Singapore's 40 richest people saw their total wealth soar by just over a fifth from a year ago, as the stock market and property market roared back to life.

The most spectacular gain by far was notched up by palm oil tycoon Kuok Khoon Hong, 60, who heads locally listed company Wilmar International.

Mr Kuok’s fortune surged from US$1.3 billion ($1.8 billion) to US$3.5 billion as Wilmar’s share price shot up by about 70 per cent – catapulting him from fifth most wealthy person here to third.

The top 40 were worth a combined US$39 billion last month, up 22 per cent from US$32 billion a year earlier, according to Forbes Asia magazine’s list of the richest people here released yesterday.

Singapore’s stock market has surged nearly 90per cent since sinking to a multi-year low in March. The property sector has also bounced back to life recently.

This year, 19 tycoons on the list were richer, including six of the top 10, while 13 saw their fortunes fall.

Ex-remisier king Peter Lim, who remained seventh, also gained from Wilmar’s stellar show. His net worth is up from US$1.1 billion to US$1.5 billion.

The biggest loser was shipbuilder Brian Chang, 66, whose wealth sank 71 per cent to US$160 million. Forbes said his fortune dived US$400 million after a deal to sell 30 per cent of a shipyard to a Chinese company fell through, and he sold just 10 per cent at a 60 per cent discount to the original deal.

Property magnate Ng Teng Fong, 81, who heads Far East Organization, was named the richest man here for the third year in a row. His fortune rose from US$7 billion last year to US$8 billion.
 
Mr Ng was again followed by the family of the late banker Khoo Teck Puat, whose wealth slipped from US$6.1 billion to US$5.5 billion.

After Mr Kuok at No.3 were the Kwee brothers, who debuted at No.4. Forbes said their shared ownership of private Pontiac Land was worth US$3.2 billion. The property developer and hotel operator owns The Ritz-Carlton Millenia Singapore and The Regent, among others.

United Overseas Bank chairman Wee Cho Yaw slipped from third to fifth, with his wealth dipping from US$3.6 billion to US$3.1 billion.

One notable inclusion in the top 10 was Malaysian citizen and property and hotel magnate Ong Beng Seng, who was listed together with Singaporean wife Christina, at No.10. They have a net worth of US$700 million.

Aside from the Kwee brothers, other debutantes include Mr Peter Fu, who heads Kuo International – a firm with interests in oil, trading and property.

Falcon Energy Group’s Tan Pong Tyea and former Sincere Watch owner Tay Liam Wee also made the list for the first time.

Four from last year’s list were out, including Mr Kartar Singh Thakral, whose shares in Australia-listed Reit Thakral Holdings are down 60 per cent since last year.

The minimum net worth needed to make the list this year was US$135 million, up from US$120 million last year. Public wealth was calculated using share prices and exchange rates on Aug 28, while the value of private assets was estimated.

Richest 40:

1. Ng Teng Fong, 81 (previously 1)
US$8 billion (Far East Organization and Hong Kong’s Sino Group)

The famously reclusive tycoon’s companies have developed more than 700 hotels, malls and condos in Singapore and Hong Kong.

2. Khoo Family (previously 2)
US$5.5 billion (Goodwood Group of Hotels)

The 14 children of late banker Khoo Teck Puat sold his Standard Chartered Bank stake in 2006 for an estimated US$4 billion.

3. Kuok Khoon Hong, 60 (previously 5)
US$3.5 billion (Wilmar International)

The nephew of Malaysian billionaire Robert Kuok, Mr Kuok co-founded palm oil giant Wilmar in 1991 and saw its stock jump 70 per cent over the past year from strong sales and China expansion.

4. Kwee brothers (previously not on list)
US$3.2 billion (Pontiac Land)

Four brothers share ownership of the privately held property developer and hotel operator. Eldest brother Liong Keng, 64, is managing director and was recently appointed Singapore’s nonresident ambassador to Poland. Chairman Liong Tek, 63, is an avid art collector.

5. Wee Cho Yaw, 80 (previously 3)
US$3.1 billion (United Overseas Bank)

The rich list stalwart and UOB chairman has seen his bank’s share price double since its March low.

6. Zhong Sheng Jian, 49 (previously 4)
US$2 billion (Yanlord Land)

The China-born tycoon’s wealth has recovered this year, owing to a big increase in his high-end residential property business back in China.

7. Peter Lim, 56 (previously 7)
US$1.5 billion (Wilmar)

The ex-remisier king turned investor made most of his fortune from his initial US$10 million investment in Wilmar, which was started by his former client Mr Kuok.

8. Kwek Leng Beng, 68 (previously 6)
US$1.2 billion (Hong Leong Group, City Developments)

The CDL chairman has seen his stock’s price rise 50 per cent in the past year.

9. Lee Seng Wee, 78 (previously 8)
US$800 million (OCBC Bank)

The former OCBC chairman still sits on the bank’s board. His fortune is up because it now includes his brother Seng Tee’s OCBC holdings.

10. Ong Beng Seng, 65, and Christina Ong, 61 (previously not on list)
US$700 million (Hotel Properties, Club 21)

One of Singapore’s most influential couples is now listed here together. Mr Ong, a Malaysian citizen, is managing director of HPL. His Singaporean wife runs Como Hotels & Resorts and retail empire Club 21.

11. Lien family (previously 36)
US$690 million (United Overseas Bank)

12. Tan Boy Tee, 60 (previously 9)
US$650 million (Labroy Marine)

13. Chang Yun Chung, 91 (previously 14)
US$640 million (Pacific International Lines)

14. Peter Fu Chong Cheng (previously not on list)
US$570 million (Kuo International)

15. Ho Sim Guan, 82 (previously 11)
US$470 million (Banking)

16. Chua Thian Poh, 61 (previously 20)
US$450 million (Ho Bee Investment)

17. Kwek Leng Kee, 54 (previously 13)
US$430 million (Hong Leong Group)

18. Henry Ng, 51 (previously 35)
US$420 million (Pan United)

19. Vivian Chandran (previously 23)
US$ 370 million (Chemoil)

20. Koh Wee Meng, 46 (previously 24)
US$360 million (Fragrance Group)

21. Olivia Lum, 48 (previously 17)
US$350 million (Hyflux)

22. Chew Hua Seng, 55 (previously 12)
US$325 million (Raffles Education)

23. Simon Cheong, 52 (previously 22)
US$310 million (SC Global)

24. Ow Chio Kiat, 64 (previously 15)
US$305 million (Stamford Land)

25. Cheng Wai Keung, 58 (previously 21)
US$300 million (Wing Tai)

26. Ho Kwon Ping, 57 (previously 19)
US$270 million (Banyan Tree)

27. Tan Pong Tyea, 61 (previously not on list)
US$265 million (Falcon Energy)

28. Lee Kian Soo, 64 (previously 16)
US$260 million (Ezra Holdings)

29. Yao Hsiao Tung, 69 (previously 28)
US$255 million (Hi-P International)

30. Ng Chwee Cheng, 77 (previously 18)
US$250 million (Tat Hong)

31. Loo Choon Yong, 60 (previously 26)
US$235 million (Raffles Medical)

32. Kwek Leng Peck, 53 (previously 25)
US$220 million (Hong Leong Group)

33. Oei Hong Leong, 61 (previously 27)
US$200 million (Investments)

34. John Chuang, 61 (previously 31)
US$190 million (Petra Foods)

35. Goh Lik Tuan, 57 (previously 33)
US$175 million (GES International)

36. Sunny George Verghese, 49 (previously 39)
US$170 million (Olam)

37. Brian Chang, 66 (previously 10)
US$160 million (Shipping)

38. Victor Sassoon, 52 (previously 29)
US$150 million (The Coffee Bean & Tea Leaf)

39. Wong Ngit Liong, 68 (previously 34)
US$140 million (Venture)

40. Tay Liam Wee, 50 (previously not on list)
US$135 million (Sincere Watch)

This article was first published in The Straits Times.