SINGAPORE - The founder of ventilator maker Shenzhen Mindray Bio-Medical Electronics Co, Mr Li Xiting, took the top spot on Forbes' Singapore Rich List for the first time this year, with his net worth soaring amid the Covid pandemic.
Mr Anthony Tan, co-founder of super app Grab, was among three new additions to the list, which compiles the 50 richest people in the Republic.
Alongside him were Dr Shi Xu, founder of nanotechnology solutions company Nanofilm, and Mr Zhao Changpeng, founder and chief executive of cryptocurrency exchange Binance.
The combined net worth of Singapore's 50 most affluent rose 25 per cent to US$ billion (S$ billion) this year, with 42 entrants worth US$1 billion or more.
Mr Li, whose company's shares have risen about 19 per cent since last year due to a surge in demand for its medical devices during the coronavirus outbreak, occupied the second spot on last year's list. The naturalised Singaporean added some US$ billion to his net worth over the past year.
Grab's Mr Tan, the scion of Malaysia car distributor Tan Chong Motor's president, aims to list in the United States through a special purpose acquisition company (Spac) deal which would value the c
TOKYO (BLOOMBERG, REUTERS) - Nippon Paint Holdings, Japan's biggest paint maker, struck a trillion yen (S$ billion) deal to join with billionaire Goh Cheng Liang's Wuthelam Holdings, seeking to create a dominant paints and coatings company in Asia.
The deal involves Wuthelam taking a majority stake by buying new shares in Nippon Paint, which will use the bulk of the money to buy out their joint ventures in China, India, Malaysia, Singapore, South Korea and Thailand. Nippon Paint will also take over Wuthelam's wholly owned Indonesia business for about US$2 billion.
Wuthelam's stake in the Japanese company will rise to just under 60 per cent from 39 per cent one of the biggest transactions in Asia this year.
Wuthelam Holdings is a closely held paint and coatings maker. Its founder Goh Cheng Liang, 93, moved up this year to third place on Forbes' list of Singapore's richest as his net worth increased to US$ billion from US$ billion last year.
Nippon Paint has had ties with Wuthelam for more than 50 years. Mr Goh started making paints in a small factory in Singapore before he went on to partner with Nippon Paint in , Forbes reported. His son, Hup Jin, was appointed chairman of N
PUBLISHED Jul 26, , AM
SINGAPORE - The combined wealth of Singapore's 50 richest tycoons has swelled 11 per cent to nearly US$ billion (S$ billion), up from US$ billion last year, according to the Forbes Singapore Rich List
Seeing the biggest dollar gains were real estate barons Robert and Philip Ng, as well as Facebook co-founder and Singapore permanent resident Eduardo Saverin.
The Ng brothers, who are behind developer Far East Organization, retained their top spot on the list for the ninth straight year with a net worth of US$ billion, up US$ billion from last year. Mr Saverin remains a close second with a net worth of US$ billion, also up US$ billion this year.
Retaining the third spot is paint tycoon Goh Cheng Liang, whose net worth rose US$ million to US$ billion. Mr Goh has a 39 per cent stake in Japan's Nippon Paint Holdings, and his son Goh Hup Jin was named chairman of Nippon Paint in March.
Regaining a place in the top 10 is New Zealander and Singapore permanent resident Richard Chandler, who jumped four places to No. 8 with a net worth of US$ billion. His Singapore-headquartered Clermont Group's net assets surged 50 per cent on undisclosed investment gains
SINGAPORE - Chances are, your walls are coated with Nippon paint, but unlike some prominent businessmen in Singapore, Mr Goh Cheng Liang is not quite a household name.
The founder of Nippon Paint South-East Asia Group (Nipsea) has leapfrogged UOB's Wee Cho Yaw, and is now Singapore's richest man with a US$ billion (S$ billion) fortune, Bloomberg reported on Monday.
It is a remarkable rise for a man who once sold fishing nets during World War II.
Here are some key points from his rag-to-riches story:
1. Born in poverty
Mr Goh, born in , spent the first 12 years of his life in a shophouse on River Valley Road, squeezing into a $3-a-month rented room with six others - his parents, three sisters and a brother.
When World War II broke out, his parents sent him to Muar in Malaya. There he helped his brother-in-law sell fishing nets before returning to Singapore in
2. Fortune from rotten paint
"Mr Goh has a nose for a good deal," Mr Sim Lai Hee, a business partner and friend, once told the Business Times in
This business acumen was honed over many years.
Upon returning to Singapore, he started a business selling aerated water. It failed, and he went on to work at a hardware
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