Singapore's Richest Tech Billionaires Lose Nearly $16B Amid Market Downturn

Singapore's top tech billionaires have experienced significant wealth erosion over the past year, with a collective loss of nearly $16 billion, according to Forbes' latest report. Eduardo Saverin, co-founder of Facebook (now Meta Platforms), retained his title as Singapore's richest person for the fourth consecutive year, but his fortune fell by $10.1 billion to $32.9 billion, a sharp decline from $43 billion a year prior. Adding to the downturn, the three co-founders of Sea, a prominent Southeast Asian technology company, collectively lost another $5.85 billion. This brings the total decline for these four tech billionaires to $15.95 billion. Forrest Li, Sea's chairman and CEO, saw his wealth drop to $7.7 billion from $11.2 billion, causing him to fall from sixth to 10th place on Singapore's rich list. Chief operating officer Gang Ye's wealth declined to $4.3 billion from $6 billion, moving him down one spot to 14th. David Chen, chief product officer of Sea's e-commerce arm Shopee, slid from 28th to 44th as his fortune decreased to $1.35 billion from $2 billion. These losses mark a stark reversal from the previous year, when Singapore's tech tycoons recorded substantial gains. Saverin was the biggest dollar gainer on Forbes' 2025 Singapore rich list, adding $14 billion to his fortune, while Sea's co-founders also saw their wealth rise. The primary driver for this year's decline has been the fall in the stock prices of their respective companies. Meta shares dropped 25% over the year, impacted by a 14% fall in second-quarter net profit despite a 28% revenue increase, partly due to surging spending on artificial intelligence infrastructure. Saverin's fortune is largely derived from his stake in Meta. He has resided in Singapore since 2009 and renounced his U.S. citizenship in 2011. He is also a major technology investor, co-founding venture capital firm B Capital. Meanwhile, Sea's shares, listed on the New York Stock Exchange, fell nearly one-third over the year. This decline was attributed to growing competition for its Shopee e-commerce business from rivals like TikTok Shop, which squeezed margins. Sea is actively increasing its focus on AI in search of new growth avenues beyond e-commerce. Despite the losses among these tech billionaires, the combined wealth of Singapore's 50 richest individuals remained unchanged at $239 billion. Gains in other sectors, such as real estate and banking, offset the tech sector's downturn. Real estate tycoon Kwek Leng Beng and his family remained second with $16.1 billion, and the Lee family ranked fourth with $13.8 billion after a significant surge. Direct impacts on Vietnam's economy from this specific wealth fluctuation among Singaporean tech billionaires are expected to be limited. Vietnam's economic growth is primarily driven by manufacturing, exports, and domestic consumption, with less direct correlation to the asset performance of a few Singapore-based tech investors. However, indirect effects on regional economic sentiment and technology investment trends in Southeast Asia cannot be entirely ruled out. Source: VnExpress International