Forbes’ list: Aziz Khan named among Singapore’s 50 billionaires
PBC News: Forbes on Thursday published the list of Singapore’s 50 richest people for 2022.
Surging inflation has not left Singapore’s billionaires unscathed, with their collective wealth dropping by more than 20 per cent this year, a study has found.
Forbes said that while Singapore continues to be a magnet for the wealthy, rising inflation and the global sell-off in technology stocks this year took a toll on the top 50.
Bangladesh-born Muhammed Aziz Khan, chairman of Summit Group, has been named as 42nd richest man in Singapore.
His net worth was $1 billion as of July 9, said Forbes on its website.
According to Forbes’ report, Summit has interests in power, ports, fiber optics and real estate. In 2019, Khan sold a 22% stake in Summit Power International to Japan’s JERA for $330 million, which valued the company at $1.5 billion.
His daughter, Ayesha, runs Summit Power International.
According to report, the wealth of Li Xiting, founder and chairman of Shenzhen Mindray Bio-Medical Electronics, shrank by nearly a third to $15.6 billion though he held on to his position as No. 1.
Shares of his medical device maker dropped on slower sales growth. The property recovery and new information on their real estate holdings propelled brothers Robert and Philip Ng to second place with $15.2 billion.
The fortune of 95-year-old paints tycoon Goh Cheng Liang, who controls Japan’s Nippon Paint Holdings and is the oldest person on the list, was down 30% to $13 billion though he remains at No. 3.
