Zhang Yong, mainland China’s “hotpot king,” has displaced a couple of property developers as Singapore’s richest man according to Forbes Asia’s latest listing, as a doubling in the stock price of Haidilao International Holdings bolstered his wealth.
Zhang, who was on the China rich list last year, has since become a naturalised Singaporean citizen. His debut at the top of Singapore’s rich list displaces Philip and Robert Ng, who own property developer Far East Organisation and Hong Kong’s Sino Land, for the No 1 spot.
The Ng brothers, with a combined wealth estimated at US$12.1 billion, had been Singapore’s wealthiest people every year this decade, according to Forbes Asia.