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Dhaka Tribune

Summit Group's Aziz Khan in Forbes Billionaires List

  • Net worth of $1.1 billion
  • Ranked 41th among 50 richest individuals in Singapore
Update : 04 Apr 2024, 02:23 PM

Summit Group Chairman Muhammed Aziz Khan has been named one of the richest people in the world by American business magazine Forbes.

With a net worth of $1.1 billion, Aziz ranked 2,545th out of 2,781 billionaires across the world in the Forbes World's Billionaires List 2024.

He is also the 41st, same as last year, among the 50 richest individuals in Singapore.

He was first named in the Forbes Singapore list in 2018 when his net worth was $910 million. After a brief decline in 2019, his net worth soared to $955 million and $990 million in 2020 and 2021 respectively. In 2022, his net worth stood at $1 billion, and in 2023 at $1.12 billion.

Aziz's Summit Group is one of the leading private sector conglomerates of Bangladesh, having more than 20 businesses in power, ports, fibre optics and real estate sectors.

Summit Group is one of the top private sector conglomerates of Bangladesh and has interests in power, ports, fibre optics, real estate and liquefied natural gas.

A permanent resident of Singapore, Aziz ventured into business in 1973, at a time when there was hardly any track record of the country producing successful entrepreneurs.

But in the course of the last four decades, he has gone on to cement his name among the country's most illustrious businessmen.

He set up Summit Industrial and Mercantile Corporation in 1985, aiming to develop the country's infrastructure.

Today, Summit's subsidiaries are the country's first private sector power generator, a port owner and operator, and a provider of information communication connectivity via fibre optic.

Set up in 1997, Summit Power International (SPI) is the largest independent power producer in the country and is listed on the Singapore exchange. Khan is the chairman of the company.

It owns and runs a total of 18 power plants in operation or under development with a combined capacity of 2,255 megawatts.

Another 277MW is added through its associate Khulna Power Company Limited, according to the SPI website.

The power plants account for 19% of the installed capacity of the privately run electricity units and 8% of the total installed capacity of the country.

SPI also operates Bangladesh's second floating storage and regasification unit and import terminal for liquefied natural gas with a capacity of 500 million cubic feet of gas per day.

The Forbes list has been compiled using shareholding and financial information obtained from families and individuals, stock exchanges, analysts and other sources.

The world's billionaires are riding high, with Forbes finding a record 2,781 of them around the globe this year, worth a record $14.2 trillion altogether. With many markets up, the surge in wealth has made 265 people billionaires over the past year, up from 150 newcomers in 2023.

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