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Eduardo Saverin’s $29 billion fortune makes him Singapore’s wealthiest individual in 2024. His transition from Facebook co-founder to tech investor has established him as a dominant figure in the global venture capital scene, driving innovation and growth across multiple industries.
From tech giants to real estate moguls, these billionaires have built global empires that influence markets far beyond Singapore’s shores. Here's a look at the top 10 wealthiest businessmen who are defining success in the Lion City today.
However, the housing market in Singapore faces significant challenges. New home sales are projected to reach their lowest levels since the financial crisis, with only 208 units sold in August 2024—representing a staggering 47% decline from the previous year. This downturn is attributed to a combination of high interest rates, a dearth of new housing projects, and developers' hesitance to lower prices despite rising home values. Market analysts are revising forecasts downward, indicating an overall decrease in total sales for 2024.
Singapore’s housing market is also experiencing notable shifts. New home sales plunged to 208 units in August, a sharp drop from both the previous month and the same period last year. This decline is attributed to a scarcity of new residential projects and developer caution amid high interest rates. Despite this, home prices have remained stable, particularly in the secondary market. Developers are expected to launch more units later this year, but face increasing concerns about government measures and housing affordability.
One of the central elements of the reform package is the introduction of more flexible listing rules aimed at encouraging technology and high-growth companies to go public in Singapore. This move is intended to diversify the market and attract a broader range of investors. Additionally, the government is looking into adjustments in tax policies and corporate governance practices to make the market more competitive on a global scale.
The press conference took place mid-flight on the Airbus A350-900, approximately 10 kilometers above ground. The atmosphere on the plane was charged with activity as Vatican-accredited media personnel prepared for the session, deploying audio equipment to ensure clear communication despite the aircraft’s noise.
Chia highlighted that recent economic indicators have shown growth trending towards the upper end of this range, and he expects the final figure for the year to fall squarely within it. His comments followed a report from private-sector economists, who recently revised their GDP growth forecast for 2024 up to 2.6%, an increase from the previous 2.4% projection made in an MAS survey in June.
However, despite this capital influx, Singapore’s stock market has lagged in performance compared to its burgeoning private markets. The EIU report highlights that while private wealth and investment have reached unprecedented levels, the Singapore stock market has struggled. It has shown relatively poor performance, characterized by low trading volumes and less transparent corporate disclosure practices.
In his homily, Pope Francis emphasized themes of unity and peace, urging attendees to foster harmony in their lives and communities. He spoke of the importance of solidarity and compassion in a rapidly changing world, encouraging individuals to reflect on their roles in building a more inclusive society. His message resonated deeply with the diverse audience, which included a wide cross-section of Singapore's Catholic population as well as visitors from neighboring regions.
During his two-night stay in the city-state, Francis will deliver a speech to political leaders, potentially addressing issues such as wealth inequality and climate change. Singapore, a global financial hub with a population of 5.92 million, is predominantly Buddhist (31%), with about 210,000 Catholics. The Vatican is expected to have approximately 55,000 attendees at a Mass celebrated by the Pope, including many from Hong Kong.
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