City Developments Ltd. (CDL)—controlled by billionaire Kwek Leng Beng—posted its highest-ever net profit in 2022 as its hotels benefitted from a post-pandemic rebound in travel demand and the developer booked robust sales for its housing projects in Singapore, which has defied a global property downturn. The company said net profit increased to S$1.3 billion ($971 million) in 2022, compared with S$84.7 million the previous year, bolstered by gains from the divestments of Millennium Hilton Seoul as well as sales of stakes in two commercial properties in Singapore. “The group is pleased to deliver a sterling set of results...

The Australian economy benefited from the country’s post-pandemic reopening but in the past year inflation rocketed to 7.8%, the highest in three decades. The rise was largely driven by higher prices of new homes, increased costs of transport and long-deferred holidays. The combined wealth of the country’s 50 richest swelled to $213 billion, a hefty 70% jump from 2019 when we last published the list. Miners continue to dominate the top ranks despite several years of tech tycoons nipping at their heels. Amid fluctuating iron ore prices, Gina Rinehart maintains her position as the country’s richest person with...