According to Singapore Rich List published by Forbes Asia, the wealth of Singapore's 40 richest increased by nine per cent from S$68.3 billion last year (2011) to a collective worth of $68.9 billion this year (2012).
The top three from 2011's list remain unchanged with Robert and Philip Ng, the sons of the late Far East Organization's founder Ng Teng Fong, coming in tops. Their estimated net worth is up by $376 million to $ 11.5 billion this year.
Eight new entries made the list this year, including Facebook co-founder 30-year-old Eduardo Saverin, worth about $2.7 billion. Saverin made headlines last year when news that he renounced his American citizenship broke just days before Facebook's IPO, and said that he has been living and working in Singapore since 2009.
Other new entries in the list include property magnates Raj Kumar and his son, Kishin RK, and Raj Kumar's brother, Asok Kumar Hirandani. Bhupendra Kumar Modi, who controls Spice Group, became a Singapore citizen recently and joined the list this year.
Local entrepreneurs in this year's list include Sheng Siong boss Lim Hock Chee with $433 million and Hotel 81's boss Choo Chong Ngen.
The ranking is based on family fortunes, including those shared among extended families such as that of Kwek Leng Beng, whose net worth is combined with that of cousins Kwek Leng Kee and Kwek Leng Peck this year.
Public fortunes were calculated based on stock prices and exchange rates as of July 13, and private companies were valued based on similar companies that are publicly traded.
The Forbes list uses shareholdings and financial information obtained from the families and individuals, stock exchanges, analysts and the Accounting & Corporate Regulatory Authority of Singapore.
This article was contributed by the STOMP Team.