Singapore’s pandemic billionaires named

Ventilator tycoon Li Xiting has been named as the richest person in Singapore, topping a Forbes list of the 50 wealthiest people in the city-state whose net worth soared throughout the Covid-19 pandemic which ravaged global economies.

Li’s company Shenzhen Mindray Bio-Medical Electronics saw its shares rise 19% thanks to a global demand for ventilators. He added US$5.2 billion to his net worth over the past year.

The Forbes’ Singapore List also welcomed Anthony Tan, the son of Malaysia’s owner of Tan Chong Motor Holdings, who co-founded the Grab ride-hailing which went on to become a leading delivery app during the pandemic.

The 50 individuals on the list have a combined net worth of US$208 billion.

The list reflects the sharp growth of tech-related firms as well as those involved in online shopping facilities, including the three co-founders of Sea which owns the Shopee app – Forrest Li, Ye Gang and David Chen – all of whom more than doubled their net worth since a year ago.