Summit’s Aziz Khan 42nd richest person in Singapore

Muhammad Aziz Khan
File photo

Summit Group’s founding chairman Aziz Khan has been featured in the ‘Singapore’s 50 richest’ list by Forbes.

US-based Forbes magazine unveils the list on Wednesday.

Aziz Khan, with an estimated net worth of $1 billion (Tk 95 billion) has been featured at 42nd on the list.

His net worth was $990 million in 2021. Aziz Khan’s wealth has gradually increased since 2019 and he made it to the list of Singapore’s billion-dollar club for the first time this year.

As Summit Power International is registered in Singapore, the company is considered a Singaporean one although it does business in Bangladesh.

Aziz Khan first made it to the list of 50 richest people in Singapore back in 2018. He was 34th on the list that year with a net worth of $910 billion.

According to Forbes, Aziz Khan in 2019 sold a 22 per cent stake in Summit Power International to Japan's JERA for $330 million. His wealth declined to $850 million as a result, but his wealth gradually increased henceforth.

Forbes said Summit has interests in power, ports, fibre optics and real estate.

Sources from Summit Group said Forbes only estimated Aziz Khan’s wealth from the power sector. The group’s businesses in other sectors have not been considered by Forbes.

Summit began its journey as a trading company and made a foray into the power sector later. The first power plant of Summit began operation in 1998.