Li Xiting is now Singapore’s Richest Person in 2021

Previous top holder, Haidilao founders, Zhang Yong and Shu Ping now takes fourth position.

Aug 13, 2021 | By Joseph Low
Image: Mindray

Singapore’s Rich List 2021 is now out and taking the top spot this year is Li Xiting.

According to Forbes, the founder and chairman of Shenzhen Mindray Bio-Medical Electronics has a net worth of US$23 billion, making him the richest person in Singapore. Li ranks 82 in the World’s Billionaire List 2021. 

2020 was a year fraught with subpar economic performances as the world battled with Covid-19. Despite the less-than-ideal condition for businesses, Li’s Mindray Bio-Medical Electronics has recorded high demand for its ventilators and other medical devices. The company’s share price has risen about 19 per cent since last year. Li, a naturalised Singaporean, added some US$5.2 billion to his overall net worth. Last year marked the first time Li was included into Singapore’s edition of the Rich List.

Li Xiting, founder of Mindray
Li Xiting, founder and chairman of Shenzhen Mindray Bio-Medical Electronics. Image: Mindray

As Li’s company grew, it became one of China’s largest medical device makers. Understanding his role and the changes that he can bring about for the world, Li has stepped up his philanthropic efforts. The billionaire donated US$16 million to his alma mater, the University of Science and Technology of China. Aside from that, Li has previously contributed to the university where the money was spent on procuring medical equipment for its affiliated hospitals.

Li’s philanthropy is not restricted to China, his company donated US$4.6 million worth of medical devices to medical institutions in areas that were hit the hardest such as Northern Italy

Last year, the top seat was shared between Zhang Yong and Shu Ping, the founders of the international hot pot restaurant chain Haidilao. Their combined net worth dipped from US$19 billion to US$16 billion, sliding to the fourth position on the Rich List. The decrease could be attributed to the various safe distancing measures implemented by the different countries. In Singapore, most food establishments had to reduce their capacities translating to weakened sales.

Singapore’s economy shrank by 5.8 per cent in 2020 but has now begun to grow again. According to the Ministry of Trade and Industry, it has upgraded the GDP forecast of the country from six to seven per cent, up from four to six per cent as mentioned earlier. The combined wealth of the country’s top 50 richest ballooned to US$208 billion from US$167 billion. 

Below is the list of the top 10 richest in Singapore

  1. Li Xiting, US$23 billion
  2. Eduardo Saverin, US$20.5 billion
  3. Goh Cheng Liang, US$18.6 billion
  4. Zhang Yong and Shu Ping, US$16 billion
  5. Forrest Li, US$15.9 billion
  6. Robert and Philip Ng, US$14.2 billion
  7. Ye Gang, US$10.3 billion
  8. Kwek Leng Beng and family, US$8.5 billion
  9. Wee Cho Yaw, US$6.8 billion
  10. Khoo family, US$6.5 billion

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