Singapore’s richest tycoons ranked by Forbes see fortunes rise 25 per cent in a year as coronavirus boosts tech start-ups

The founder of ventilator maker Shenzhen Mindray Bio-Medical Electronics, Li Xiting, rode surging demand, to be crowned the richest person in the city state

The internet sector has minted new billionaires, most notably those at the helm of Southeast Asia’s most valuable technology companies, Sea and Grab

Reading Time:2 minutes

Singapore’s wealthiest tycoons saw their combined fortunes surge 25 per cent in the last year. Photo: Shutterstock

Published: 5:59pm, 12 Aug 2021Updated: 10:25pm, 12 Aug 2021

Singapore’s wealthiest tycoons saw their combined fortunes surge 25 per cent in the last year as the Covid-19 pandemic proved a boon for technology companies, according to Forbes Asia.

The founder of ventilator maker Shenzhen Mindray Bio-Medical Electronics, Li Xiting, rode a wave of surging demand for medical equipment, to be crowned the richest person in the city state.

The combined net worth of Singapore’s 50 richest people jumped to US$208 billion as of July 26, up from US$167 billion a year ago, the 2021 Forbes’ Singapore Rich List revealed. Despite Singapore’s economy shrinking 5.8 per cent last year, its internet sector has thrived and minted new tycoons, most notably those at the helm of Southeast Asia’s most valuable technology companies, Sea and Grab.

Propelled by the pandemic, Li rose to the No 1 spot with a fortune of US$23 billion. Supplying ventilators and other medical equipment at a time when the world badly needed them boosted Mindray’s share price, adding an extra US$5.2 billion to his fortune and taking him up from second place in the 2020 list. The stock has surged by about 320 per cent since listing in October 2018.

Zhang Yong and Shu Ping, the married couple behind the Haidilao hotpot empire slipped from the top spot to No 4 as their hugely popular restaurant chain took a beating from dining restrictions arising from the pandemic.

The couple stole headlines when they became naturalised Singapore citizens and went on to hold the top spot in the wealth rankings for two years running. Their fortune has been eroded, from US$19 billion to US$16 billion this year.

From a February peak, Haidilao’s Hong Kong-listed stock has plummeted 61.9 per cent. The couple, who are ranked together as one item, are among seven people on the list whose fortunes have declined.