ECONOMY | Staff Reporter, Singapore

Ng brothers are Singapore's richest in 2018

Their net worth of US$10.8b got them 140th place in the world rankings.

Brothers Robert and Philip Ng’s net worth of US$10.8b put them at the top of Singapore’s billionaires and 140th place in the world rankings in 2018, Forbes revealed.

The two control Far East Organization, Singapore's largest private landlord and property developer. “The group was founded by their father Ng Teng Fong, who moved from China to Singapore in 1934 and came to be known as The King of Orchard Road,” Forbes said.

Nippon Paint owner Goh Cheng Liang (228th in world) followed the brothers in the Singapore rankings with a net worth of US$7b.

UOB’s chairman emeritus Wee Cho Yaw (251st in world) ranked third with a whopping net worth of US$6.6b. His family's property arm Kheng Leong owns 45 apartments in the Nassim, a luxury condo, acquired for US$290m.

The Kwee family’s US$5.6b net worth landed them in fourth place in Singapore and 321st in the world. According to Forbes, the four Kwee siblings control privately held Pontiac Land, which owns an array of luxury hotels and iconic office towers. Pontiac Land was founded by their Indonesian father Henry Kwee, a textile trader and real estate developer, who migrated to Singapore in 1958.

Semiconductor tycoon Jason Chang had a net worth of US$2.9b, built upon Taiwan's Advanced Semiconductor Engineering (ASE). Along with his brother Richard, Jason is one of the main investors in commercial real estate developer Sino Horizon Holding. He is in fifth place.

Chang’s net worth tied with Kwek Leng Beng, who is the executive chairman of Singapore's Hong Leong Group. Kwek is also executive chairman of City Developments.

Another notable name is Peter Lim, who ranked ninth in Singapore, who cashed out of palm oil giant Wilmar eight years ago. The former stockbroker has focused on property, healthcare and sports. His Singapore-listed Rowsley is building a $1.2b healthcare city in Malaysia's Iskandar region.

The father-son pair of Raj Kumar and Kishin RK ranked seventh with US$2.6b, Zhao Tao followed them with US$2.5b, whilst hotel tycoon Choo Chong Ngen ranked 10th with a net worth of US$2.1b.

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