Hiranandani Bros among Singapore's Richest Property Tycoons

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 $2.6 billion, says a Wealth-X report. Raj Kumar Hiranandani, owner of the Royal Holdings Organization was placed in the second position with a net worth of $1.4 billion, while Asok Kumar Hiranandani, chairman of the Royal Group was ranked seventh on the list with a fortune of $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 $ 7.2 billion in assets - nearly half of the $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 specializing in commercial, residential, hospitality, and retail properties - collectively have a net worth of $4.6 billion.

The list was topped by Philip Ng Chee Tat of Far East Organization whose personal net worth stood at $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 $1.2 billion, Zhong Sheng Jian (5th, $1.2 billion), Koh Wee Meng (6th, $1.2 billion), Kwee Liong Seen (8th, $ 1.1 billion), Kwee Liong Keng (9th, $1 billion) and Chua Thian Poh (10th, $950 million).

Only two individuals on the list are self-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 endeavors’, Wealth-X said. There are 1,355 UHNW individuals in Singapore with a combined net worth of $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 $64 billion.