Philip Ng, Goh Cheng Liang, Shu Ping, and Zhang Yong among the richest Singaporeans, according to Forbes’ latest Billionaires ranking. The Straits Times, Lianhe Zaobao, Reuters A total of 22 Singaporeans have made the annual Forbes’ 2019 Billionaires list of the richest people in the world released on Tuesday (Mar 5). Topping the Singapore cohort are brothers Robert and Philip Ng, aged 67 and 60 respectively, who control real estate company Far East Organization – Singapore’s largest private landlord and property developer which was founded by their father Ng Teng Fong. With a net worth of US$12 billion (S$16 billion), up from US$10.8 billion last year, the duo clinched the 112nd spot in the overall 2019 ranking. Behind them in 203rd place is Goh Cheng Liang, with an estimated wealth of US$7.2 billion. 91-year-old Goh owns a 39 per cent stake in Japan’s Nippon Paint Holdings. And 21 places behind Goh is 48-year-old Zhang Yong, … [Read more...] about There are 22 Singaporeans in Forbes’ 2019 Billionaires list – including the founders of Haidilao, Hotel 81 and Osim
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The world’s fastest growing source of mega-wealth hit a speed bump this year. The 128 people in Asia with enough money to crack the 500-member Bloomberg Billionaires Index lost a combined $137 billion in 2018, the first time wealth in the region has dropped since the ranking started in 2012. Global trade tensions and concerns that stock valuations are too frothy hammered some of the area’s biggest fortunes. China’s tech sector was hit particularly hard, while India and South Korea weren’t spared. The declines occurred even as banks and money managers aggressively stepped up efforts to cater to Asia’s richest. “Difficult stock market conditions this year and the uncertainty of the trade tensions likely have been a challenge to many businesses,” said Philip Wyatt, a Hong Kong-based economist for UBS Group AG, who doesn’t see the downdraft continuing through 2019 or significantly reducing the ranks of billionaires. Conditions are actually … [Read more...] about Asia’s mega rich take a hit with $137 billion in losses in 2018
Mukesh Ambani overtook Alibaba Group founder Jack Ma to become Asia’s richest person as he positions Reliance Industries Ltd. to disrupt the e-commerce space in India. The chairman of India’s refining-to-telecoms conglomerate, Ambani was estimated to be worth $44.3 billion on Friday with Reliance Industries Ltd. rising 1.6 percent to a record 1,099.8 rupees, according to Bloomberg Billionaires Index. Ma’s wealth stood at $44 billion at the close of trading Friday in the U.S., where the company is listed. Ambani has added $4 billion to his fortune this year as Reliance doubled its petrochemicals capacity and investors cheered the success of his disruptive telecom upstart Reliance Jio Infocomm Ltd. Then earlier this month, the tycoon unveiled plans to leverage his 215 million telecom subscribers to expand his e-commerce offerings, taking on the likes of Amazon.com Inc.and Walmart Inc. Alibaba Group Holding Ltd.’s … [Read more...] about Billionaire Ambani topples Jack Ma as Asia’s richest person
Mukesh Ambani, the Reliance Industries chairman, who keeps his standing as the richest Indian, is richer this year by $16.9 billion with assets amounting to $40.1 billion, said Forbes magazine in its recent list released online on Tuesday. India has 121 billionaires -- 19 more than last year -- making them the third largest group of the ultra-rich after those from the US and China, according to Forbes, the business magazine that produces an annual list. Mukesh Ambani moved up to the 19th global rank on the list of 2,208 billionaires worldwide compiled by Forbes. In 2017, he ranked 33rd with $23.2 billion. The US has 585 billionaires and China 373 this year on the Forbes tally, which it calls "The Three Comma Club" for the punctuation used in writing out fully the billion in numbers. In 2017, there were 102 Indians on the list. Amazon founder Jeff Bezos is the world's richest man with assets valued at $112 billion, overtaking Microsoft co-founder Bill Gates whose fortunes are valued at … [Read more...] about Mukesh Ambani with $40 billion, richest among 121 Forbes billionaires in India
Indian superstar Amitabh Bachchan made his millions (US$100 million) in record time and lost them too within a week, the Statesman reported. His example has come in handy to warn those reposing blind faith in the future of cryptocurrency. On the other hand, Mukesh Ambani, India’s richest man, who is arguably Asia’s richest too, and who transformed India’s telecom sector with his Reliance Jio Network is reportedly contemplating floating another version of the cryptocurrency – JioCoin. What is Bitcoin? A cryptocurrency is a virtual currency which is encrypted and anonymous, making it secure and hard to track. It has no physical manifestation and exists only as a unique string of numbers and characters in the memory of computers. These currencies are traded on online exchanges only geared towards cryptocurrencies, reports Dawn. Bitcoin was the first cryptocurrency which was started in 2009 by an anonymous group or person who go/goes by the name of Satoshi Nakomoto, … [Read more...] about Future of money or a fraud? Deconstructing Bitcoin in the region.