Bangladesh’s Aziz Khan 49th richest in Singapore

Bangladeshi-born businessman Muhammed Aziz Khan has been ranked as the 49th richest person in Singapore, according to the latest Forbes list of the country’s 50 wealthiest people.

Summit Group Chairman Aziz Khan secured his position in the ranking as a Singaporean citizen.

The list, released on Wednesday evening by the US magazine Forbes, mentioned his net worth as USD 1.1 billion. This marks a slight decline compared with two years ago.

Aziz Khan has consistently featured on Singapore’s Top 50 Rich List for several years. In the 2023 Forbes ranking, he held 41st place, while in 2022 he was ranked 42nd.

Although ranked 49th in Singapore, Muhammed Aziz Khan is listed at 2,790th in Forbes’ global billionaires list.

Forbes attributes his fortune primarily to the power sector, noting that in 2019 he sold a 22 per cent stake in Summit Power International to the Japanese firm JERA.

Now aged 70, Aziz Khan has been a permanent resident of Singapore for more than a decade, though Summit Group’s operations remain rooted in Bangladesh.

The conglomerate has investments across power, ports, fibre optics, and real estate.

All of Summit’s Bangladeshi power assets are held under its Singapore-registered holding company, Summit Power International.

According to Forbes, Aziz Khan—who holds a Master’s in Business Administration from the University of Dhaka—is also the father of three children.