Singapore continues to be a magnet for expatriates seeking prosperity, with Eduardo Saverin, co-founder of Meta Platforms (formerly Facebook), emerging as the new No. 1 among the city-state’s wealthiest residents. Saverin, a Brazilian native who has called Singapore home for over a decade, boasts a staggering net worth of $16 billion. His remarkable ascent, the most significant gain this year in dollar terms, saw his wealth soar by $6.4 billion, primarily fueled by the impressive performance of Meta’s shares, which surged nearly 70% since the last wealth assessment.

Saverin’s impressive financial portfolio extends beyond Meta, as he also co-owns the venture capital firm B Capital Group, managing assets worth $6.3 billion. His rise to the top dethroned Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics, a leading supplier of medical devices. After holding the No. 1 spot for two consecutive years, Li slipped to the third position, primarily due to the impact of China’s anti-corruption campaign on healthcare stocks.

This shift in the upper echelons of Singapore’s wealth rankings occurred against the backdrop of a slowing economy, with a modest growth projection of 0.5% to 1.5% expected in 2023 due to sluggish exports and reduced manufacturing output. Nevertheless, the collective wealth of the 50 richest individuals in Singapore surged by an impressive 8% to reach $177 billion.

The second position was retained by property tycoons Robert and Philip Ng of the Far East Organization, although their wealth experienced a slight dip to $14.8 billion. Another prominent figure in the real estate sector, Kwek Leng Beng, secured the fifth spot with a remarkable 18% increase in his fortune, reaching a record $11 billion. After the pandemic, Kwek’s City Developments resumed its global expansion efforts and notably acquired London’s iconic St Katharine Docks for $500 million in March.

Over half of the individuals on the list witnessed an increase in their wealth this year, with six of them adding more than $1 billion each to their fortunes. Among them are families with deep-rooted ties to the banking sector, such as the Lee family, which holds a stake in OCBC, and the Lien family of United Overseas Bank. These families experienced the most significant percentage gains, benefiting from fresh insights into their holdings.

Singapore did face a political scandal during the year, involving several individuals on the list, including Singapore’s transport minister and hotel magnate Ong Beng Seng. While arrests were made, no charges were filed, and business activities continued.

Three newcomers joined the ranks this year, including two entrepreneurs originally from China. Liang Xinjun, co-founder of Chinese conglomerate Fosun International, and David Xueling Li, co-founder and chairman of Nasdaq-listed JOYY, brought fresh energy to Singapore’s business landscape. Singaporean Lim Kaling, an early investor in gaming devices maker Razer, joined the list alongside the company’s founder, Min-Liang Tan.

However, three individuals from the previous year’s list did not make the cut this time, including David Chen, the former billionaire co-founder of e-commerce and gaming firm Sea. Their exclusion was attributed to Sea’s disappointing second-quarter results, while co-founders Forrest Li and Gang Ye remained on the list, despite facing the most significant percentage decline in their fortunes. This year’s wealth threshold for inclusion rose to $750 million from $705 million, reflecting the remarkable economic vitality of Singapore’s wealthiest residents.