In land-scarce Singapore, real estate is much more precious than gold.
So it is not surprising that Philip Ng Chee Tat, CEO of Far East Organisation, is the richest man in Singapore with an estimated net worth of US$5.2 billion (S$6.4 billion), according to a Wealth-X list of the top 10 Singapore-based billionaires.
Nearly 80 per cent of the property tycoon's net worth comes from his real estate holdings.
Ng's net worth accounts for about one-fifth of the combined wealth of the 10 individuals on the Wealth-X list. Among them are a few foreigners - citizens of Brazil, New Zealand and Indonesia - who have established their main business in Singapore and reside here.
Ng, 55, became CEO of Far East Organisation in 1991. His father founded the company 31 years earlier, and it has grown to become Singapore's largest private property developer with 750 properties in the residential, hospitality, retail, commercial and industrial sectors.
A well-known philanthropist, Ng has given generously to universities and educational institutions in Singapore. The new Jurong General Hospital in Singapore will be named after his father, Mr Ng Teng Fong, following a huge donation of more than US$95 million by the Ng family in March 2011.
In the number two spot - and the youngest billionaire on the list - is 32-year-old Brazil-born entrepreneur Eduardo Saverin, co-founder of Facebook. Saverin moved to Singapore in 2009.
Taking the third position is New Zealander, Richard Chandler of Chandler Corporation. His net worth from diversified investments is estimated to be US$2.8 billion.
Wealth-X and UBS Billionaire Census 2013 noted that there are 27 billionaires in Singapore with a combined net worth of US$64 billion.
The top 10 billionaires in Singapore and their net worth are in the gallery below.