THE rich in Singapore are having a bumper year, thanks to a resurgent economy that is set for record growth

The latest Forbes Asia Singapore Rich List showed that the net worth of the top 40 richest people had grown by 17 per cent, from US$39 billion (S$53 billion) last year to US$45.7 billion, little surprise given that Singapore's growth in the second quarter this year was a blistering 19.3 per cent.

Practically all of the established players kept their seats at the table but there were some new faces, a first-time billionaire couple and a comeback kid.

Retaining the top spot was the family of the late Ng Teng Fong. The property tycoon, who was Singapore's richest man last year, died in February at age 82.

His family's fortune dipped slightly from US$8 billion to US$7.8 billion this year after shares of their Hong Kong property arm fell. But with the bulk of their wealth still largely derived from property developer Far East Organization, the Ngs managed to hang on to the top spot.

Just missing out on a top 10 placing were Hotel Properties boss Ong Beng Seng, 66, and wife Christina Ong, 62. But the owner of the Singapore Grand Prix and his wife became first-time billionaires as their wealth hit US$1 billion, a 30 per cent increase from US$700 million last year.

Massage chair maker Osim International's Mr Ron Sim, 52, made a comeback to the list after a two-year hiatus. With a net worth of US$301 million, the Osim chief executive was ranked the 28th richest.

While familiar names such as United Overseas Bank chairman Wee Cho Yaw and remisier king Peter Lim remained on the list, there were some fresh faces.

New Zealand-born entrepreneur Richard Chandler, who has an interest in social justice, is the highest-ranked newbie. He and his brother Christopher made their fortune from investments in Russia, Latin America and eastern Europe.

Making his debut at No. 5 with US$3.4 billion, Mr Chandler, 52, has been a Singapore resident since 2008. The other two debutants were Otto Marine executive chairman Yaw Chee Siew, at No. 22 with US$385 million, and ARA Asset Management group chief executive John Lim, at No. 38 with US$202 million.

Mr Wong Ngit Liong from contract manufacturer Venture Corporation and Mr Tay Liam Wee who sold his stake in Sincere Watch in 2008 have dropped out of the list.

Latest figures also show that Singapore's total number of 80,947 millionaires last year was up one-third from 61,000 in 2008.

- The Straits Times, 30 July 2010