SINGAPORE - Singapore's billionaire ranks have surged to a total of 21 individuals and families, according to the widely tracked Forbes Singapore 2013 rich list.
Joining the billionaires' club for the first time are five individuals, including Osim International founder and chief executive Ron Sim at 21st spot with a net worth of US$1 billion (S$1.28 billion).
The rise in his fortune was aided by a two-fold increase in Osim's share price in the past year and new information on his private assets, said Forbes.
The wealth of Singapore's 50 richest is collectively worth a whopping US$80 billion.
Last year, the combined wealth of Forbes' list of 40 richest people and families here came up to US$59.4 billion.
The 2013 assessment is based on data collected over a one-year period to Aug 16.
Perched atop the affluent list are brothers Robert and Philip Ng, sons of the late founder of Far East Organisation, Mr Ng Teng Fong.
The property magnates retained their top position with a net worth of US$10.6 billion, up from US$9.2 billion a year ago.