Singapore's 40 richest 2012

The wealth of Singapore's 40 richest increased this year, according to the latest Singapore Rich List published by Forbes Asia.

It is up 9 per cent from US$54.4 billion (S$68.3 billion) last year to a collective worth of US$54.9 billion.

The top three from last year's list remains unchanged, topped by Robert and Philip Ng, the sons of the late Far East Organization's founder Ng Teng Fong. Their estimated net worth is up US$300 million to US$9.2 billion this year.

Eight newcomers made the list, including Facebook co-founder Eduardo Saverin. 30-year-old Saverin, worth about US$2.2 billion, made headlines last year when news that he renounced his American citizenship broke just days before Facebook's IPO. He said he has been living and working in Singapore since 2009.

Other newcomers to the list include property magnates Raj Kumar and his son, Kishin RK, and Raj Kumar's brother, Asok Kumar Hirandani. New Singapore citizen Bhupendra Kumar Modi, who controls Spice Group, also joined the list this year.

Local entrepreneurs that joined this year's list include Sheng Siong boss Lim Hock Chee with US$345 million and Hotel 81's boss Choo Chong Ngen.

The list was compiled using shareholdings and financial information obtained from the families and individuals, stock exchanges, analysts and the Accounting & Corporate Regulatory Authority of Singapore.

The ranking lists family fortunes, including those shared among extended families such as that of Kwek Leng Beng, whose net worth is combined with that of cousins Kwek Leng Kee and Kwek Leng Peck this year.

Public fortunes were calculated based on stock prices and exchange rates as of July 13. Private companies were valued based on similar companies that are publicly traded.

The full list of Singapore's 40 richest can be found in the August 2012 issue of Forbes Asia, which is available at newsstands now. For more information, visit www.forbes.com/Singapore.