Ho Ching

Temasek, Singapore’s state investment firm that Ho oversees, had been on a roll since 2016, with its portfolio growing each year. The pandemic brought that streak to an end as the net value of Temasek’s portfolio shrunk by 2% to roughly $214 billion in its latest fiscal year. The year also saw Temasek’s holdings in China surpass those in its home market for the first time. Early in the coronavirus crisis, Temasek threw a lifeline to Singapore Airlines by backing the state carrier’s rights issue worth $6.3 billion, and the fund courted Singaporeans’ goodwill by giving away hand sanitizer and face masks through its foundation. Ho has a bigger platform than most executives because she is married to Singapore Prime Minister Lee Hsien Loong, whose party won reelection in July. She has used her much-watched Facebook account to back the city-state’s handling of the coronavirus outbreak and defend Temasek as it faced criticism for hiring employees who aren’t Singaporean. “We are enriched by our diversity and our open minds,” she wrote.

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