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Billionaire Eduardo Saverin, the Facebook co-founder, who became a Singapore resident after renouncing his U.S. citizenship in 2012, is now the island-nation’s richest person.
With an estimated net worth of $10.1 billion, Saverin, 35, edged past property siblings Robert & Philip Ng, who have occupied the top spot as Singapore’s richest since 2010 and have an estimated fortune of $10 billion.
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A Singapore resident since 2012 when he gave up his U.S. citizenship, Saverin has enjoyed a boost to his wealth from rising shares of Facebook, in which he continues to hold a minority stake. Since Forbes Asia’s compilation of Singapore’s 50 Richest in August, when the Brazilian-born entrepreneur was ranked at No.2 with $9.3 billion, Facebook’s stock is up by close to 13%.
While he derives most of his wealth from the social media firm, Saverin is now a venture capitalist with a slate of investments in Southeast Asia and beyond. This week, for example, his B Capital Group, together with business legend Ratan Tata and others, invested in MSwipe Technologies, an Indian fintech firm.
The Ng brothers, who were at No.1 with an estimated net worth of $9.4 billion in August, have also seen their fortune increase to $10 billion. The gain is partly due to an upswing in shares of their Hong Kong-listed Tsim Sha Tsui Properties, which older sibling Robert oversees.
Their storied property empire, Far East Organization, which is Singapore’s largest private landlord, was founded by their late father Ng Teng Fong, who moved from China to Singapore in 1934. Known as the “ King of Orchard Road”, he was ranked as Singapore’s richest until his death in 2010, when the baton passed to his sons.
Despite recent economic hitches, Singapore’s status as a safe haven for foreign investors remains intact and it continues to be a magnet for the well-heeled from around the world. Saverin leads a steadily growing group of foreign-born entrepreneurs, who now feature in the ranks of the city’s state’s wealthiest.
Other notable billionaire members include New Zealand native Richard Chandler, who runs Clermont Group, his Singapore-headquartered personal investment fund; American mining baron Robert Friedland and Indian-born oil and gas tycoon Arvind Tiku.
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This article was first published by Naazneen Karmali on Forbes
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