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Suzanne Nam, Forbes.com
Posted:
10 September 2009 1255 hrs
Singapore is emerging from its deepest recession
since the island became an independent nation in 1965. Though the economy may
shrink up to 6% this year, there are signs that the worst is over. GDP expanded
in the second quarter for the first time in a year. Exports and manufacturing
were up in July, and property prices and sales are picking up. The country's
main stock index has jumped almost 90% since its March low.
All of this
has meant a boost in the fortunes of the nation's richest. The total net worth
of Singapore's top 40 is $39 billion, up 20% from last year's $32 billion. Ng
Teng Fong is No. 1 again, worth $8 billion, $1 billion more than last year. Kuok
Khoon Hong's net worth is up $2.2 billion to $3.5 billion, thanks in part to a
70% jump in the stock price of palm oil firm Wilmar International.