Aziz Khan becomes 42nd richest man in Singapore

Muhammed Aziz Khan, chairman of Summit Group, was named the 42nd richest man in Singapore on the Forbes' list for 2022.   

The Bangladeshi entrepreneur's net worth was stated to be $1 billion, which enabled him to move up one notch from last year's 43rd position.

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The 67-year-old entrepreneur is one of the pioneers in the power industry of Bangladesh, and a permanent resident in Singapore.

In a statement yesterday, Summit Group said, "Our chairman is happy that Forbes is assessing Bangladesh's assets for its billionaire lists."

Khan ventured into businesses in 1973, at a time when there was hardly any track record of the country producing successful entrepreneurs. But in the course of the last four decades, he has gone on to cement his name among the country's most illustrious businessmen.

He set up Summit Industrial and Mercantile Corporation in 1985, aiming to develop the country's infrastructure.

In 1997, he established Summit Power International (SPI), which is the largest independent power producer in the country and is incorporated in Singapore. Khan is the chairman of the company.

It owns and runs 18 power plants with a combined capacity of 2,255 megawatts. Another 277 MW is added through its associate Khulna Power Company Limited, according to the website of SPI.

The power plants account for 19 per cent of the installed capacity of the privately run electricity units and 8 per cent of the total installed capacity of the country.

SPI also operates Bangladesh's second floating storage and regasification unit and import terminal for liquefied natural gas with a capacity of 500 million cubic feet of gas per day.

Summit has invested about $2.5 billion in Bangladesh and plans to invest another $2.5 billion in the next five years, according to the statement.

"We believe as Forbes starts to acknowledge Bangladesh's assets, many others in Bangladesh will be Forbes billionaires."

Forbes' list has been compiled using shareholding and financial information obtained from families and individuals, stock exchanges, analysts and other sources.

Khan's net worth was $910 million in 2018 when he became the 34th richest man in Singapore on the Forbes' list. This was the first time Khan was included in the list.

It fell to $850 million in the following year after Khan sold a 22 per cent stake in SPI to Japan's JERA for $330 million, which valued the company at $1.5 billion, according to the US business magazine. He was named as the 40th richest man in the city state.

The net worth has kept rising since then, climbing to $955 million in 2020 and $990 million last year, before sending him to the billion-dollar club this year.