Singapore is Asian city with the 3rd-highest number of billionaires: Wealth-X

Singapore is Asian city with the 3rd-highest number of billionaires: Wealth-X

Singapore is home to 37 out of the 2,473 billionaires in the world, according to research firm Wealth-X and CNBC.

This means that approximately 1.5 per cent of all billionaires globally reside in the Republic.

The city state has the third-highest number of billionaires in the Asia-Pacific region, behind only Hong Kong (79) and Beijing (38).

Worldwide, New York is the city with the most billionaires (97), followed by Hong Kong, Moscow, London and Beijing.

Finance remains the dominant industry for the world's billionaires, which explains why more billionaires are located in large financial centres, Wealth-X told CNBC.

Singapore's billionaires comprise a diverse group who amassed their wealth from a variety of industries.

In August, brothers Robert and Philip Ng were named Singapore's richest men by Forbes for the seventh year in a row.

The brothers, whose family owns the Far East Organisation, have a net worth of US$8.6 billion (S$11.56 billion).

However, the wealth magazine noted that the sluggish economy and a flat Singapore dollar meant that the wealth of the 50 richest on the island increased just 2.4 per cent from the year before.

Also among Singapore's wealthiest are property tycoon Kwek Leng Beng, Facebook co-founder Eduardo Saverin, the family of late banker Khoo Teck Puat and self-made paint tycoon Goh Cheng Liang.

seanyap@sph.com.sg

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