Singapore’s richest people lost $44 billion

Singapore’s richest people lost $44 billion
Singapore’s richest people lost $44 billion

Rising inflation has also hit Singapore’s top rich. The combined wealth of the country’s top 50 richest has fallen by more than 20 percent this year. However, in addition to inflation, the share price of the technology sector around the world has also played a role. The rich have benefited the most from increased demand for tech products, online services and medical supplies during the pandemic. Their fortunes swelled even during the economic crisis. Currently, due to the decrease in demand in those areas, the amount of wealth of the rich has also gone down. News Straits Times. According to the 2022 list by US business magazine Forbes, the combined wealth of Singapore’s top 50 richest people has dropped to $16,400 billion. Their wealth in 2021 was 20 thousand 8 billion dollars. During that time their total wealth increased by 25 percent. According to Forbes, Singapore’s attractiveness to the wealthy is increasing over time. But rising inflation and a slump in tech stocks around the world have weighed on the fortunes of the top 50 richest this year. Demand for tech products, online services and medical devices has declined since the start of the pandemic. This situation is playing a negative role in the jump of wealth of the rich. The magazine referred to this as the post-pandemic reality. Li Ziting, founder and chairman of Shenzhen Mindray Bio-Medical Electronics, is the city-state’s richest man. In one year, his wealth fell by almost one-third to $1,520 million. Shares of its medical device maker fell as sales slowed. The continued recovery of the real estate sector has boosted the fortunes of two brothers, Robert and Philip Ngir, who deal in the sector. He is the second richest star in Singapore with a net worth of $1,520 million. Last year their wealth was 1 thousand 420 million dollars. The two brothers control the Fareast Organization of the country. The company is Singapore’s largest private real estate developer. The group was founded by their late father Ng Teng Fong. He migrated from China to Singapore in 1934 and became known as the King of Orchard Road. Meanwhile, the net worth of 95-year-old paint tycoon Goh Cheng Liang, who controls Japan’s Nippon Paint Holdings, has fallen. In the last one year, his total wealth has decreased by 30 percent to 1,300 million dollars. However, despite the decrease in wealth, he has become the third richest person in the city-state. Because most of the assets of the top rich have suffered. Facebook co-founder Eduard Severin’s net worth has more than halved to $9.6 billion as shares of tech companies around the world tumble. In this, his position in the list of the top richest people in Singapore has gone from number two to number four. Kuik Len Beng, executive chairman of City Development, is in fifth place in this list with 930 million dollars. His net worth has increased from $8.5 billion last year. Shares of New York-listed gaming firm C surged last year. However, the company’s share price has fallen this year and the company’s subsidiary e-commerce firm Shopee has also posted losses. The wealth of Sir co-founders has also gone down. Si co-founder Forrest Lee ranked 11th in the country’s top 50 wealth list with assets of $4.2 billion, Gang Ye ranked 13th with assets of $2.8 billion, and Devin Chen dropped to 48th with assets of $7.55 billion. Their total assets fell by more than 70 percent. The Straits Times.


The article is in Bengali

Tags: Singapores richest people lost billion

PREV The hanging body of the student of Begum Rokeya University was recovered
NEXT Housewife committed suicide by jumping under the train in Brahmanbaria