Facebook co-founder, billionaire Eduardo Saverin, who became a Singapore resident after renouncing his U.S. citizenship in 2012, has been announced the island-nation’s richest person.
35 years Saverin, who is estimated to worth of $10.1 billion (net), edged past property siblings Robert & Philip Ng, who have occupied the top spot as Singapore’s richest since 2010 and have an estimated fortune of $10 billion.
The Facebook co-founder has enjoyed a boost to his wealth from rising shares of Facebook, in which he continues to hold a minority stake.
Since Forbes Asia’s compilation of Singapore’s 50 Richest in August, when the Brazilian-born entrepreneur was ranked at No.2 with $9.3 billion, Facebook’s stock is up by close to 13%, according to Forbes.
According to Forbes, while Saverin derives most of his wealth from the social media firm, he is now a venture capitalist with a slate of investments in Southeast Asia and beyond.
“This week, for example, his B Capital Group, together with business legend Ratan Tata and others, invested in MSwipe Technologies, an Indian fintech firm,” Forbes stated.