Business: Far East Organization, Sino Group
Estimated net worth: $8.9 billion
The Ng family owns Singapore’s largest private property development firm Far East Organization and Hong Kong-based sister company Sino Group. Together, the firms are one of Asia’s largest real estate groups with annual revenue of $4.3 billion.
The companies were founded by Ng Teng Fong, who died from a brain hemorrhage in 2010 at the age of 82. Ng was well known for his frugal lifestyle, living in the same home for 30 years even as his wealth grew. After his death, Ng’s older son Robert (pictured), 59, took over the reins at Sino Group, while younger son Philip heads the Far East Organization. The firm’s presence in Singapore is renowned, with ownership of historical landmarks like the Fullerton Hotel along with 700 other properties. A big chunk of the family’s fortune also comes from its five publicly-listed subsidiaries.
In July, reports surfaced that the Far East Organization planned to raise at least $410 million by listing some of its hotel and serviced residence assets in a real estate investment trust (REIT) next year. Singapore’s REIT market is the third-largest in the world after Japan and Australia.