Hotpot-restaurant tycoon Zhang Yong has topped the latest Forbes Singapore Rich List.

Zhang, the founder of the Haidilao restaurant business, has an estimated net worth of US$13.8 billion (US$19.2 billion) – enough to push last year’s richest Singaporeans, property magnates Robert and Philip Ng into second spot with their combined wealth of US$12.1 billion. This year is the first in a decade the Ngs, who own Far East Company, have not headed the rankings.

Zhang, a native of China, has become a naturalised Singaporean citizen and resident, who was previously featured among China’s richest, is now a naturalised Singapore citizen and resident.

Third place on this year’s list went to Eduardo Saverin, a founder and shareholder of Facebook, who lives in Singapore. His net worth was estimated at $10.6 billion, down $1.2 billion on last year. 

Haidilao opened 130 new restaurants in the first half of this year, boosting sales by 59.3 per cent to RMB 11.7 billion (US$1.66 billion).