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.
Khan, a 67-year-old entrepreneur, is one of the pioneers in the power industry of Bangladesh.
Summit Group is one of the top private sector conglomerates of Bangladesh and has interests in power, ports, fibre optics, real estate and liquefied natural gas.
A Singapore permanent resident, 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, Khan 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. Today, Summit's subsidiaries are the country's first private sector power generator, a port owner and operator, and provider of information communication connectivity via fibre optic.
Set up in 1997, Summit Power International (SPI) 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 a total of 18 power plants in operation or under development 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.
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.
The net worth has kept rising since then, climbing to $955 million in 2020 and $990 million last year, before helping him join the billion-dollar club this year.
