. Tan Boy Tee sold his stake in Labroy Marine, which had been hit by foreign exchange losses, for more than $700 million in February. Hong Leong Oei took $120 million for his shares in NatSteel in July, and Brian Chang could eventually pocket up to $566 million for selling a stake in his shipyard, Yantai Raffles, to China International Marine Containers. Singapore's multiethnic mix and pro-business policies make it a haven for international investors and executives. Thus we have broadened the top 40 to include those who made their fortunes in the city-state or listed their companies there, even if they are citizens of another country. So, Malaysian citizen and longtime Singapore resident Chang Yun Chung returns to the list after a one-year hiatus. Sunny George Verghese is a British citizen but resides in Singapore and heads one of its best-known companies, Olam International. Verghese is one of four new entrants. Others include Koh Wee Meng, No. 24, whose Fragrance Group is one of the few property companies in the city-state whose shares are up compared to last year. Another newcomer is Vivian Chandran, who inherited late husband Robert's stakes in Chemoil and Franklin Baker after he died in a helicopter crash earlier this year. Five people from the 2007 list didn't meet this year's $120 million minimum, including Ron Sim. His Osim International, best known for its massage chairs, has been struggling lately. We estimate his fortune at just $60 million from $135 million last year. Christina Ong is also sitting out this year; her shares in U.K.-based luxury handbag and accessories maker Mulberry are down 45% since 2007. Shopping mall magnate Denis Jen was not included, not because he wasn't rich enough, but because his fortune is based in Australia, where he lives; ties to Singapore were difficult to find. Public fortunes were calculated using share prices and exchange rates as of Aug. 7. For privately held assets, we estimated what they would be worth if public. Fortunes held by more than one person (typically a parent and his children or several siblings) are denoted with "and family." Where family fortunes are held by extended families, such as the Kwek fortune held by cousins Kwek Leng Beng, Kwek Leng Kee and Kwek Leng Peck, we split them into separate entries.
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