Goh Cheng Liang, Singapore's second-richest, dies at 98
(Bloomberg) – Goh Cheng Liang, who was born in poverty and built a paint empire that made him the second-wealthiest person in Singapore, has died. He was 98.
He passed away on Tuesday, according to the statement by his Wuthelam Group.
'The visionary founder of Wuthelam Group and a respected philanthropist passed away peacefully this morning with family members by his side,' the statement said.
Goh founded Nippon Paint South East Asia, or Nipsea, which manages Asia Pacific's biggest paint-making businesses. His stake in the closely held firm was through his Singapore-based investment company, Wuthelam Holdings.
Already a billionaire several times over, Goh saw his family's wealth soar in 2021 after Wuthelam took a majority stake in its longtime partner, Nippon Paint Holdings, Japan's biggest paint maker. The roughly $12 billion deal boosted the family's fortune to $24 billion from about $16 billion before the alliance was announced, Bloomberg News reported at the time.
Still, a prolonged decline in Nippon Paint's stock after that took a toll on Goh's estimated net worth. It stood at $13.2 billion as of Monday, according to the Bloomberg Billionaires Index.
Goh kept a relatively low profile. Luxury boats were among the reclusive billionaire's few overt splurges. His collection included White Rabbit Golf, an 84-meter (276-foot) super yacht.
'I don't like cinemas, I don't like movies, I don't like songs, I don't like karaoke, I don't like bars,' he told Singapore's Business Times.
Goh leaves behind three children – Hup Jin, Chuen Jin and Chiat Jin – eight grandchildren and one great-grandchild, according to the statement. Hup Jin has helped run Nipsea and Wuthelam since the 1980s.
Prominent landmarks painted with Nipsea's products include Singapore's Raffles Hotel and the Loha Prasat temple in Bangkok, according to the company. The family's other business ventures included a former shopping mall and Mount Elizabeth Hospital, both of which he developed and later sold.
(Updates with details throughout.)
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