Singapore: Indian origin property magnate Raj Kumar Hiranandani and Asok Kumar Hiranandani have been named among Singapore's top ten richest property tycoons and the two have a collective net worth of USD 2.6 billion, says a Wealth-X report.
Raj Kumar Hiranandani, owner of the Royal Holdings Organisation was placed in the second position with a net worth of USD 1.4 billion, while Asok Kumar Hiranandani, chairman of the Royal Group was ranked seventh on the list with a fortune of USD 1.2 billion.
Members of the Kwee and Hiranandani families took six of the ten spots on a wealth-X ranking of Singapore's wealthiest real estate tycoons, ultra high net worth (UHNW) intelligence and prospecting firm Wealth-X said.
"...Collectively the six brothers from these two families hold USD 7.2 billion in assets - nearly half of the USD 15.57 billion combined net worth of their peers on the list," the report said.
The four Kwee brothers of the Pontiac Land Group - a luxury property development company specialising in commercial, residential, hospitality, and retail properties - collectively have a net worth of USD 4.6 billion.
The list was topped by Philip Ng Chee Tat of Far East Organisation whose personal net worth stood at USD 5.2 billion. He succeeded his father as head of the business in 1991.
Others on the list include Kwee Liong Phing ranked fourth with a net worth of USD 1.2 billion, Zhong Sheng Jian (5th, USD 1.2 billion), Koh Wee Meng (6th, USD 1.2 billion), Kwee Liong Seen (8th, USD 1.1 billion), Kwee Liong Keng (9th, USD 1 billion) and Chua Thian Poh (10th, USD 950 million).
Only two individuals on the list are sef-made, while the rest of the individuals on the list inherited some of their wealth, but have also expanded their fortunes through their own business endeavours, Wealth-X said.
There are 1,355 UHNW individuals in Singapore with a combined net worth of USD 160 billion, according to the Wealth-X and UBS World Ultra Wealth Report 2013. Among these are 27 billionaires with a combined net worth of USD 64 billion.
First Published: Wednesday, May 7, 2014, 14:26