Summit’s Aziz Khan now a member of $1bn elite club
BI Report || BusinessInsider
Graphics: Business Insider Bangladesh
Summit Group Chairman Muhammed Aziz Khan is now a member of the $1-billion club, featuring as the 42nd richest man in Singapore.
According to Forbes, Khan stands at 42nd among Singapore’s 50 richest entrepreneurs for 2022.
Summit, which has exposure in power, ports, fibre optics, and real estate, has registered a company in Singapore named Summit Power International that owns the group’s most of the assets in Bangladesh and elsewhere.
In 2019, Khan sold a 22-percent stake in Summit Power International to Japan’s JERA for $330 million, which valued the company at $1.5 billion.
Khan, 67, has been residing in Singapore for the last several years. Forbes writes his daughter, Ayesha Aziz Khan runs Summit Power International.
Singapore’s reputation as a safe haven has made it a place of residence for the world’s wealthy people. The continuing influx of rich foreigners boosted the city-state’s property sector, driving up prices and rentals.
According to Forbes, the easing of border restrictions from April this year led to an uptick in international visitors, sending hotel rates soaring. Despite these positive trends, rising inflation and the global tech rout knocked down the combined wealth of Singapore’s 50 richest by more than a fifth to $164 billion from a year ago.
