UOB chairman is the richest person in Singapore

Singapore's 40 richest are now collectively worth $54.4 billion, up by 19 percent compared with last year, despite a slowing economy and weak stock market, according to the latest rich list published by Forbes Asia.

The chairman of United Overseas Bank , Wee Cho Yaw, is the richest individual in Singapore with a fortune of $4.2 billion, an increase of $600 million compared to last year.

But Wee ranks third on the Singapore list, in which family fortunes were calculated, Forbes said. He comes after the families of the late Ng Teng Fong, a property tycoon, and the late Khoo Teck Puat, who sold a huge stake in Standard Chartered Bank to state investor Temasek.

The Ng family remains at the top with $8.9 billion, higher by $1.1 billion than a year earlier. Their two biggest property holdings are privately held Far East Organisation and Hong Kong-listed Tsim Sha Tsui Properties .

Second on the list is the Khoo family with $6.7 billion, an increase of $800 million from a year ago. In 2006, they sold their stake in Standard Chartered Bank for around $4 billion, but they retain a stake in the Goodwood Group of Hotels.

ORIGINAL SOURCE

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