Three people of India-origin have made their way into the list of Singapore's 40 richest people, compiled by the US business magazine Forbes.
Kartar Singh Thakral, who chairs the Indian garment maker Givo, is ranked 30, while Mustaq Ahmad of the 24-hour Mustafa Centre is at the 38th spot.
Sunny George Verghese of cashew and cocoa trader Olam International ranks 39.
Public fortunes of the people mentioned in the list were calculated on the basis of share prices and exchange rates as of August 7. For privately held assets, the estimates were done on the criteria 'what they would be worth if public'.
The league of 40 is topped by Ng Teng Fong & Family, followed by Khoo Family in second position, Wee Cho Yaw & Family at third spot, Zhong Sheng Jian and Kuok Khoon Hong at fourth and fifth positions respectively.
Thakral's net worth is $190 million. He joined his family trading firm Thakral Corp in Singapore in 1949.
Majority of his wealth comes from Thakral Holdings, a property company listed in Australia that invests in hotels, shopping malls and residences. He is 74 years old is and married with five children.
Forbes said even amid the economic turmoil many of Singapore's businessmen added to their fortunes, thanks partly to the Singapore dollar's strength against US dollar, appreciating nine per cent over the past year.
Further, the total net worth of the country's 40 richest is at $32 billion, which is the same as last year's.
Mustaq Ahmad, who inherited the famous 24-hour Mustafa Centre, is ranked at the 38th position.
The 57-year-old Ahmad has a net worth of $130 million. He is married with four children.
Mustafa Centre, which reportedly offers more than 1,50,000 items, including branded fountain pens and rice, is visited by an estimated 15,000 customers every day.
At the 39th spot is Sunny George Verghese with a net worth of $125 million. He heads the cashew and cocoa trader Olam International. A British citizen, he is partnering with Kuok Khoon Hong's (fifth richest in the list) Wilmar to buy 20 per cent stake in natural sweetener producer PureCircle.
This year, the 48-year-old Verghese was appointed chairman of International Enterprise Singapore, part of the ministry of trade & industry. He is married with two children.
Noting that Singapore's multi ethnic mix and pro-business policies have made it a haven for international investors and executives, the report said that the top 40 include those who made their fortunes in the city-state or 'listed their companies there, even if they are citizens of another country'.
Malaysian citizen and longtime Singapore resident Chang Yun Chung returns to the list after a one-year hiatus. Sunny George Verghese is a British citizen but resides in Singapore and heads one of its best-known companies, Olam International, the magazine said.
