Top billionaires' net worth soars by 9%

The country now has 16 billionaires from last year's 13.

In a release by Forbes Magazine, Singapore’s 40 richest show a collective net worth of $59.4 billion, up from last year’s $54.4 billion. The country has 16 billionaires, 3 more than last year. Among them is Eduardo Saverin, Facebook cofounder and relocated former American, worth $2.2 billion.

Here's more from Forbes:

Budget hotel magnate Koh Wee Meng joins the billionaire ranks after shares of his Fragrance Group surged. Another discount hospitality figure, Choo Chong Ngen, is one of 8 newcomers to the list. Indian telecom magnate Bhupendra Kumar Modi, who took Singapore citizenship in January, debuts at $755 million.

Five of the newcomers made marks in property, including brothers Raj Kumar and Asok Kumar Hiranandani, who split their operation so are listed separately. Tang Wee Kit, who returns to the list after several years, is best known for his family’s department store Tangs on Orchard Road.

Of the 30 who returned from 2011, 14 saw their fortunes fall, many on poor performance at the SGX stock exchange, which is down 3%. One big loser was Richard Chandler whose group of Singapore-based funds lost $1.57 billion last year; he was poorer by $1.1 billion. Eight from last year dropped off including luxury property developer Simon Cheong; shares of his SC Global fell 40%.

Singaporean wealth may fluctuate with the world’s economy—GDP there contracted in the latest quarter—but the island-state’s emergence as an all-purpose crossroads is having more everyday impact on its richest.

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