S'pore tycoons rise
and fall in roller-coaster ride
There's no stopping the rich.
Singapore's top 40 richest people
emerged with a total net worth of US$39 billion, up 22 per cent from US$32
billion a year ago, the 2009 Forbes Asia Singapore Rich List showed.
Out of the 40, 19 tycoons on the list
were richer - including six of the top 10 - while 13 saw declines in their
net worths.
This comes despite the worst financial
crisis just blowing over, as calculations by Forbes took this year's stock
market recovery largely into account and added some wealth that was
previously undiscovered and difficult to track, a spokeswoman said.
Still standing on top of the list is
real estate magnate Ng Teng Fong.
The 81-year-old, who started privately
held Far East Organization and Hong Kong-listed property developer Sino
Group, is worth a staggering US$8 billion in total, up about 15 per cent
from last year.
With the help of his sons who run the
two organisations, Singapore's richest man and father of six children has
more than 700 hotels, malls and condominiums in Singapore and Hong Kong to
boast of.
Jumping two spots to third place is
major palm oil player Wilmar International's chief executive Kuok Khoon
Hong.
Mr Kuok - the nephew of Malaysian sugar
king Robert Kuok - more than doubled his net worth to US$3.5 billion from
US$1.2 billion in the previous year, after the stock of Singapore's
second-largest company by market cap shot up 70 per cent as at end-August
this year compared to the same period a year ago.
This comes on the back of strong sales
and expansion in its China operations, which are being spun off into a
separate listing in Hong Kong that could raise as much as US$3 billion,
Reuters reported.
Mr Kuok swopped places with United
Overseas Bank chairman Wee Cho Yaw, who has settled to fifth position with
a net worth of US$3.1 billion, down about 15 per cent from US$3.6 billion
a year ago.
A surprise addition to the list is the
four Kwee brothers, who run another privately held property developer
Pontiac Land. Worth US$3.2 billion in total, they rank fourth.
Some well-known hotels and offices
developed by the brothers include Singapore's Ritz-Carlton, Conrad
Centennial Singapore, the Regent Singapore, Millenia Singapore and most
recently, luxury resort Capella Singapore, on Sentosa.
'We're just stewards of what was given
to us by our father and we hope we continue to honour his legacy,' said
chairman Kwee Liong Tek.
He is known to be an avid art collector
who decorates properties with works by pop artist Roy Lichtenstein - famed
for his 'Drowning Girl' painting - and minimalist artist Frank Stella.
Oldest brother is managing director Kwee Liong Keng, who was just
appointed Singapore's non-resident ambassador to Poland.
Malaysian citizen Ong Beng Seng - who
recently clinched the sole dealership for Ferraris - has entered this rich
list together with wife and head of Club 21, Christina. Sitting pretty on
US$700 million in net worth, they are at number 10.
Oei Hong Leong's fortunes are estimated
at US$200 million, slipping just 5 per cent and 'based on only the most
transparent holdings', Forbes said, adding that Mr Oei declined to share
details of how much he has left after he allegedly lost some US$500
million in forex investments.
Mr Oei - who dropped six places to the
33rd spot - is suing Citibank over claims that it gave him conflicting
reports of his margin surplus, forcing him to unwind his trades at an
eventual loss.
Noticeably absent are the Kewalram
Chanrai brothers who started Olam International, as they are 'apparently
excluded as potential beneficiaries' of Kewalram Singapore, which owns a
23 per cent stake of Olam worth about US$700 million, said Forbes.
The biggest loser in percentage terms
was the head of Chinese shipyard Yantai Raffles Brian Chang, whose net
worth plunged 71 per cent to US$160 million. Dropping from 10th position
to 37th place, Mr Chang was said to have lost US$400 million after the
deal to sell 30 per cent of Yantai to a Chinese company was scuppered and
he ended up selling just a 10 per cent stake at a 60 per cent-discount to
the original deal.
Drop-outs from the list this year
included Boustead Singapore's boss Wong Fong Fui, Thakral Corp's Kartar
Singh Thakral, who are worth less than the minimum net worth of US$135
million, up from US$120 million in 2008.
Forbes calculated public fortunes using
share prices and exchange rates as of August 28. For privately held
assets, the magazine estimated what they would be worth if public. This
ranking includes family fortunes shared by members.
- 2009 September 11 BUSINESS
NEWS
Tycoons take a bath as markets
run dry
Most
have seen the value of their stockholdings shrink dramatically
They aren't living hand to mouth just
yet, but it must feel like it.
Thirteen of
Singapore's biggest tycoons have shed at least $6.7 billion in net worth
since the start of the year - each has lost almost 55 per cent on average.
That's according to
rough and ready calculations by BT from Bloomberg and annual report data.
The losses are based just on the paper value of their holdings in some of
Singapore's biggest blue chips, and doesn't include possible loss of value
in other assets, such as property or financial investments.
On the wrong end of the list is Kwek Leng
Beng and family's holding in property firm City Developments through Hong
Leong Holdings, Hong Leong Investment Holdings and Hong Realty -
collectively about 320 million shares, or 35.3 per cent of the company, and
worth about $4.4 billion at the start of the year.
Yesterday, the same shares traded at
$7.20, valuing them at $2.3 billion - down 47.5 per cent. Mr Kwek and his
family were estimated to be worth US$1.2 billion when Forbes magazine
published its latest Singapore rich list in August.
Other property magnates have also lost
heavily in the general selldown of the sector.
Ho Bee Group's Chua Thian Poh is down 66
per cent so far this year. His 474 million shares in the company were worth
$235 million yesterday, down from almost $700 million at the start of the
year as the share price plummeted to less than 50 cents, pulling the firm
into penny status.
They have been joined there by SC Global
and Hotel Properties Ltd. SC Global's Simon Cheong and HPL's Ong Beng Seng,
whose holdings were worth almost half a billion dollars each at the start of
the year, were yesterday down 80 per cent and 72 per cent respectively.
Elsewhere, veteran banker Wee Cho Yaw is
poorer by almost $1 billion, although the 79-year-old chairman of United
Overseas Bank group is still sitting pretty on almost $4 billion in shares.
UOB has been largely spared this year, with its shares losing just 20 per
cent to date. Forbes estimated that Mr Wee and his family were worth US$3.6
billion in August.
Wilmar chairman and chief executive
officer Kuok Khoon Hong has gone off the billionaire list, at least in terms
of the value of his holdings in the palm oil giant. His deemed holdings,
stated as 313.2 million shares in the company's latest annual report, were
worth $761.1 million yesterday, down from $1.68 billion at the beginning of
the year.
Wilmar's share price has more than halved
since January. Much of the damage came in the last three months as falling
commodity prices prompted a re-rating of plantation plays.
Also suffering in the commodity carnage
is Olam's Sunny Verghese, whose shares were yesterday worth half of the $250
million they could have fetched 10 months ago, but even then managed to slip
Mr Verghese into this year's Forbes top 40.
Another former billionaire is Raffles
Education founder Chew Hua Seng. His 805 million shares (including those
held in a trust) were worth $1.49 apiece in January. Yesterday, they traded
at 55.5 cents, or less than $450 million for the lot.
Out of the Forbes rich list, though, was
healthy lifestyle product maker Ron Sim. OSIM's share price has collapsed to
11 cents from 60 cents. Mr Sim's holdings were worth barely $18 million
yesterday, down from almost $100 million.
Tech entrepreneurs Wong Ngit Leong and
Sim Wong Hoo also lost their centimillion status, at least in terms of worth
measured in share value. Venture Corp has lost almost 60 per cent of its
share price this year, while Mr Sim's Creative Tech has fared slightly
better - his 23 million shares are now worth just $87 million.
- 2008 October 14 BUSINESS
TIMES
