Latest news with #GohChengLiang
Business Times
20 hours ago
- Business
- Business Times
Daily Debrief: What Happened Today (Aug 14)
Stories you might have missed CapitaLand Investment H1 profit down 13% at S$287 million on lower revenue The decline is due to the deconsolidation of CapitaLand Ascott Trust and the loss of contributions from divested US and China assets. StarHub H1 profit falls 41.7% to S$47.9 million; dividend of S$0.03 per share declared Revenue rises 2.2% year on year to S$1.13 billion from S$1.1 billion. ST Logistics to upskill 15,000 supply chain workers through tripartite partnership BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In its role as a SkillsFuture Queen Bee, the company will upskill workers from its network of suppliers. Latest Singapore six-month T-bill cut-off yield declines to 1.59% Auction receives S$17.9 billion in applications for the S$7.5 billion on offer, representing a bid-to-cover ratio of 2.39. How Nippon Paint tycoon Goh Cheng Liang grew his empire to a US$13 billion fortune The self-made tycoon started his business empire through a 1962 partnership with Nippon Paint.
Buzz Feed
21 hours ago
- Business
- Buzz Feed
Singapore's Billionaire Club Grows To 49 And Here's 5 We Know About
According to Forbes' 2025 annual list of global billionaires, Singapore is home to 49 billionaires, a notable increase from the 39 recorded in 2024. The collective wealth of these individuals has also seen a significant rise, reaching a total of US$145.2 billion in 2025, up from US$115.5 billion the previous year. This growth highlights Singapore's continued status as a magnet for wealth, attracting high-net-worth individuals from around the world. The city-state's stable political environment, sophisticated financial services, and strategic location in Asia contribute to its appeal as a global hub for business and a preferred residence for the ultra-rich. The influx of new billionaires in 2025, many of whom are from the tech and finance sectors, further solidifies this trend. Here are the top billionaires in Singapore, along with a brief overview of their background and source of wealth: 1. Goh Cheng Liang: The paints tycoon holds the top spot as Singapore's richest man. His fortune stems from a majority stake in Japan's Nippon Paint Holdings, one of the world's largest paint manufacturers. Goh started his journey in the paint industry by launching his own small factory in Singapore before partnering with Nippon Paint, a collaboration that became the foundation of his immense wealth. 2. Li Xiting: A co-founder and chairman of Shenzhen Mindray Bio-Medical Electronics, a leading medical devices firm. Li, a Singapore citizen, has built his wealth in the healthcare sector, with his company playing a significant role in providing medical equipment across the globe. Instagram: @ 3. Forrest Li: The founder, chairman, and CEO of Sea Ltd., a tech conglomerate behind popular brands like the e-commerce giant Shopee and gaming platform Garena. Li's net worth saw a substantial increase in 2025, reflecting the continued success and expansion of his internet company in the Southeast Asian market and Robert Ng: These brothers control the Far East Organization, Singapore's largest private landlord and property developer. Their vast wealth comes from the family's extensive real estate portfolio, which was established by their late father, Ng Teng Fong, and includes a significant presence on Singapore's famed Orchard Road. Instagram: @ 5. Zhang Yong: A restaurateur and chairman of Haidilao International Holding, a globally recognized hotpot chain. Originally from China, Zhang is a Singaporean citizen who has built a culinary empire with over 1,400 restaurants across Greater China and a growing international presence.
Business Times
a day ago
- Business
- Business Times
How Nippon Paint tycoon Goh Cheng Liang grew his empire to a US$13 billion fortune
[SINGAPORE] Singapore's richest man Goh Cheng Liang, who died this week, kept a low profile for years compared with his other billionaire counterparts. The self-made tycoon, who was 98 when he died, started his business empire through a 1962 partnership with Nippon Paint. In 2021, both parties sealed a 1.3 trillion yen (S$11.3 billion) deal that made Goh's corporation, Wuthelam, the owner of a nearly 60 per cent stake in the Japanese paint giant. Between 1962 – when Nippon Paint first partnered Wuthelam – and the early 2000s, their joint venture Nipsea rapidly entered several Asian markets, including Malaysia, China and South Korea. Singapore's Raffles Hotel and the Loha Prasat temple in Bangkok are among the famous buildings coated with its paint products. Beyond his paint empire, Goh had other ventures. He developed the former Liang Court – located at Clarke Quay – in the 1980s, as well as Mount Elizabeth Hospital. Both were sold later. Wuthelam also has investments in other industries such as agriculture and consulting services, according to PitchBook. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Goh also had a passion for luxury boats and collected superyachts – many of which he named White Rabbit, according to the South China Morning Post. This included the 84-metre White Rabbit Golf, the world's largest trimaran (tri-hull) superyacht. The media-shy tycoon stood on Forbes' list of Singapore's richest for years, topping it in 2025. The bulk of his US$13 billion net worth is derived from his controlling stake in Nippon Paint, according to Forbes estimates. Today, his company Wuthelam manages various assets. Here's a timeline of how Goh built up his wealth: 1928: Born to humble beginnings in colonial Singapore, Goh's childhood was spent in a rented shophouse room on River Valley Road. He lived there with his parents, three sisters and a brother until he was 12. He worked as a rubber tapper as well as a salesman of fishnets in Muar, Malaysia, during World War II, before returning to Singapore in 1943. 1949: Goh launched paint brand Pigeon Brand, having bought cheap paint from British troops auctioning off surplus war supplies, which he turned into his own paint line. 1955: Established his first paint shop in pre-independence Singapore and became the main local distributor for Nippon Paint. 1962: Goh set up Wuthelam in the early 1960s, according to PitchBook. The company established a joint venture with Nippon – the Nipsea (Nippon Southeast Asia) business – in 1962. 1965: Nippon established its first paint manufacturing plant in Singapore. 1979: Mount Elizabeth Hospital, developed by Wuthelam, opened in December. Early 1980s: Liang Court, developed by Wuthelam, opened in January 1984. 1990: Goh hired former Hewlett-Packard Singapore head Koh Boon Hwee to run his companies Liang Court and Omni Industries, which were then listed in Singapore. 1991: Set up Yenom Holdings to house employees displaced by an organisational revamp carried out by Koh. Within six years, Yenom expanded into various businesses , including the New Zealand Gulf Harbour project, Risis Orchid, TungLok Shark's Fin restaurant and the Sala Levu resort in Fiji. 1995: Established the Goh Foundation with the late Singapore president Wee Kim Wee. The foundation helped establish the National Cancer Centre in Singapore and contributed to its later expansion, as well as supported underprivileged students, cancer research and welfare agencies. It awarded significant grants to support children's cancer research at KK Women's and Children's Hospital, Viva Foundation and the National University Hospital. As a cancer survivor himself, Goh ensured that the foundation contributed towards catalysing medical research that aimed at improving cancer treatment outcomes. Beyond Singapore, Goh's philanthropy extended to China. There, he financed the construction of roads, clean water supplies, sanitation systems and several schools in his ancestral home of Dawu Village in Chaozhou city. 2014: The Goh family raised their stake in Nippon Paint from 15 per cent to 39 per cent, becoming the largest shareholder in the Osaka-based paintmaker. Wuthelam's minority holdings in Nipsea reached a valuation of US$4.1 billion as at 2015. 2021: Wuthelam Group took a majority stake in Nippon Paint for US$12 billion. The deal boosted Wuthelam's fortune to US$24 billion from US$16 billion, according to Bloomberg's Billionaires Index, and gave the company control of Nippon Paint. 2022: Goh donated S$6.35 million to the SingHealth Duke-NUS Supportive and Palliative Care Centre to improve quality of life for terminally ill patients. 2024: Nippon Paint acquired US chemical producer AOC from private equity firm Lone Star Funds for US$2.3 billion. With a US$12.7 billion net worth, Goh was Singapore's second-richest man, according to Forbes. 2025: Goh became the Republic's richest man with a US$13 billion net worth, Forbes estimated.
Yahoo
2 days ago
- Business
- Yahoo
Nippon Paint and Wuthelam Holdings' Goh Cheng Liang dies at 98
Goh, who was born in 1927, is one of Singapore's most low-profile but richest tycoons. Goh Cheng Liang, the founder of Wuthelam Holdings, controlling shareholder of Tokyo-listed Nippon Paint and philanthropist, has died aged 98. The news was confirmed by a statement issued by Wuthelam on Aug 12. Goh, who was born in 1927, is one of Singapore's most low-profile but richest tycoons. According to Forbes' 2025 list, Goh is ranked the 182nd richest person in the world with a net worth of around US$13 billion. In 2024, Goh placed fifth on the Singapore list with a net worth of US$10.4 billion. Facebook's Eduardo Saverin, Far East Organization's Robert and Philip Ng, Mindray's co-founder Li Xiting and Hong Leong's Kwek Leng Beng and family, who came in first to fourth, respectively. Goh had begun his foray into the paint business in 1955 and became the main distributor for Nippon Paint in 1962. He then established Wuthelam Holdings, a paint and coatings maker, in 1974. Beyond paint, Wuthelam Holdings ventured into other fields as diverse as trading, food manufacturing, logistics, as well as real estate. Goh was behind developments such as the former Liang Court in Clarke Quay, the mall's former anchor tenant, Daimaru, and even Mount Elizabeth Hospital. One of his notable businesses was electronics contract manufacturer Omni Industries, which was run by Koh Boon Hwee, now chairman of the Singapore Exchange (SGX). Koh, who was also known to have held other prominent positions such as chairman of Singapore Telecommunications (Singtel), Singapore Airlines (SIA) and DBS Group Holdings, had helepd build Omni Industries into a firm with over 9,000 employees. Omni Industries was sold to Canada's Celestica Inc for US$890 million in 2001. In an August 2015 article in The Edge Singapore, the Goh family was narrowing its focus back to paints with the decision made partly due to the strain they faced managing their weakness businesses during the Asian Financial Crisis, says Goh's son, Hup Jin. Using the analogy of flying across the Pacific Ocean in a four-engine aircraft versus a plane with two engines during an interview in 2012, he said, 'These days, two-engine planes are [enough]. You may think four engines provide more safety, but, at the same time, four engines mean more opportunities to break down.' He added, 'I can name a million things bigger than paint. If I think that we should do paint only, that's because this is the only thing we do well.' In August 2020, the Gohs acquired more shares in Nippon Paint for 1.29 trillion yen ($16.69 billion at the time), bringing their stake up to just under 60%, up from 39% previously. The deal was concluded by the younger Goh, who was appointed Nippon Paint's chairman in 2018. As at Sept 25, 2024, Nippon Paint is ISOTeam's seventh-largest shareholder with 15.9 million shares representing a 2.28% stake. Catalist-listed ISOTeam is the exclusive paint applicator for Nippon Paint Singapore, states the company's annual report for the FY2024 ended June 30. 1 million in first nine months of 2020: Refinitiv Nippon Paint inks US$12 bil alliance with Wuthelam to grow Asia business Briefs Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World Get in-depth insights from our expert contributors, and dive into financial and economic trends Follow the market issue situation with our daily updates Or want more Lifestyle and Passion stories? Click hereError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Independent Singapore
2 days ago
- Business
- Independent Singapore
Wuthelam Group founder and Singapore billionaire Goh Cheng Liang dies at 98
SINGAPORE: Paint and coatings company Wuthelam Group founder Goh Cheng Liang, Singapore's richest man according to Forbes' 2025 list of billionaires worldwide, has died at the age of 98. Paint tycoon Mr Goh was born in 1927 and grew up in a shophouse along River Valley Road. He came from a modest family and started his business in 1949 with Pigeon Brand paint. After forging a strategic partnership with Japan's Nippon Paint in 1962, now Asia's largest and the world's fourth-largest paint maker, Wuthelam Group today owns nearly 60% of Nippon Paint Holdings. In a Facebook post on Tuesday (Aug 12), Nippon Paint Singapore said the Nippon Paint Holdings Singapore Pte Ltd (NIPSEA Group) founder passed away surrounded by his loved ones. 'Mr Goh had always been a beacon in our industry, shining the light for so many of us to emulate his values of humility, benevolence, and integrity. Under his stewardship, Nippon Paint Singapore has grown and arrived to become a formidable force today. However, throughout his many business achievements, Mr Goh has always upheld the importance of giving back to the community. This is a legacy we will continue to perpetuate today, and well into the future. We will miss him dearly, for all that he has taught us,' the company wrote. See also Singapore continues to issue more EPs to recruit foreign FTs 'Our condolences go out to the family members and loved ones of Mr Goh,' it added. Mr Goh was instrumental in developing Liang Court, the first major shopping centre along River Valley Road, and Mount Elizabeth Hospital, both of which were later sold. He was also well known for his philanthropy. In 1995, with support from the late President Wee Kim Wee, he founded the Goh Foundation to manage his charitable work. The foundation funded major healthcare projects, including the National Cancer Centre Singapore and the Goh Cheng Liang Proton Therapy Centre, one of the few facilities in the region offering advanced proton beam therapy. Mr Goh, who was also a cancer survivor, supported children's cancer research at KK Women's and Children's Hospital, the VIVA Foundation, and the National University Hospital, Singapore Business Review reported. In addition, he contributed to research into rheumatological and immunological diseases through Singapore General Hospital's ARiSE programme and backed palliative care projects with SingHealth Duke-NUS Academic Medical Centre. He also helped fund roads, clean water, sanitation, and schools in Dawu Village, his ancestral hometown in Chaozhou, China, to uplift the community there. Mr Goh is survived by his three children—Hup Jin, Chuen Jin, and Chiat Jin—eight grandchildren, and one great-grandchild. According to the South China Morning Post , his eldest son, Mr Goh Hup Jin, described him as 'a beacon of kindness and strength' who taught them to live with compassion and humility. 'We are very fortunate to have had him show us how to be a good person,' he added. Netizens also expressed their condolences to Mr Goh's bereaved family. /TISG Read also: GCB craze: How Singapore's 10 Real-Life Crazy Rich Asians got rich enough to own their S$10M to S$100M+ homes
