Singapore is known to be the island nation that multi-billionaires and millionaires call home. While not all of them found their riches or built their empires on Singaporean soil, there is a common trait that all of them share – they got rich by being bosses of successful and profitable businesses.
When the list of Singapore’s 50 Richest of 2024 was published, I thought how interesting it is to take a look at how these Singaporeans became rich. Rather than reinventing the wheel, I guess taking a leaf out would at least point some of us to the right direction.
And to make emulating them possible, I narrow down the list to listed stocks that Singaporean billionaires own. So if you think these billionaires can be richer, well you could just buy into the stock that have made them amass such wealth.
1. Meta Platforms Inc (NASDAQ: META) – Eduardo Saverin
Although Eduardo Saverin is known mostly as the co-founder of Facebook and had no operational role after having the infamous fallout with Mark Zuckerberg, he still owns stock of META, which has gone through plenty of setbacks and challenges over the years.
Born as a Brazilian but spent most of his time in the US, Saverin renounced his US citizenship, for many reasons, choose to reside in Singapore.
META’s family of apps have all been advertising juggernauts, and with the LLM model and AI initiatives, Saverin could see his net worth growing much faster than his involvement with his set-up venture capital B-Capital.
2. Sino Land Company Limited (HKG: 0083) – Robert and Philip Ng
The Ng brothers obtain 2nd spot on Singapore’s richest from a complex and multiple share ownership of property and investment companies. Their main holding companies – Sino Group and Far East Organization are private, holding stakes in listed entities in the likes of Far East Orchard Ltd (SGX: O10), Yeo Hiap Seng Limited (SGX: Y03), and Far East Hospitality Trust (SGX: Q5T).
Not to mention the Ng brothers also derive their wealth from the Hong Kong properties, which is parked under Sino Group, which hold stakes in Sino Land Company Limited (HKG: 083), Tsim Sha Tsui Properties Limited (HKG: 0247), Sino Hotels (Holdings) Limited (HKG: 1221).
The Ng brothers’ wealth was built from their father’s era – the well known Ng Teng Fong. And having owned strategic properties in land scarced Singapore and Hong Kong have just saw their net worth climbing without needing much diversification.
3. Shenzhen Mindray Bio-Medl Elctrnc Co Ltd (HKG: 300760) – Li Xiting
Mindray is a a Chinese multinational medical instrumentation manufacturer based in Shenzhen, Guangdong, which designs and produces medical equipment and accessories for both human and veterinary use. It is one of the largest medical devices company in China.
Founded and led by President and CEO Li Xiting, the company went public in 2018, and at one point share prices were +411% up from its first trading day.
The company’s products range from In-vitro Diagnostics, such as consumable reagents, to health monitoring systems like endoscope systems and electrocardiographs.
Relatively unknown to people outside of the medical world, this Chinese company has a 19% market share in China, and around 2% market share outside of China.
There are plenty of competition within its business segments, even though it enjoys a rather high net profit margin, of around 30%.
4. City Development Limited (SGX: C09) – Kwek Leng Beng & Family
The Kwek family might have been in the limelight for alleged dirty laundry aired to the public, but owning shares of CDL have made them the fourth richest in Singapore.
Similar to the Ng brothers, the Kwek’s fortune is mainly derived from properties, and also stakes in Hong Leong Finance Ltd (SGX: S41). Finance and property have both been potent vehicles for old-money wealth generation.
CDL share prices might not be heading up for the past 15 years, but it has definitely been a wealth generator for the Kwek family.
5. United Overseas Bank Ltd (SGX: U11) – Wee Family
Although often coming out as third fiddle against the likes of DBS Group Holdings Ltd (SGX: D05) and Oversea-Chinese Banking Corporation Ltd (SGX: O39), UOB has been one of the out-performers of the SGX with its banking peers.
Boasting as the most ASEAN-centric exposed bank, UOB has presences in plenty of ASEAN countries. The bank, that was founded by Wee Cheng Kiang, has grown well together with Singapore and ASEAN, and became the ultimate inherited wealth of the heirs.
6. Tesla Inc (NASDAQ: TSLA) – Leo KoGuan
Surprised? A Singaporean actually became rich by investing into Tesla stock.
Nope it’s not the chicken that you find on YouTube. It is Mr Leo, an Indonesian born Singaporean that once boasted to be Tesla’s third largest individual shareholder.
While Mr Leo does have stakes in other businesses, his amazing net worth came from punting everything he had during the pandemic into Tesla.
Talk about go big or go home. Mr Leo’s move actually made his net worth skyrocket 1,440% when Tesla share risen to the peak.
But just end of 2024, the billionaire disclosed that he has shredded his holdings, fearing recession, while also questioning his once idol turned rogue Elon Musk.
7. Haidilao International Holding Ltd (HKG: 6862) – Zhang Yong & Shu Ping
Growing up, I never thought of hot pot as a wealth status. Humble ingredients going into a pot of broth, and everyone sitting down enjoying together.
My perception changed when Haidilao expanded to Malaysia and Singapore, redefining what hot pot is. Although not absurdly expensive, I sometimes can’t fathom people having HDL weekly.
The experiences of feeling privileged is eerily similar across all outlets. Customers are served quality ingredients and pampered. Although prices are on the higher end, that still encourages throngs of queues in any parts of the world when a HLD branch opens.
Zhang Yong and his wife Shu Ping, derived most of their wealth as owners of everyone’s favourite hotpot chain.
8. Oversea-Chinese Banking Corporation Ltd (SGX: O39) – Lee Family
It is not difficult to comprehend why Singapore banks have been pivotal in wealth creation for the family that owns these banks. The Lee family’s net worth mainly comprise of their stakes in OCBC, while also having stakes in other businesses previously set up by Lee Kong Chian, the co-founder of OCBC.
In June 2004, Great Eastern Holdings Ltd became a substantially owned subsidiary of OCBC Bank, making the bank a force to reckon in the bancassurance industry.
Although the Lee’s might have moved on to a more non-executive roles within the bank, they still are the ultimate shareholders of the bank that have pivoted them into one of the richest families in Singapore.
9. Sea Ltd (NYSE: SE) – Forrest Li & Gang Ye
The stock darling during the pandemic might not have rallied back to its peak, but it has certainly made founders Forrest Li and Gang Ye one of the richest in Singapore.
With continuous and vigorous growth in its e-commerce business, Sea Limited’s share price have rallied close to +200% after the brutal selloffs from peak to trough.
Although the Digital Entertainment arm faces challenges from multiple players, with its focus now more on e-commerce, it does looks like Sea is finally heading at the right direction.
10. Wilmar International Limited (SGX: F34) – Kuok Khoon Hong & family
The general public might be more aware of the “ABCD” in the world of commodity trading. But the “ABCD” definitely knows the likes of Wilmar.
Wilmar’s commodity business expands beyond sugar, as they are also big in the vegetable oil value stream. Wilmar, under the guidance of Kuok’s leadership, expanded their business vertically, and controls various value chains of the commodity business that it trades in.
The stock prices might not have rallied much over the past few years, but the business model is evergreen, albeit the cyclical nature due to the commodities it operates with.
Verdict
Some might argue, that some of the richest in Singapore did nothing but were lucky to be born in the right family. But I digress. Be it the world’s richest, or Singapore’s richest, most if not all derive their wealth not from pay checks, but by holding on to shares or have ownership of stocks, or cash generating businesses.
Not all businesses are available for the public to obtain a small stake and enjoy the growth. But at least with Warren Buffett becoming rich by being a shareholder of the right company, it offers me some comfort that wealth building through shrewd stock picking is possible.
Then again, wealth building through fundamental buy and hold does take quite some time before the wealth building suddenly speeds up. But it still is my favourite method to get rich with high certainty, albeit at a slower pace.
Hopefully the list of stocks that have made the above list of Singaporeans rich, might serve as a guidance on what stock that you should take a look next?