With a net worth of $11 Billion, brothers Robert and Philip Ng made it again on the Forbes list of the World’s richest billionaires coming in at position no. 106. In addition to that, they retained their #1 ranking in the Forbes list of Singapore’s richest billionaires.
The Ng brothers are owners of Singapore’s conglomerate Far East Organization which they inherited from their late father Ng Teng Fong, a real estate tycoon. Interestingly, the person who laid the foundation of Singapore’s richest family and controlled more than a quarter of Singapore’s housing market continued to live in the same house he had for 30 years.
Today in Singapore, every sixth house is built by the Ng family. The family owns two development organizations – Far East Organization and Sino Group. The former is the largest private property developer in Singapore and the later deals with real estate development for investment and sales.
However, the major chunk of their fortune comes from Tsim Sha Tsui Properties; a Hong Kong based company which is managed by the elder brother Robert Ng. The younger brother Philip manages the family’s businesses in Singapore. In 2012, Philip steered the launch of Singapore’s largest hospitality portfolio in terms of asset value - Far East Hospitality.