Paint tycoon's wealth rises by over $1b

MAKING WAVES: Mr Goh was one of the biggest gainers on Forbes' list.


    Jul 25, 2014

    Paint tycoon's wealth rises by over $1b

    RECLUSIVE paint tycoon Goh Cheng Liang added US$1.1 billion (S$1.36 billion) to his wealth last year, making him one of the biggest gainers in the latest Forbes Singapore rich list.

    His Wuthelam Group inked a deal with Japan's Nippon Paint that doubled its share to 30 per cent and boosted his net worth to US$3.2 billion, Forbes reported.

    The combined net worth of Singapore's 50 wealthiest now stands at US$96.9 billion, a significant increase from the previous year's US$80 billion.

    Singapore's billionaires' club has expanded to 26 this year, up from 21 last year.

    Property magnates Robert and Philip Ng continue to top the list, adding US$2.2 billion to their wealth amid an expansion of their property empire to Australia. Their net wealth this year is US$12.8 billion.

    The brothers own hotel and mall conglomerate Far East Organization and Sino Land.

    Kwek Leng Beng, chairman of City Developments, and his family remain in the No. 2 spot with a net worth of US$7.8 billion, up from US$7.1 billion previously.

    In third place is the Khoo family of Goodwood Group of Hotels, which added US$300 million to their coffers and retained the position with US$7 billion in net wealth.

    There were seven newcomers to this year's list, including the Tay family (ranked 25, US$1.1 billion) who are best known for their OG department stores.

    Property magnate Chua Thian Poh (ranked 23), whose Ho Bee Land spent US$400 million buying commercial property in London, enters the billionaire ranks for the first time with a net worth of US$1.25 billion.

    A total of seven tycoons dropped off the list from last year; they include property developer Simon Cheong and hotelier Ho Kwon Ping, partly because the minimum net worth of US$450 million is up 48 per cent from a year ago.