His net worth decreased to $850 million from $910 million in a year
Summit Group Chairman Muhammed Aziz Khan has dropped six notches in the list of Singapore’s wealthiest people.
Among the 50 richest people in Singapore, Aziz ranked 40th with a net worth was $850 million as of August 27.
According to Forbes list of 2018, Aziz ranked 34th and had a business capital of $910 million.
The 64-year-old is a permanent resident of Singapore and a tycoon in Bangladesh’s power sector business.
Aziz, who is Bangladeshi by birth, also plans to list his Summit Power International on the Singapore Stock Exchange.
The Bangladesh government targets to generate 40,000MW of electricity by 2030, of which the Summit Group would generate 20% of electricity.
Besides power, Summit also has interests in fibre optics and real estate.
With global trade tensions showing no signs of abating, Singapore’s economy has remained static.
A recent government forecast projects virtually no growth for the island-nation in 2019, citing potential risks such as a deepening slowdown in China, uncertainties in Hong Kong and further afield, the fallout from a no-deal Brexit, reports Forbes.
Forbes said the collective wealth of these 50 richest personalities of Singapore currently stands at $130 billion.