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5 new additions to Singapore's billionaires club: Forbes Asia

Property tycoons Robert and Philip Ng retained top spot from the previous year, with their net wealth expanding by US$2.2 billion to US$12.8 billion (S$15.8 billion), according to the latest Forbes Singapore rich list.

SINGAPORE: The billionaires club in Singapore expanded by five from 2013 to 26 this year, according to the Forbes Singapore rich list.

Topping the rich list are property magnates Robert and Philip Ng, the brothers who own hotel and mall conglomerate Far East Organization and Sino Land. They added US$2.2 billion (S$2.7 billion) to their wealth amid an expansion of their property empire to Australia, and their net worth is now at US$12.8 billion (S$15.8 billion), said Forbes Asia in a statement released on Thursday (July 24).

Mr Kwek Leng Beng, Chairman of City Developments, and his family remained at No 2 with a net worth of US$7.8 billion, up from the US$7.1 billion in 2013. The Khoo family of Goodwood Group of Hotels, added US$300 million to their wealth and retained third spot on the list with US$7 billion.

The new entrants to the club are: Shipping magnate Chang Yun Chung (ranked No 12 on the list); budget hotel pioneer of Hotel 81 fame Choo Chong Ngen (22); property tycoon Chua Thian Poh (23); the Tay family best known for its chain of OG departmental stores (25); and investor Oei Hong Leong (26).

Other big gainers on the list include reclusive paint tycoon Goh Cheng Liang of the Wuthelam Group, with his fortune jumping US$1.1 billion in the past 11 months to put him at 7th in the list. Facebook co-founder Eduardo Saverin also saw his wealth grow by close to US$1.6 billion to US$4.2 billion due to the climb in value of shares in the social networking company. 

The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. Unlike the Forbes billionaire rankings, this list includes family fortunes such as those shared among extended families. Net worths are based on stock prices and exchange rates as of the close of markets on July 11, Forbes Asia stated.

Below is the top 10 richest in Singapore:

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