In a study conducted by Citibank and Knight Frank in 2012, it predicts that Singapore, along with Hong Kong, Taiwan, South Korea and the United States, will be the top five richest countries in 2050. The study is based a country’s current and estimated GDP per capita.
Of the mentioned countries, Singapore already has a GDP per capita of $56,000 in 2012 and estimated to reach $137,710 in the year 2050.
The country’s business industry is thriving and it is evident with Singapore being a home to some of the richest businessmen in the world. It has a steadily growing economy and as mentioned, predicted to be one of the richest countries in the world. Along with these, it is the men of the country that have been most cited about.
Often forgotten is the women’s contribution in the growth of the country’s business scene. In this article, we will discuss Singapore’s richest women and what made them top the list.
3. Margaret Lien
Margaret Lien was ranked #36 in Forbes’ Singapore’s 40 Richest in 2008 with $330 million net worth. Now 71 years old, majority of Margaret’s resources were from the inherited shares from his late husband’s shares in United Overseas Bank. Collectively the Liens have the second biggest share in United Overseas Bank next to the Wee Cho Yaw. Margaret is a devout Christian and currently leads the Lien Foundation. In Forbes’ 2006 report Margaret donated $10 million worth of funds to Singapore-Chinese program at Nanyang Technological University.
2. Olivia Lum
Olivia is an orphan with a success rugs-to-riches story that is often tagged as inspiration locally. Her $305 million net worth in 2011 made her the country’s 39th richest. Her primary resource would be Hylux, a water treatment firm that she developed and launched in 1989. In 2012, it was reported that Olivia will be taking ventures with Japan’s Itochu Corporation and Hitachi to build the largest desalination plant in Asia in India – the estimated cost was at $600 million. Of the numerous awards given to her, it is probably Ernst and Young’s World Entrepreneur in 2011 that tops them all. Olivia Lum was the first woman to receive the award given by Ernst and Young.
1. Cristina Ong
The credits are to be shared with Cristina Ong’s partner, Ong Beng Seng. The country’s power couple owns popular and big hotel properties such as Singapore’s Four Seasons Hotel and Metropolitan in Thailand. One of the couple’s largest ventures would be their 70% share on the hotel to be completed in Kuala Lumpur, the Four Seasons Place. The hotel is estimated to open in 2017. Cristina on the other hand heads and operates Club 21, a luxury retail brand operating in 11 countries around the world.