Singapore’s 50 Richest: $37 Billion Added To Their Wealth Amid Pandemic


Here’s why we believe that Singapore is the “hottest” market in the world at the moment:


This story is part of Forbes‘ coverage of Singapore’s Richest 2020. See their full coverage here.

Pandemic-induced economic pains have pushed Singapore into recession. For the quarter ended in June, the trade-dependent country reported a year-on-year 13.2% drop in GDP, despite $68 billion in stimulus packages by the government to shore up the economy. The benchmark STI stock index has also fallen 21% from when we measured fortunes in 2019.

Bucking this downward trend, the nation’s 50 richest saw their collective net worth rise 28% to $167 billion. The city-state, which has become a magnet for tycoons from all corners of the world, has benefited by providing a home for these wealthy expats, some taking citizenship. They occupy three of the top five spots on the list.