If you have watched the acclaimed American hit, Crazy Rich Asians then you already know that some of the wealthiest in Asia are residing in Singapore. If you have never been familiar with Forrest Li, he is simply just the richest man in Singapore.
Here is the Singapore news report about the richest person in Singapore, read along to find out why.
According to a report on August 31, the Bloomberg Billionaires Index revealed that the CEO and co-founder of the tech colossus Sea has a total revenue of US$20.3 billion, this puts him in the 96th position as one of the richest individuals in the world.
Reports also indicated that Sea, which is the company that owns the e-commerce website and app, Shopee, has grown to 67 percent in 2021 which also increases the net worth of Li.
According to Nikkei Asia, Li’s company, Sea Ltd, is worth $120 billion and is deemed as the greatest public company in the whole Southeast Asian region. However, his journey to triumph is different from the traditional path.
Li was originally born in China before he became successful in Singapore. When he arrived in the city-state 15 years ago, he was naturalized as a Singaporean citizen.
He was a former student that had many financial difficulties including a student loan of $100,000 and he is just earning an amount that only covers his rent in a flat in Braddell.
What is more fascinating to his story is that he only arrived in Singapore in 2006 and his ascent to the top is fast considering that 2006 wasn’t that far from today.
Li started to enter entrepreneurship in 2009 by starting his company Sea as Garena. Garena is a developer of online games and also a publisher of free games in Southeast and East Asia. Garena was a huge success so Li has broadened his horizon by venturing into other businesses. As of now, the tech conglomerate Sea Ltd. now owns Shopee, SeaMoney and Lion City FC.
Even though his brands are popular and commonly recognized by the customers, people knew little about the person who started them. For example, the fact that Shopee wasn’t Li’s idea.
Inception of Shoppee
He mentioned in an interview that his daughter had a huge role in the inception of Shopee before it became a successful platform. In one family outing, Li asked his daughter what she missed in their home. The daughter answered Taobao, the famous online shopping site in China.
Li then responded in a funny note, “Okay then, Daddy will build one for you.” However, Li wasn’t kidding when he built Shoppee in 2015. For six years, the platform grew immensely across all of Asia. Recently, Cristiano Ronaldo and movie star Jackie Chan have been dancing to the jingle of the brand, the latter even danced to the tune that resembled the viral “Baby Shark.”
Singapore Billionaire’s Club
As of now, Singapore has eight members in the list of top 500 richest individuals list in the world.
Shu Ping and Zhang Yong, the founders of the popular hotpot chain, Haidilao were a few of the remarkable names on the list of Bloomberg Billionaires Index.
The co-founder of Sea Ltd, Gang Ye is also on the list, having a net worth of $14.9 billion, he secured the 220th rank on the list.
Li may be a rich Asian but certainly, he is not crazy and it is evident in his humble and diligent approach to business. He is one of the truly successful people that has established not only a remarkable business but also a rich life that was planted from the seeds of hard work and persistence. He truly deserves the title, the “Richest Man in Singapore.”