Grab CEO Makes It to Top 50 Richest Individuals in Singapore
Recently, Forbes magazine has released the list of the top 50 wealthiest individuals in Singapore for the year 2021. This year's list demonstrates an increase in total net worth compared to 2020. Specifically, the combined net worth of the 50 richest individuals in this Southeast Asian nation reached $208 billion, marking a 25% increase from the previous year's $167 billion. Among those who have benefited the most are the tech industry millionaires and billionaires.
Anthony Tan, the head of Grab, is one of the tech entrepreneurs who experienced a significant surge in wealth in 2020, as the Covid-19 pandemic accelerated the demand for delivery services, online shopping, and mobile payments. Previously, he was listed among the richest individuals in Malaysia, where he initially founded Grab in 2012.
Anthony Tan ranks 47th among the top 50 wealthiest individuals in Singapore. Forbes estimates the net worth of this 39-year-old CEO to be $790 million. He is currently aiming to finalize one of the largest SPAC deals by the end of this year, which is expected to raise $4 billion in funding and increase the valuation of the Singapore-based ride-hailing and delivery giant to $40 billion. This will enable global investors to tap into the booming digital economy of Southeast Asia. According to a report by Bain, Google, and Temasek in November, the digital economy in the Southeast Asian region is projected to triple in value to $300 billion in total merchandise value by 2025.
Presently, Grab is the most valuable startup in Southeast Asia. It operates in Singapore and has attracted major investors such as Microsoft and the billionaire Masayoshi Son's SoftBank. The company had plans to merge with Altimeter Growth in July this year, but the deal was postponed until the fourth quarter for the completion of auditing. This is said to be the largest merger deal with a SPAC in the world to date.
Additionally, Grab is also collaborating with Singtel to launch a digital bank in Singapore in early next year. The two companies are expediting the process of obtaining a license to operate a digital bank in Malaysia as well.
Anthony Tan is the son of the chairman of Tan Chong Motor, a car distribution conglomerate in Malaysia, but he wanted to venture out on his own. In 2009, while pursuing an MBA at Harvard University, he met co-founder Hooi Ling Tan. They came up with the idea of providing safe ride-hailing services in their home country, Malaysia. Anthony Tan decided to leave his family's business, one of the largest automobile distributors in the country, to focus on their entrepreneurial plan.
Grab is currently headquartered in Singapore and operates in eight countries, offering services such as food delivery, ride-hailing, courier services, and financial services.
(According to Forbes)