Singapore has record number of billionaires

Singapore has a record number of 21 billionaires, according to the latest Forbes rich list.

The number was 16 last year, Xinhua reported.

Robert and Philip Ng, sons of the late Far East Organisation founder Ng Teng Fong, retained their top position on the list, with their estimated net wealth at $10.6 billion, up from $9.2 billion last year.

Kwek Leng Beng, chairman of City Developments, saw the biggest rise in his net wealth. His ranking also jumped to the second spot from number six. He has a net worth of $7.1 billion, up from $2.4 billion.

The Khoo family kept its number three spot, with a net worth of $6.7 billion.

The combined net wealth of Singapore's 50 richest is $80 billion.

Forbes said the list was compiled using shareholding and financial information. Unlike the Forbes billionaire rankings, the list includes family fortunes, including those shared among extended families.