Muhammed Aziz Khan, chairman of Summit Group, was named the 41st richest man in Singapore this year, moving one notch up from the last year's position on the list of Forbes' 50 richest men.

According to the latest list published recently, Khan's net worth stands at $1.12 billion.

Khan, a 68-year-old entrepreneur who permanently resides in Singapore, is one of the pioneers in the power sector of Bangladesh.

Summit Group is a top private sector conglomerate of Bangladesh and has interests in power, ports, fibre optics, real estate and liquefied natural gas.

Eduardo Saverin, cofounder of Meta, owning company of Facebook, was named the richest man in Singapore on the Forbes' list with net worth of $16 billion.