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Billionaires add S$664b to net worth

NEW YORK — The richest people on the planet got even richer last year, adding US$524 billion (S$664 billion) to their collective net worth, according to the Bloomberg Billionaires Index, a daily ranking of the world’s 300 wealthiest individuals.

NEW YORK — The richest people on the planet got even richer last year, adding US$524 billion (S$664 billion) to their collective net worth, according to the Bloomberg Billionaires Index, a daily ranking of the world’s 300 wealthiest individuals.

The aggregate net worth of the world’s top billionaires stood at US$3.7 trillion at the market close on Dec 31, according to the ranking. The biggest gains came in the technology industry, which soared 28 per cent. Of the 300 people who appeared on the final ranking of 2013, only 70 registered a net loss for the 12-month period.

“The rich will keeping getting richer in 2014,” said Mr John Catsimatidis, the billionaire founder of real estate and energy conglomerate Red Apple Group. “Interest rates will remain low, equity markets will keep rising and the economy will grow at less than 2 per cent.”

The only Singaporean to make the list at No 177 is Mr Wee Cho Yaw, Chairman Emeritus of United Overseas Bank, South-east Asia’s third-biggest lender. The billionaire, who ended the year with a US$7.4 billion fortune, was the family-controlled bank’s Chief Executive Officer for more than three decades.

The majority of Mr Wee’s fortune is derived from his UOB stake of 17.7 per cent, said the bank’s 2012 annual report. He also holds stakes in property investor UOL Group, Tiger Balm maker Haw Par, developer United Industrial and United Overseas Insurance. His closely held Kheng Leong owns various real estate investments and property developments in Singapore, throughout Asia and in London, Sydney and Los Angeles.

Microsoft Chairman and founder Bill Gates, who recaptured the title of world’s richest person on May 16 from Mexican investor Carlos Slim, was the year’s biggest gainer.

The 58-year-old tycoon’s fortune increased by US$15.8 billion to US$78.6 billion (S$99.6 billion), according to the index, as shares of Microsoft, the world’s largest software maker, rose 40 per cent.

Most of Mr Gates’ assets are held in Cascade Investment, an entity through which he owns stakes in about three dozen publicly traded companies and several closely held businesses, including Four Seasons Hotels and Resorts. Less than a quarter of Mr Gates’ fortune is held in Microsoft.

Coming in second on the index, Mr Slim lost US$1.4 billion last year mainly because the value of his shares in his America Movil, the largest mobile-phone operator in the Americas, was hurt by a Bill passed by Mexico’s Congress to quash the billionaire’s market dominance.

In Asia, Mr Li Ka-Shing remains the region’s richest man with a fortune of US$30.2 billion, while the biggest gainer was Macau casino mogul Lui Che Woo, who added US$14.2 billion to his net worth.

The title for China’s richest person changed hands twice during the year. Beverage billionaire Zong Qinghou was eclipsed in August by Dalian Wanda Group property and entertainment mogul Wang Jianlin after regulatory filings showed Mr Wang’s non-real estate businesses are more valuable than previously calculated.

Mr Robin Li, founder of China’s most-used search engine Baidu, dethroned Mr Wang last month.

“Billionaires are asking what they should do with their money in 2014,” said Mr Mark Haefele, Global Head of Investment for UBS wealth-management unit. “Central banks will continue to be supportive, so equities will likely continue to rise during the year,” he added. BLOOMBERG

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