Forrest Li becomes Singapore’s new richest person with a $20 billion fortune
By Sanjay Maurya
News Highlights
- Forrest Li co-founder of Sea Ltd. became Singapore’s richest person when his company’s stock rose in value.
- Sea Ltd is a Singapore-based technology leader. Sea Limited, founded in 2019.
- Li is now worth $19.8 billion, according to the Bloomberg Billionaires Index, as Sea’s American depositary receipts surged 67 percent this year.
Forrest Li becomes Singapore’s new richest person with a $20 billion fortune
Forrest Li co-founder of Sea Ltd. became Singapore’s richest person when his company’s stock rose in value. Sea Ltd is a Singapore-based technology leader, a holding firm for SeaMoney, Shopee, and Garena, as well as the Singapore Premier League football team Lion City Sailors FC. It was started in 2019. It had a workforce of over 33,000 workers.
Li is now worth $19.8 billion, according to the Bloomberg Billionaires Index, as Sea’s American depositary receipts surged 67 percent this year. Li was born in China and later took Singapore citizenship. Goh Cheng Liang, a paint tycoon, is the city-second-richest state’s individual, with a net worth of $17.7 billion.
It’s yet another evidence of how tech billionaires are moving up the ranks of Asia’s wealthiest. Brian Kim, the creator of Kakao Corp., became the wealthiest person in South Korea in 2021.
According to a Credit Suisse global wealth analysis, the number of millionaires in Singapore is predicted to increase by 61.9 percent by 2025, to almost 437,000, from the current 270,000 millionaires. With around 1,361 high-net-worth people, Singapore ranked 11th in the world in terms of millionaire density.
Sea, the most valuable company in Southeast Asia, has turned to fintech for growth beyond gaming and e-commerce, as well as worldwide expansion. People familiar with the situation stated in starting 2021 that it received a digital banking licence in Singapore in 2020 and acquired Indonesia’s PT Bank Kesejahteraan Ekonomi, well-known as Bank BKE.
Both moves should allow the company to extend its SeaMoney business beyond payments to include loans, insurance, investment management, and other financial services, according to Nathan Naidu, a Bloomberg Intelligence analyst.
SeaMoney, the firm’s digital payments, and financial services division, saw total payments utilizing its mobile-wallet services increase by about 150 percent year over year in the second quarter, according to Li, who spoke on the company’s earnings call on August 17. During that time, Sea’s income increased by 159 percent to $US2.3 billion.
The firm’s revenue success is built on the success of Sea’s mobile game Free Fire, which has over 1 billion downloads on Google Play. According to App Annie data, Li’s e-commerce platform, Shopee, is now the second-most installed shopping app on Android and iOS globally during the results call.
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