Medical Device Company Founder Is No.1 On Forbes’ List Of 50 Richest In Singapore
With the ongoing Covid-19 pandemic, many medical companies have been doing well due to the high demand for medical supplies to combat the virus.
It’s perhaps no surprise that Li Xiting, the founder and chairman of Shenzhen Mindray Bio-Medical Electronics, has been crowned the richest man in Singapore by Forbes as of Tuesday (10 Aug).
Though Haidilao chairman Zhang Yong is no longer the richest, he is still in fourth place. Grab co-founder, Anthony Tan, and Razer founder, Tan Min-Liang, were also in Forbes’ Top 50.
Medical device company founder takes the lead
Forbes’ list for the top 50 richest people in Singapore is out again and Haidilao Chairman Zhang Yong, who was the richest in 2020, has been ousted.
The current richest person in Singapore is Li Xiting, founder and chairman of medical devices company, Shenzhen Mindray Bio-Medical Electronics.
Li is also the 82nd richest billionaire in the world and the 20th richest in China. The self-made billionaire graduated with a Bachelor of Science at the University of Science and Technology of China.
His company, Mindray, was founded in 1991 and is headquartered in Shenzhen. The company designs and produces medical equipment for both human and veterinary use. It has been China’s largest medical device manufacturer since 2008.
For those interested, here are the top 10 richest people in Singapore:
- Li Xiting ($23 billion) – Shenzhen Mindray Bio-Medical Electronics
- Eduardo Saverin ($20.5 billion) – Facebook
- Goh Cheng Liang ($18.6 billion) – Nippon Paints
- Zhang Yong and Shu Ping ($16 billion) – Haidilao
- Forrest Li ($15.9 billion) – Sea
- Robert and Philip Ng ($14.2 billion) – Far East Organisation
- Gang Ye ($10.3 billion) – Sea
- Kwek Leng Beng ($8.5 billion) – Hong Leong Group
- Wee Cho Yaw ($6.8 billion) – UOB
- Khoo family ($6.5 billion) – Maybank
The Top 10 features several new faces such as Forrest Li and Gang Ye, founder and co-founder of online gaming and e-commerce firm Sea.
Other familiar names who made the cut this time include Grab co-founder Anthony Tan and Razer founder, Tan Min-Liang.
Anthony is listed in 47th place with a net worth of $790 million while Min-Liang is 49th, with a net worth of $755 million.
Net worth doubled from last year
Perhaps it could be due to Covid-19 that there has been a surge in demand for medical equipment, allowing the founder of the medical device company to become the richest in Singapore.
Before the pandemic broke out, Li had a net worth of $5.5 billion in March 2019. His net worth later doubled in April 2020 to become $11.6 billion. This year, it multiplied once more, making Li the richest man in Singapore with a net worth of $21.5 billion.
However, despite his wealth, Li still remains humble as he has been donating a portion of it to those affected by Covid-19.
According to Forbes, Mindray has donated S$6.2 million (US$4.6 million) worth of medical devices to hospitals in hard-hit areas like Wuhan and northern Italy.
Growing number of wealthy residents
As more wealthy individuals call Singapore home, we’ve seen the Forbes Richest list evolving year on year.
Their net worths also grow with their businesses, as new faces enter the top 5 each time.
Besides being an attractive destination for the wealthy, perhaps their presence could indicate bigger investments in Singapore over time. Hopefully, with that too, more residents here will be able to enjoy better job opportunities in the future.
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Featured image adapted from Huishang Magazine and Google Maps.
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