Wealth of Singapore’s 50 richest diverges as OCBC, Sheng Siong boom offsets tech slide

[SINGAPORE] A strong year for OCBC and Sheng Siong offset a nearly US$16 billion combined decline in the fortunes of Facebook co-founder Eduardo Saverin and the founders of Sea, shifting the ranks of Singapore’s wealthiest for 2026.

The aggregate net worth of the city-state’s 50 richest tycoons thus stayed flat at US$239 billion, based on the Forbes Singapore’s 50 Richest list published on Thursday (Sep 3).

The biggest gainer was the Lee family of OCBC, whose net worth jumped 78 per cent to US$13.8 billion to land in fourth place.

The bank’s shares nearly doubled over the past year as the lender leveraged Singapore’s status as a regional safe haven, driving a boom in its wealth management business.

Domestic consumption proved equally lucrative. CEO of Sheng Siong, Lim Hock Chee, was 24th on the list as his family’s wealth increased to US$2.7 billion.

Shares of the supermarket operator were up 54 per cent as it expanded its brick-and-mortar footprint across heartland residential estates.

Real estate stalwarts also provided baseline stability. City Developments Ltd’s (CDL) Kwek Leng Beng and his family were in second place after adding US$1.8 billion to their net worth to reach US$16.1 billion.

This was aided by strategic asset divestments and a tighter focus on residential and hospitality markets.

Far East Organization’s siblings Robert and Philip Ng, meanwhile, maintained their spot with US$14.3 billion. They and Kwek trailed Saverin, co-founder and co-CEO of venture capital firm B Capital, who remained in first with a US$32.9 billion fortune.

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Singapore’s 50 richest – combined fortunes soar 23% to US$239 billion: Forbes

Asia’s great wealth transfer is also a business transition

Despite retaining his title as Singapore’s richest individual, Saverin's net worth fell by US$10.1 billion to US$32.9 billion.

Meta shares dropped 25 per cent over the past year as a 14 per cent decline in Q2 net profit, driven by heavy spending on artificial intelligence infrastructure, rattled investors.

Concurrently, New York-listed e-commerce and gaming giant Sea faced intense competitive pressure from TikTok Shop, squeezing margins in its Shopee division.

Its shares tumbled by about a third, erasing nearly US$5.9 billion from the collective fortunes of co-founders Forrest Li (seventh), Gang Ye (14th) and David Chen (44th).

Singapore’s economy expanded 6.1 per cent in the first half of 2026, reflecting manufacturing growth in electronics and precision engineering, driven by surging AI-related demand.

Some 35 of 50 entries in the list were wealthier than a year ago despite a decline in tech-related fortunes.

Quek Leng Chye (48th), a Singapore-based brother of Malaysian billionaire Quek Leng Chan, was the sole newcomer, with a US$1.2 billion fortune. A cousin of CDL’s Kwek, Quek is managing director of Hong Leong Holdings, the property development and investment arm of Hong Leong Group.

Returning to the top 50 were husband-and-wife-duo Gordon and Celine Tang (49th) with a US$1.1 billion fortune. They rejoined the list after a two-year absence as shares of one of their key holdings, Suntec Reit, rose 20 per cent.

The three Wong brothers, Charles, Keith and Kelvin, who own and run privately held Charles & Keith, also returned in 50th place after a one-year absence, with US$1 billion in wealth.