Asia’s real estate billionaires are the fastest growing segment of the world’s wealthiest people, according to Forbes Magazine’s latest list.
There are currently 386 billionaires in the Asia Pacific region who together represent a combined wealth of $1.16 trillion – just a fraction less than the size of the Australian economy.
In the last 12 months, there have been 78 new billionaires in the region with almost a third (29%) attributing their wealth to real estate.
This comes as no surprise given the rapid urbanisation occurring across the major cities in Asia.
China, Hong Kong and India represented the largest concentrations of wealth with Australia claiming fourth position.
The richest new billionaires on the list are Singaporean brothers Philip and Robert Ng with a combined wealth of $10.1 billion.
The pair’s debut on the list comes courtesy of an inheritance from their late father Ng Teng Fong’s Far East Organisation which has developed more than 700 hotel, retail and residential projects across Singapore and Hong Kong.
According to the company’s website, approximately 1 in 6 residences in Singapore have been developed by Far East Organisation.
The company has recently expanded into the Australian market with the commencement of one of Australia’s largest inner city developments in Melbourne’s CBD.
Bordered by Spencer, Lonsdale, Little Bourke Streets and Rose Alley, the Cottee Parker-designed Upper West Side (above) will include over 2,500 apartments over 4 towers, 30 retail outlets and a combined project value of $1.0 billion.
