About three weeks ago, business magazine Forbes published its Singapore’s richest 2021 list, on Li Xiting took first place with a net worth of US $ 23 billion (~ US $ 31 billion), more than the second place last year.
The Singapore citizen also ranks 82nd on Forbes ’Billionaires 2021 list and 20th on Forbes’ rich list in China 2020.
Today, Li Xiting’s real-time equity has fallen to US $ 18.7 billion. In addition, Bloomberg Billionaires Index recently declared him the second richest man in Singapore with one net worth of US $ 18.1 billion (as of September 1, 2021).
In contrast, Sea co-founder Forrest Li has surpassed it as the richest in Singapore with a net worth of US $ 20.2 billion.
The Bloomberg Billionaires Index is a daily ranking of the richest people in the world. Details on the calculations are provided in the net worth analysis on the profile page of each billionaire and the figures are updated at the close of each trading day in New York.
How he became the richest in Singapore
Forrest Li co-founded Sea Ltd., and is also president and CEO of the company.
He became the richest man in Singapore the company’s shares increased by 67% this year.
Sea is now known as the most valuable company in Southeast Asia and has delved into its foray into technology by going beyond gaming and e-commerce.
Sea won a digital banking license in Singapore last December and is also called looking at a digital bank in Indonesia following the acquisition of PT Bank Kesejahteraan Ekonomi (Bank BKE) of Indonesia.
These moves will help expand your SeaMoney business beyond payments to include loans, insurance, wealth management and other financial services.
In accordance with Sea’s latest earnings report launched on August 17, 2021, SeaMoney has continued to experience strong growth in terms of adoption.
The total volume of mobile wallet payments exceeded US $ 4.1 billion during the second quarter of 2021, an increase of close to 150% year-on-year.
In addition, users who paid quarterly for their mobile wallet services rose to 32.7 million in the second quarter.
Other highlights of the Q2 report are that Sea’s total revenue increased 158.6%, to US $ 2.3 billion. Its total gross profit is recorded at 930.9 million US dollars, an increase of 363.5% year-on-year.
Sea’s biggest success is also thanks to its Free Fire mobile game, which has surpassed one billion downloads on Google Play.
It is also driven by the strong growth of its e-commerce platform, Shopee, which has become the second most downloaded shopping app on Android and iOS globally.
In Southeast Asia, Shopee continued to rank first in the category of purchases by average monthly active users and total time spent on the app during the second quarter of 2021, according to App Annie.
Sea’s e-commerce business also saw a 160.7% increase in revenue to US $ 1.2 billion; and recorded gross orders totaling $ 1.4 billion, an increase of 127.4% year-on-year.
The other founders of Sea are also billionaires
Li, who is a naturalized citizen of Singapore, joined the multimillion-dollar club more than two years ago in March 2019.
In accordance with Mar., is now a member of the board of directors of the Economic Development Board and a member of the board of directors of the National University of Singapore.
The other two co-founders of Sea, Gang Ye and David Chen, are also billionaires.
According to the Bloomberg Billionaires Index, Ye, Sea’s chief operating officer, has a net worth of US $ 11 billion. Meanwhile, Chen, who is the head of Shopee products, has a net worth of US $ 3.6 billion.
All three, who come from China, also appear in the top half of Forbes ’2021 richest list in Singapore.
Featured Image Credit: Sea Ltd